Fincredit SEZ Limited, a credit-only microfinance institution with operations in Kenya, Uganda, and Liberia, has been admitted into the Nairobi Securities Exchange's Ibuka incubation and acceleration programme, the NSE announced on Tuesday.
- •Originally incorporated in 2000 as AAR Credit Services Ltd within the AAR Group of Companies, the institution has progressively repositioned itself, adopting the Fincredit brand.
- • More recently, it established a registered presence within the Two Rivers International Finance and Innovation Centre (TRIFIC), Kenya's only private services-focused Special Economic Zone.
- •The "SEZ" designation in its current legal name reflects that licensed membership, which grants it access to preferential tax treatment, including a reduced 10% corporate tax rate on domestic-sourced income.
John Kariuki, Chief Executive Officer of Fincredit, said the Ibuka admission was central to the company's capital market preparations.
"Our admission into the Ibuka Program represents a critical step in our growth journey. We are committed to strengthening our institutional capacity and governance as we prepare to access Kenya's capital markets.
We believe the capital markets will provide access to affordable, long-term capital that is essential for scaling our operations, enhancing our product offerings, and delivering greater value to our customers across the region."
Frank Mwiti, Chief Executive Officer of the NSE, described the admission as consistent with the exchange's broader goal of deepening corporate participation in Kenya's debt and equity markets.
"The Ibuka Program provides a clear pathway for companies to transition from privately held enterprises to investment-ready institutions.
It offers mentorship, advisory support, and exposure to a broad network of investors, intermediaries, and strategic partners."
Launched by NSE PLC in 2018, Ibuka is structured around two non-trading boards: an Incubator Board, where companies undergo in-depth evaluation of growth drivers, strengths, and risks; and an Accelerator Board, which prepares companies to raise capital through equity and debt instruments. The programme targets companies with revenue between KSh 100 million and KSh 5 billion and provides hostee companies with exposure to a database of over 10,000 local and international investors, as well as advisory services from a panel of consultants appointed to the programme.
At least 18 companies have passed through Ibuka since its establishment, among them Safaricom Investment Cooperative, Rentco East Africa Limited, and Mookh Africa. The programme's stated goal is to reverse a prolonged listing drought at the bourse.
Fincredit's admission comes as the NSE continues efforts to expand the pipeline of companies capable of tapping public capital markets. The microfinance sector in Kenya remains largely absent from the exchange's listed universe, with the sector dominated by non-deposit-taking institutions that have historically raised capital through private channels or development finance institutions.
