Safaricom Investment Co-operative has today joined Ibuka, Nairobi Securities Exchange’s (NSE) premium incubation and acceleration program for high growth companies in Kenya.
Safaricom Investment Co-operative is joining the Accelerator Board following a rigorous evaluation and vetting process. It becomes the 18th company to join the program since it was launched in December 2018.
Safaricom Investment Co-operative is a leading co-operative society established in 2009 to pursue various investment opportunities across the economy for the benefit of its members.
It boasts of a growing membership of 4,800 members drawn from current and former staff of Safaricom PLC and the general public.
Speaking during the admission ceremony, Geoffrey Odundo, NSE Chief Executive noted, “The admission of Safaricom Investment Co-Operative on to the NSE Ibuka Program is a testament of the firm’s commitment to seek ways to enhance its growth and development as it seeks to launch its next phase of expansion across the region”.
“Co-operative societies such as the Safaricom Investment Co-operative play a pivotal role in accumulation of capital for investment through mobilization of savings” he added.
Commenting on the admission, Mr. Humphrey Njeru, Chief Executive Officer, Safaricom Co-operative Investment noted “We are truly excited to join the NSE Ibuka Program. As an enterprise, we are deliberate in enhancing our corporate governance structures to match the level expected from listed firms on the NSE.”
The executive also stated, “Further in the long term we believe the exchange will provide the necessary platform to allow members of the co-operative movement to trade their shares and thus creating the much-needed liquidity to members.”
The NSE Ibuka Program is aimed at growing the visibility, brand recognition and business opportunities among hostee companies. Additionally, the program will assist in inculcating improved corporatization, develop capabilities to access capital markets as well as provide a road map to long term corporate sustainability.
Since its inception in 2009, Safaricom Investment Co-operative has invested in properties worth Kshs.5.5Billion and distributed over Kshs.2Billion in dividends. Currently, Safaricom Investment Co-operative has a diversified portfolio ranging from Real Estate, Agriculture, Quoted Securities among others.
