Nairobi Securities Exchange

What Nairobi Securities Exchange does

The Nairobi Securities Exchange (NSE) is Kenya's primary regulated securities exchange, founded in 1954 as a voluntary association of stockbrokers, demutualized in 2014, and self-listed on its own Main Investment Market Segment that same year via an IPO that raised KSh 627 million with a 763.9% subscription rate. The exchange operates a multi-segment platform serving retail investors, institutional investors (including KSh 2.8 trillion in pension fund assets), corporate issuers, and 15+ licensed trading participants across equities, fixed income, derivatives, ETFs, REITs, and infrastructure funds. It is the only full World Federation of Exchanges member in East and Central Africa.

NSE runs automated trading systems on the Millennium Technologies platform (LSEG), a Central Depository and Settlement Corporation (CDSC) for share immobilization, the NEXT Derivatives Market (single-stock and index futures), the Unquoted Securities Platform (USP) for unlisted company securities, and an extensive market data API. Product extensions include the Ziidi Trader mobile platform embedded in Safaricom's M-Pesa Super App (launched February 2026, capturing 40% of trades within weeks), the M-Akiba mobile retail bond (minimum KSh 3,000), the Ibuka incubation/acceleration program, the NSE Digital Academy (e-learning), the NSE Innovation Lab (with Hedera Foundation for tokenization and digital assets), and the planned Kenya Digital Exchange (with DeFi Technologies and SovFi, mid-2026). FTSE Russell co-branded indices (NSE Kenya 15 and 25) provide international benchmarking.

NSE generates revenue from one-time and annual listing fees across four equity segments (Main Investment, Alternative, Growth Enterprise, Fixed Income), trading transaction fees on equities, ETFs, and derivatives, market data services (Level 1 and Level 2), USP platform fees, and training/education programs. Distribution occurs via licensed brokers' mobile and online platforms, direct M-Pesa integration for retail, public gallery access at NSE's Westlands, Nairobi headquarters, and the Ibuka program's network of 10,000+ investors. Strategic priorities under the 2025-2029 plan emphasize retail investor inclusion (9 million accounts target), SOE privatization listings, infrastructure and tokenized asset classes, and continued regulatory modernization in partnership with the Capital Markets Authority.

Name

Nairobi Securities Exchange

Legal name

Nairobi Securities Exchange PLC

Website

https://nse.co.ke

Company type

Public

Founded year

1954

Operating status

Operating

Headcount range

1–10 employees

Short description

Nairobi Securities Exchange, Kenya's primary regulated securities exchange founded 1954 and self-listed 2014, operates automated trading, depository, and mobile platforms—including the M-Pesa-integrated Ziidi Trader—for equities, bonds, derivatives, ETFs, REITs, and unlisted securities, serving retail investors, institutions, and corporate issuers.

Ownership category

akta.pro rank

Headquarters

HQ city

Nairobi

HQ country

Kenya

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Listing Fees: One-time fees for companies listing on the exchange across various market segments (Main Investment Market Segment, Alternative Investment Market Segment, Growth Enterprise Market Segment, Fixed Income, REITs). Fees vary by market segment and issue size.
2. Annual Listing Fees: Recurring annual fees paid by all listed companies for continued exchange membership and trading privileges.
3. Trading Transaction Fees: Fees charged on equity and bond trades executed through the exchange, including equities turnover, ETF transactions, and derivatives trading.
4. Market Data Services: Sale of real-time, delayed, historical, and end-of-day market data to financial institutions, trading participants, and retail subscribers. Level 1 and Level 2 data products available.
5. Training and Education: Revenue from Digital Academy, training calendar programs, certification courses, and investor education initiatives across East Africa.
6. USP Platform Fees: Fees for issuers listing on the Unquoted Securities Platform and participating agents facilitating trades on the platform.

Pricing tiers

Go-to-market motion4 records

Distribution channels7 records

Marketing channels10 records

Core offering

The Nairobi Securities Exchange operates a regulated, multi-segment securities exchange platform that lists and trades equities, government and corporate bonds, green bonds, exchange-traded funds (ETFs), real estate investment trusts (REITs), and derivatives (single stock futures and index futures) for Kenyan and regional issuers. It runs the Millennium Technologies automated trading system, integrates with the CDSC for settlement, and provides complementary services including the Ziidi Trader mobile trading platform on M-Pesa, the Unquoted Securities Platform (USP) for unlisted companies, market data products and an API, and the NSE Digital Academy for investor education and certification.

Product overview

The Nairobi Securities Exchange (NSE) operates a multi-segment securities exchange platform for equities, fixed income, derivatives, and alternative assets. Its core exchange infrastructure lists and trades shares, government and corporate bonds, green bonds, ETFs, REITs, and derivatives. The product portfolio is anchored by the main exchange platform supplemented by: Ziidi Trader (mobile trading via M-Pesa), the Unquoted Securities Platform (for private company securities), the Ibuka incubation/acceleration programme, the NSE Digital Academy (e-learning), the NEXT Derivatives Market, the NSE Innovation Lab (digital assets/blockchain with Hedera), and M-Akiba (mobile-only retail government bond). The NSE also publishes benchmark indices and provides market data via an API to trading participants and data consumers.

Differentiator

Problem solved

Functional benefit

Brands

• Ibuka: Premium incubation and acceleration program established by NSE PLC in 2018 to support companies to reach their next stage of growth through an incubation and acceleration program tailored to their needs.
• Unquoted Securities Platform (USP)
• M-Akiba
• NEXT Derivatives Market
• Digital Academy

Products and services

• Equities Listing & Trading (Main Investment Market Segment) Primary equities listing and trading platform for companies meeting Main Investment Market Segment requirements (minimum authorized and fully paid up capital of KES 50 million; net assets not less than KES 100 million; 25% shares held by minimum 1,000 shareholders). Trades equities in single-share lots without minimum lot restrictions. Targets Kenyan corporates and state-owned enterprises seeking primary capital markets access and institutional/retail investors seeking equity exposure.
• Fixed Income / Corporate Bonds Market Listing and trading venue for corporate bonds, government bonds, regional fixed income securities, and green bonds. Main fixed income market has minimum issue size of KES 400 million for corporate bonds and KES 20-400 million for SME Fixed Income. Targets corporate issuers seeking debt capital, the Government of Kenya for Treasury bond issuance, and institutional/retail investors seeking fixed income exposure.
• NEXT Derivatives Market Exchange-traded derivatives market offering Single Stock Futures and Index Futures (including Mini NSE 25 Share Index futures). Targets institutional and sophisticated retail investors seeking hedging instruments and leveraged exposure to NSE-listed equities and the broader market index.
• Ziidi Trader Mobile Trading Platform Mobile-first stock trading platform integrated into Safaricom M-Pesa Super App enabling Kenyan retail investors to buy and sell NSE-listed equities and corporate bonds directly from mobile wallets without requiring a separate brokerage account. Kestrel Capital executes trades. Targets the 35+ million M-Pesa user base in Kenya, including chamas and SACCOs, to grow retail accounts from under 200,000 to 9 million by 2029.
• Unquoted Securities Platform (USP) Automated electronic platform for the issuance, holding, trading, and settlement of securities of unquoted companies, enabling private companies to access capital markets via private placements and restricted offers. Operated through wholly-owned subsidiary NSE LLP with Escrow Financial Services Limited as technology provider. Targets SMEs, growth-stage companies, and private issuers not yet ready for full public listing.
• Exchange Traded Funds (ETFs) Listed investment products tracking baskets of shares, bonds, or commodities (including gold ETFs), offering diversification, professional management, liquidity, and lower costs for retail and institutional investors seeking passive index or commodity exposure. Listed on NSE with regulatory oversight from CMA.
• Real Estate Investment Trusts (REITs) Regulated investment vehicles pooling investor funds for real estate, including Development REITs (D-REITs) and Income-generating REITs (I-REITs), listed on NSE with regulatory oversight from CMA. Targets real estate developers, income-seekers, and institutional investors seeking real estate exposure with liquidity.
• Green Bonds Listing Framework Fixed income instrument listing framework for bonds whose proceeds are earmarked for environmentally beneficial projects including climate change mitigation and natural resource preservation. Provides a new asset class to issuers and investors seeking ESG-aligned fixed income exposure.
• Ibuka Incubation and Acceleration Programme Premium incubation and acceleration programme with an Incubator Board (minimum KSh 250 million revenue) and Accelerator Board (minimum KSh 500 million revenue) providing advisory, visibility, and capital-raising readiness support. Targets growth-stage companies preparing for capital markets access, with weekly investor briefings to a database of 10,000+ local and international investors.
• NSE Digital Academy E-learning platform at lms.nse.co.ke offering capital markets capacity development and certification programmes, including a Virtual Trader simulator for investor education. Targets retail investors, capital markets professionals, students, and institutions across Kenya and East Africa seeking certified capital markets training.
• Market Data Services Sale of real-time, delayed, historical, and end-of-day market data to financial institutions, trading participants, and retail subscribers. Level 1 (delayed, end-of-day, historical, real-time) and Level 2 (market statistics, ISIN) data products plus a Market Data & Order Routing Integration API for trading participants and data consumers.
• NSE Market Indices Benchmark indices including the NSE 20 Share Index, NSE 25 Share Index, NSE All-Share Index (NASI), NSE 10 Share Index, and NSE Bond Index tracking performance of Kenyan equities and bonds, with FTSE Russell co-branded indices (FTSE NSE Kenya 15, FTSE NSE Kenya 25, FTSE NSE Kenya Shilling Government Bond Index).

Quantifiable outcome

• 51% returns in dollar terms ranking second in Africa in 2025
• +4 more outcomes

Named customers10 records

Segments7 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature7 records

Partnerships

15 partnerships are on record, tiered core, major and minor.

• Spearhead Africa Asset ManagementcoreStrategic or Co-development Partner · 19 May 2026Asset manager listing Kenya's first infrastructure fund on NSE, raising KSh 3.4 billion from institutional investors. Fund channels capital into renewable energy, digital infrastructure, and logistics sectors.
• Capital Markets Authority (CMA)coreOthers · 25 March 2026Developing robo-advisor frameworks and ETF positioning to reduce complexity of market participation. Key regulatory partner for NSE's retail investor growth strategy to 9 million accounts by 2029.
• DeFi Technologies and SovFicoreStrategic or Co-development Partner · 20 February 2026Partnership to launch Kenya Digital Exchange in mid-2026 for tokenizing real-world assets under full regulation. NSE partnering with DeFi Technologies and SovFi to create regulated digital asset marketplace.
• Safaricom (M-Pesa)coreStrategic or Co-development Partner · 10 February 2026Strategic partnership to launch Ziidi Trader mobile stock trading platform on M-Pesa Super App, enabling 35+ million M-Pesa users to buy and sell NSE-listed shares without traditional brokerage accounts. Platform captured 40% of NSE trades within weeks of launch, representing 5% of daily trading volume.
• Kestrel CapitalcoreChannel Partner/ Reseller/ Distributor · 10 February 2026Nairobi-based brokerage firm serving as the sole broker for Ziidi Trader platform implementation, executing trades on behalf of M-Pesa users accessing NSE listings.
• Capital Markets Authority (CMA)coreOthers · 10 February 2026Regulatory oversight body for NSE and Ziidi Trader platform operations in Kenya. CMA developing robo-advisor frameworks and overseeing all capital market activities.
• Central Depository and Settlement Corporation (CDSC)coreTechnology or Integration · 10 February 2026Central depository handling share immobilization and settlement for NSE trades, integral to Ziidi Trader platform's seamless trading, settlement, and portfolio tracking.
• Kenya Association of Stockbrokers and Investment Banks (KASIB)majorChannel Partner/ Reseller/ Distributor · 10 February 2026Industry association for trading participants working with NSE on regulatory frameworks and market development initiatives including mobile trading expansion.
• Hedera Foundation and HashgraphcoreTechnology or Integration · 12 November 2025NSE launched Innovation Lab with Hedera Foundation and Hashgraph as strategic technology partners to drive digital transformation, innovation, and financial inclusion in Africa's capital markets. Initiative supports NSE's 2025-2029 strategy and focuses on emerging technologies like tokenization, digital assets, and decentralized finance.
• Kenya's Capital Markets Authority (CMA)coreOthers · 6 November 2025CMA negotiating with global crypto firms to list shares of companies involved in digital assets on NSE, diversifying exchange offerings and attracting new investors.
• Risk InsightsmajorStrategic or Co-development Partner · 15 September 2022ESG partnership announced September 2022 to enhance sustainability among Kenyan companies through provision of Environmental, Social and Governance guidance.
• Korea Exchange (KRX)minorStrategic or Co-development Partner · 24 October 2014MoU signed October 2014 marking beginning of collaboration between Kenya and Korea capital markets for knowledge sharing and market development.
• FTSE InternationalmajorTechnology or Integration · 24 September 2013Index partnership launching FTSE NSE Kenya 15, FTSE NSE Kenya 25, and FTSE NSE Kenya Shilling Government Bond Index providing benchmark indices for Kenyan markets.
• Shanghai Stock Exchange (SSE)majorStrategic or Co-development Partner · 8 August 2013MoU signed August 2013 marking beginning of collaboration between Kenya and China capital markets for cross-border investment opportunities.
• Somalia Stock Exchange Investment Corporation (SSE)minorStrategic or Co-development Partner · 8 August 2012MoU signed August 2012 regarding possibility of co-operating to establish securities exchange business involving trading, settlement, delivery of listed securities and stockbrokerage activities.

Scale indicators15 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Johannesburg Stock Exchange (JSE): The largest and most liquid exchange in Africa; operates equity, bond, derivative, and commodity markets in South Africa. Direct peer as an African securities exchange operator with similar revenue model (listing fees, trading fees, market data) and benchmark for NSE's growth path. NSE explicitly cites JSE as the model it followed for self-listing.
• Nigerian Exchange Group (NGX): West Africa's primary securities exchange and self-listed holding company (NGXGROUP). Comparable African equity/fixed-income venue with similar demutualized structure, multi-asset-class trading, and self-listing model. Closest large-market peer in Africa outside of South Africa.
• Casablanca Stock Exchange: Morocco's primary securities exchange operating equity, debt, and derivative markets across North Africa. Comparable as a regional African exchange operator with similar multi-segment listing structure (Main, Growth, Alternative) and trading fee economics.
• Egyptian Exchange (EGX): Egypt's primary securities exchange operating equities, bonds, and ETFs with similar self-listing and demutualization trajectory. Comparable emerging-market African exchange with similar multi-asset platform and growing retail investor focus.

Regional players

• Ghana Stock Exchange (GSE): West African regional peer operating in Ghana with similar sub-Saharan market dynamics, retail investor development challenges, and listings-based revenue model. Smaller scale but comparable in scope of equity and fixed-income products.
• Dar es Salaam Stock Exchange (DSE): Tanzania's primary securities exchange and direct EASEA partner of NSE. Regional peer with similar East African market dynamics, smaller scale, and shared cross-border investor base with NSE-listed Kenyan companies.
• Uganda Securities Exchange (USE): Uganda's primary securities exchange and direct EASEA partner of NSE. Regional peer operating in a smaller East African market, with potential for cross-border listings and trading flows with NSE.

Broad incumbents

• London Stock Exchange Group (LSEG): Global exchange operator and NSE's technology partner (Millennium Technologies trading system). Broad incumbent comparable on infrastructure and multi-asset capability, and a potential future equity-holder or partner in NSE's tokenization initiatives.

Emerging players

• Bombay Stock Exchange (BSE): India's largest exchange by number of listed companies and a self-listed emerging-market exchange. Comparable trajectory from a low-base retail investor penetration to mass-market participation, offering a long-runway analogue for NSE's growth ambition via M-Pesa-driven retail access.
• Singapore Exchange (SGX): Asia's emerging-market multi-asset exchange operating equities, derivatives, and fixed income with a self-listed model. Comparable on product breadth (derivatives, ETFs, bonds) and on serving a smaller domestic market by leveraging international listings - a structure NSE may emulate via Kenya Digital Exchange and infrastructure funds.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/NSEKenya
• YouTubeyoutube.com/channel/UCual_P_eQvhLllXRvSdZtxw
• Facebookfacebook.com/113078488803345
• LinkedInlinkedin.com/company/nairobi-securities-exchange-plc/posts/?feedView=all

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nairobi Securities Exchange