ELITE, London Stock Exchange Group’s business support and capital raising programme, has announced that it has signed a Memorandum of Understanding (MoU) with Nairobi Securities Exchange and FSD Africa to explore the launch of ELITE in Kenya.
The MoU was signed by Geoffrey Odundo, CEO, Nairobi Securities Exchange, Mark Napier, CEO, FSD Africa and David Warren, interim-CEO & CFO, LSEG. It outlines the organisations’ commitment to identifying and engaging key local stakeholders and ascertaining the target population of Kenyan businesses. The results will help shape the ELITE offering in Kenya and broader East African region.
In March, LSEG’s Africa Advisory Group meeting took place in Nairobi, further strengthening business ties between the UK and Kenya.
Luca Peyrano, CEO of ELITE, while commenting on the agreement noted that the signing is testament to Kenya’s commitment to supporting its fastest growing companies and the strength of the economic partnership between the UK and Kenya being celebrated during Commonwealth week.
“High growth dynamic businesses are key to innovation, job creation and economic development. With 58 African companies already on the programme, ELITE is uniquely placed to work in partnership with Kenya towards creating a vibrant entrepreneurial ecosystem in which the fastest growing companies can thrive,” Peyrano said.
Samuel Kimani, Chairman, Nairobi Securities Exchange expressed delight at being part of the programme which he said “will enable select Kenyan companies to scale up their businesses, access a network of industry experts and a community of investors, preparing them for their next phase of growth. The signing of this Memorandum showcases our pledge to provide an opportunity for Kenyan SME’s to grow within an environment designed specifically to meet their needs”.
The agreement also builds on ELITE’s expansion across Africa. ELITE was first launched in Africa in Morocco in 2016 in partnership with Casablanca Stock Exchange and has since continued to expand. In March this year, the first group of ELITE companies from across the West African Economic and Monetary Union joined the programme following a collaboration agreement in 2017 between the West African Regional Stock Exchange (BRVM), Casablanca Stock Exchange and ELITE.
Mark Napier, CEO, FSD Africa, the company that facilitated the agreement noted that the partnership will help deal with one of the most pressing challenges for financial markets in Africa, “that of getting capital and expertise to the continent’s next generation of corporate champions”.