NAIROBI — Kenya’s most widely used mobile money platform has done in six weeks what years of traditional outreach could not: double the number of active retail investors on the Nairobi Securities Exchange.
M-Pesa Opens the Exchange to Everyday Kenyans
Speaking at Semafor’s Next 3 Billion event, Safaricom Chief Financial Services Officer and M-Pesa Kenya CEO Esther Waititu revealed that 200,000 people have begun trading stocks through an M-Pesa-linked app since its launch in early February 2026 — just six weeks prior.
That single integration has doubled the NSE’s active retail trader base and now accounts for 60% of all trades on the securities exchange.
NSE Eyes 9 Million Traders by 2029
Nairobi Securities Exchange CEO Frank Mwiti confirmed that mobile money access is the cornerstone of the bourse’s expansion strategy. The NSE is targeting 9 million active traders by 2029, and is betting on mass-market mobile platforms like M-Pesa — which already reaches millions of Kenyans — to get there.
The Bigger Picture: Deepening Africa’s Capital Markets
The milestone reflects a broader continental push. African policymakers are increasingly focused on drawing more citizens into formal financial markets, reducing government dependence on costly foreign borrowing, and unlocking domestic capital for infrastructure investment.
Kenya’s mobile money ecosystem — among the most advanced in the world — is now being positioned as the delivery mechanism for that vision.
Investor Outlook
The rapid uptake signals strong latent demand for retail investment products among Kenya’s mobile-first population. For fintech players, brokers, and exchanges across Africa, the NSE-M-Pesa model offers a compelling blueprint: meet investors where they already are.
CABN Contributor