Investment firm Kweli Capital secures Old Mutual Securities in expansion of brokerage operations
In a significant move, East African technology-driven investment company Kweli Capital has announced the acquisition of a majority stake in Old Mutual Securities Limited (OMS). This deal marks Kweli Capital's strategic expansion into regulated financial services.
Founded in 2018, Kweli Capital has made a name for itself by developing the Kenyan government's "Boma Yangu" affordable housing platform and the Amaka Umbrella Fund. The company's latest move is part of a trend of African firms using technology and local expertise to consolidate and expand within the region's financial services sector.
The acquisition positions Kweli Capital to take over the Nairobi-based brokerage from the Old Mutual Group. OMS, incorporated in 1992 as Reliable Securities Limited, was the eighth licensed stock broker to operate in the Nairobi Securities Exchange (NSE).
In a government-backed partnership, Kweli Capital's Amaka Fund has mobilized major pension schemes and financial institutions to provide private-sector funding. The transaction combines Kweli Capital's strength in structured finance and technology with OMS's established brokerage and exchange membership.
Rebecca Nabwire Osogo-Okwara, appointed as Kweli Capital's CEO in 2023, will lead the company through this new chapter. Osogo-Okwara, a business executive known for her leadership in the finance and investment sector, previously headed Institutional Sales at Britam Asset Managers. Her appointment is a new fact not mentioned earlier.
The Amaka Fund consists of the Amaka Home Ownership Saving Plan (HOSP), accessible via the BomaYangu Portal, and the Qualified Investor Tenant Purchase Schemes Fund. Kweli Capital's Amaka Fund has not been previously mentioned.
Kweli Capital's board includes Kris Senanu, Calvin Nyachoti, Kennedy Kipng'etich, and Phillipa Mbonye. The deal involving Kweli Capital and Old Mutual Securities Limited is seen as a significant step in the consolidation of the East African financial services sector.
This acquisition marks a new era for both Kweli Capital and Old Mutual Securities Limited, as they join forces to build a full-service investment bank targeting East Africa's growing capital markets.
Read also:
- Railway line in Bavaria threatened by unstable slope - extensive construction site at risk
- Wind Farm Controversy on the Boundary of Laois and Kilkenny
- Delaware's contentious offshore wind project faces uncertainty as the Trump administration reverses course on clean energy initiatives.
- Massachusetts' sports betting income surged by 34% year-on-year in April
