The Nairobi Securities Exchange may be opening its gates to Savings and Credit Co-operatives (Saccos) in the country. This is according to Co-operative Development Permanent Secretary Ali Noor Ismail.
Speaking yesterday during the inaugural Sacco Leaders’ Convention in Nairobi, Ismail said talks are at an advanced stage to establish a customized module for co-operatives share trading platform at the NSE.
“This will enable the members of Sacco’s to freely transfer their shares and get value for them as and when need arises. This will also attract other investors to the co-operative movement which currently has over 14 Million Kenyans,” he said. “We believe once this is done it will unlock the potential of the sector. Sacco’s contribute 45 per cent of the National Gross Domestic Product (GDP), controlling over Sh500 billion.”