The Nairobi Securities Exchange has joined the Hedera Council to accelerate tokenization initiatives in Africa, leveraging the Hedera network’s technology and global reach.
Kenyan Securities Exchange Joins Hedera to Bolster Tokenization Ambitions
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Expediting Uptake of Digital Assets
Kenya’s main securities exchange, the Nairobi Securities Exchange (NSE), has joined the Hedera Council to accelerate tokenization initiatives using the Hedera network. By joining Hedera, the Kenyan bourse becomes the 32nd member of the group governing the network.
As a council member, the NSE will run a node and have equal voting power in governing Hedera’s software and services. Other notable members of the Hedera Council include tech giants Google and IBM, as well as the telecoms corporation Deutsche Telekom.
Frank Mwiti, CEO of the NSE, expressed enthusiasm about the council’s decision to admit the exchange, saying it would expedite the launch and uptake of digital assets and the tokenization of securities on the exchange.
“This initiative aligns with our new strategic priority of offering a world-class market infrastructure anchored on diverse and innovative financial products leveraging partnerships and collaborations. Tokenization has the potential to transform industries across Africa, and the NSE is committed to driving this innovation through the Hedera network, which is valued for its unmatched performance, security, and compliance standards,” Mwiti said.
He added that his organization looks forward to working closely with other council members to drive digital asset tokenization across Africa and establish the NSE as an industry leader in the space.
According to the statement, the NSE is a crucial driver of Kenya’s economy, facilitating savings, investments, and capital access for local and international businesses. Its strong performance, recognized by the Morgan Stanley Capital International (MSCI), indicates investor confidence in the NSE.
Meanwhile, Bill Miller, co-chair of the Membership Committee for Hedera, welcomed the NSE’s addition to the council, saying it would provide access to the Kenyan bourse’s connections and expertise. Miller claimed that the NSE’s membership could accelerate the adoption of Hedera technology.
“Kenya presents a significant opportunity for driving the adoption of digital assets and Hedera’s technology,” Miller said. “The NSE’s diverse reach provides an excellent foundation for Hedera to underpin global capital markets with a market capitalization of approximately $12.65 billion, daily transaction volumes exceeding $100 million, and 63 listed companies and securities across 11 sectors.”
