The Nairobi Securities Exchange (NSE) announced Thursday that Victoria Wealth Management Limited, a subsidiary of Victoria Commercial Bank PLC, had been admitted as a Trading Participant, expanding the bourse’s network of intermediaries as it sought to deepen local investor participation and revitalise Kenya’s capital markets.
The admission allows Victoria Wealth Management to facilitate the buying and selling of listed securities, execute client orders, and provide investment advisory and portfolio management services within its regulatory licence.
Beyond secondary-market trading, the firm will also support capital-raising activities, including corporate finance advisory, public offers, restructurings, and the underwriting and issuance of securities.
The move came at a time when the NSE was actively courting a broader domestic investor base. The exchange added 333,043 registered investors in the first nine months of 2026, lifting its total base to 2.36 million, more than triple the additions recorded in the same period of 2025.
Market capitalisation crossed the KES 4 trillion mark in September, buoyed by the Kenya Pipeline Company IPO, the country’s first state-led listing since Safaricom in 2008, and a sustained equity rally.
However, foreign investor participation had been shrinking. Net foreign participation as a share of total equity turnover fell to 42.6% in 2026 from 50.9% in 2024, continuing a downward trend that the NSE had linked to global uncertainty and a weak shilling.
The exchange had responded by targeting 9 million active retail investors under its 2025–2029 strategy, focusing on product innovation and digital access to reduce reliance on offshore capital.
Frank Mwiti, Chief Executive Officer of the NSE, said the new admission formed part of the exchange’s broader strategy to expand market participation.
“We are pleased to welcome Victoria Wealth Management Limited to the NSE as a Trading Participant,” Mwiti said.
“Expanding our network of market intermediaries is central to our strategy of revitalising Kenya’s capital markets, deepening investor participation and making the market more accessible to a broader segment of the population.”
Mwiti also highlighted the role of investment banks beyond trade execution, noting that they helped companies access financing and strategic corporate services.
“Beyond facilitating securities trading, investment banks play an important role in supporting companies through capital raising, corporate finance advisory and other strategic transactions,” he said. “We want the NSE to be a marketplace where businesses at different stages of growth can access the capital they need to expand.”
Victoria Wealth Management’s parent, Victoria Commercial Bank, was licensed as a commercial bank in 1996 and had built a reputation as a niche private banking institution serving small and medium enterprises and high-net-worth individuals.
The bank reported a profit after tax of KES 566 million in 2024, according to its annual financial statements.
Sital Borkhataria, Chief Executive Officer of Victoria Wealth Management Limited, described the admission as a significant milestone for the firm and an opportunity to expand its investment offerings.
“Becoming a Trading Participant of the NSE is an important milestone for Victoria Wealth Management Limited and broadens the investment solutions we can offer our clients,” Borkhataria said.
“As a subsidiary of Victoria Commercial Bank PLC, we are committed to providing clients with access to investment opportunities in Kenya’s capital markets, supported by professional guidance and a client-focused approach.”
Borkhataria added that the firm intended to work with both investors and companies seeking financing through the capital markets.
“We look forward to contributing to the growth of the market by connecting more investors to listed securities and supporting their investment journeys. We are equally keen to work with existing and prospective issuers to explore capital-raising opportunities and support their growth ambitions through the capital markets.”
The NSE had also recorded a resurgence in listings and issuance activity in 2026. Corporate bond issuance reached Ksh97.45 billion between July 2025 and May 2026, the highest since the exchange’s fixed-income segment was established, with issuers including Safaricom, East African Breweries, and I&M Bank.
The exchange was also preparing to launch exchange-traded funds, including an AI-focused product and Sharia-compliant offerings, as part of efforts to diversify the investment products available to Kenyan investors.
