NAIROBI, Aug 12 – Kenya has approved its first locally based exchange-traded fund (ETF), giving investors a way to buy into several listed banks through one investment.
The Capital Markets Authority (CMA) approved the WSA Banking ETF from Nairobi-based Wall Street Africa. The fund is expected to list on the Nairobi Securities Exchange (NSE) in the fourth quarter.
The ETF will track the NSE Banking Index by investing in shares of banks that make up the index. Tradiam Asset Managers will manage the fund, while investors will buy and sell its units on the NSE.
The approval comes as Kenyan bank stocks continue to rise. The NSE Banking Index gained 30.9% between January and July and has risen 62% since October 2025, according to NSE data compiled by WSA.
WSA founder Erick Asuma said the company is targeting KES 5 billion to KES 7 billion ($38.6 million to $54.1 million) in capital when the fund launches. He said the ETF is expected to attract mainly retail investors over time.
An ETF allows investors to buy a group of investments through a single product. In this case, investors will get exposure to several Kenyan banks instead of buying shares in each bank separately. The new fund will add to the small ETF market on the NSE, which currently has two listed ETFs, the Absa NewGold ETF and the Satrix MSCI World Feeder ETF.
Meanwhile, the wider Kenyan stock market has also gained. The NSE was up 33% by the end of June, while its total market value passed KES 4 trillion ($30.9 billion).
The final fund information, subscription dates and listing details will be released before the ETF begins trading.
