Wall Street Africa (WSA), a Nairobi-based financial media and fintech startup, has received conditional approval from the Nairobi Securities Exchange (NSE) to list its banking exchange-traded fund (ETF) on its Main Investment Market Segment.
The approval follows an earlier nod from Kenya’s Capital Markets Authority (CMA) in July, bringing the ETF closer to becoming the country’s first locally domiciled ETF. The NSE said the fund must still meet some listing and operational requirements before it can begin trading.
The approval comes as Kenya’s banking stocks lead the country’s stock-market rally. The NSE closed the week ended September 4 at a KES 4.28 trillion ($33 billion) valuation, with banks dominating the activity. WSA is preparing to launch an investment product tied to one of the best-performing parts of Kenya’s stock market.
“The approval of the WSA Banking Index ETF marks a landmark moment for Kenya’s capital markets and a clear signal of our ambition to build a deeper, more innovative and globally competitive investment ecosystem,” Frank Mwiti, chief executive officer of NSE, said in a statement.
Originally published by TechCabal.