By Erestinah Jane, June 29, 2026
Nairobi Securities Exchange (NSE) Chief Executive Officer Frank Mwiti has said Africa is not constrained by a shortage of capital but by the limited availability of well-structured, high-quality investment opportunities capable of attracting both local and international investors.
Speaking on the renewed momentum in Kenya’s capital markets, Mwiti said the overwhelming response to several recent corporate fundraising transactions demonstrates that substantial liquidity exists within the continent and is ready to be deployed into credible investment opportunities.
He noted that the success of recent bond issues, public offerings and structured financial products has sent a strong signal to investors that African capital markets are increasingly capable of mobilising large volumes of capital when presented with attractive investment vehicles.
According to Mwiti, the recent wave of oversubscriptions reflects growing investor confidence in the Nairobi Securities Exchange and the broader regional financial market.
Among the transactions he cited was the East African Breweries Limited (EABL) commercial note programme, which attracted subscriptions amounting to 154 per cent of the targeted amount, highlighting renewed confidence in Kenya’s corporate debt market.
He also pointed to Safaricom’s Ksh15 billion green bond, which received strong demand from institutional investors seeking environmentally sustainable investment opportunities, reflecting the increasing appetite for green financing instruments.
Mwiti further cited the planned initial public offering (IPO) of the Kenya Pipeline Company (KPC), describing it as a landmark transaction expected to revive public participation in equity markets. The digitalised IPO is set to become Kenya’s first major state-owned enterprise listing in nearly two decades and is expected to attract both retail and institutional investors.
In addition, he highlighted the successful mobilisation of capital through specialised financial instruments such as the Ksh44.79 billion Talanta Asset-Backed Security, saying the transaction demonstrated investors’ willingness to support innovative financing structures.
The NSE chief argued that the strong investor response challenges the long-held perception that Africa lacks sufficient investment capital.
Instead, he said the continent possesses substantial domestic financial resources held by pension funds, insurance companies, asset managers and retail investors, many of whom are actively seeking credible long-term investment opportunities.
Mwiti observed that unlocking this capital will require governments, regulators and private sector players to develop more bankable projects and innovative financial products capable of meeting investor expectations.
To sustain the growing momentum, the NSE is implementing its 2025-2029 strategic plan, which aims to increase market participation by onboarding approximately nine million new retail investors through simplified mobile trading platforms and fractional share ownership.
The strategy seeks to make investing more accessible, particularly to younger investors and first-time participants who may not have the capital to purchase full shares in listed companies.
Mwiti also reaffirmed the NSE’s commitment to strengthening regional capital markets through deeper integration among East African stock exchanges.
He said the exchange is supporting the next phase of the East African capital markets integration programme, including the development of a unified Capital Markets Infrastructure (CMI) technology platform that will facilitate seamless cross-border trading and investment across the region.
According to Mwiti, greater regional integration will improve market liquidity, widen investment choices and enable issuers to access a broader pool of capital while enhancing the competitiveness of East Africa’s financial markets on the global stage.
He expressed confidence that continued innovation, stronger regulatory frameworks and increased investor participation will position the Nairobi Securities Exchange as a leading gateway for capital formation and investment across Africa.
