How M-Pesa’s Ziidi Trader Is Changing Access to Nairobi Securities Exchange

he Nairobi Securities Exchange (NSE) is entering a new phase of retail investing as mobile money technology brings share trading closer to millions of Kenyans who already use their phones for everyday financial transactions.

The launch of Ziidi Trader, Safaricom’s share-trading service integrated into the M-Pesa ecosystem, has lowered some of the practical barriers that have traditionally kept small investors away from the stock market.

President William Ruto officially launched the platform at the NSE on February 10, 2026, describing the service as an important step towards making capital markets more accessible to ordinary Kenyans. President Ruto’s official Ziidi Trader launch statement

The significance of Ziidi Trader, however, goes beyond allowing users to buy shares from a mobile phone. Its early impact is already visible in trading activity, while its longer-term importance will depend on whether easier access translates into sustained and informed investment by a much broader retail investor base.

How Ziidi Trader changes access to NSE shares

Traditionally, investing in shares on the NSE involved dealing with a licensed stockbroker, completing account-opening requirements and establishing the necessary securities infrastructure before placing a trade.

Ziidi Trader brings the process into an environment that millions of Kenyans already understand: M-Pesa.

Safaricom launched the service in partnership with Kestrel Capital, which acts as the executing broker. M-Pesa users can buy and sell shares listed on the NSE directly through the mobile platform without opening a conventional individual brokerage account. Reuters report on Safaricom’s Ziidi Trader launch

The arrangement uses an omnibus structure, meaning investors do not individually open CDS accounts in the traditional manner. Instead, the shares are held through the broker’s omnibus account within the Central Depository System.

For a first-time investor, that removes several administrative steps that could previously make the stock market appear complicated or inaccessible.

The significance is not simply technological. It places share ownership alongside services that Kenyans already use for sending money, paying bills and managing other financial products.

Record trading activity follows Ziidi rollout

The strongest early evidence of Ziidi Trader’s impact has been the sharp increase in the number of equity transactions at the NSE.

Before the platform’s pilot began, daily equity deals generally ranged between about 4,000 and 7,800.

The number rose to 8,713 on the first day of the pilot, 12,893 on February 6 and 14,300 on February 9.

On February 11, the NSE recorded a record 25,773 equity deals, according to market data from that day’s trading session. NSE market report for February 11, 2026

The following day recorded another 24,357 equity deals, while 23,608 were recorded on February 13.

The figures provide an early indication that mobile-based access can dramatically increase the number of transactions taking place at the exchange.

Reuters subsequently reported that Ziidi Trader was accounting for around 40% of trades at the NSE after its launch, although it represented about 5% of total daily trading volume by value. Reuters analysis of Ziidi Trader’s early NSE impact

That distinction is important.

A large number of transactions does not necessarily mean an equivalent increase in the amount of money entering the market. Small retail orders can generate many transactions while contributing a relatively modest share of total turnover.

Nevertheless, the surge in deal numbers demonstrates that lowering the practical barriers to trading can have an immediate effect on market participation.

The NSE wants millions more retail investors

The long-term objective is considerably bigger than the initial trading surge.

The NSE has set a target of reaching 9 million active retail investors by 2029, with digital platforms such as Ziidi Trader expected to play a role in broadening participation in Kenya’s capital markets. NSE official website

That ambition represents a substantial expansion from the relatively small number of active investors who have historically participated regularly in equity trading.

The challenge, however, will be converting access into sustained participation.

Opening the stock market to millions of M-Pesa users does not automatically mean millions of people will become long-term shareholders.

Some users may trade occasionally, while others may be attracted by short-term price movements rather than building diversified investment portfolios.

The real measure of Ziidi Trader’s success will therefore be whether the platform produces a broader and more durable culture of equity ownership.

Lower barriers could change the retail investor profile

One of the biggest potential advantages of Ziidi Trader is that it meets potential investors where they already conduct their financial transactions.

Safaricom reported more than 35 million active M-Pesa customers in Kenya in its FY2025 results, creating a very large potential audience for financial products delivered through the mobile platform. Safaricom FY2025 results

That does not mean all M-Pesa customers are potential stock investors.

Income levels, financial literacy, risk tolerance and investment objectives will still determine whether individuals participate.

But the size of the existing mobile-money ecosystem gives Ziidi Trader a distribution advantage that traditional stockbroking has struggled to replicate.

Instead of asking consumers to discover the capital markets first and then navigate a new financial platform, the service introduces share trading within an ecosystem they already use.

That could be particularly important for younger consumers and first-time investors who may have previously regarded the NSE as an institution designed mainly for large investors.

What does Ziidi Trader cost?

Transaction costs are another important consideration for retail investors.

Ziidi Trader has been reported as charging approximately 1.5% per trade, compared with conventional equity trading costs that have commonly ranged between roughly 1.8% and 2.5%, depending on the broker and applicable charges.

Lower transaction costs matter more to small investors because fees can consume a larger proportion of the value of a relatively small trade.

For example, a 1.5% charge on a KSh10,000 transaction would amount to KSh150, compared with KSh250 at a 2.5% rate.

Investors should nevertheless check the current fee schedule before trading because transaction costs and applicable charges can change.

The lower headline rate should also not be interpreted as meaning that investing in shares is cheap or risk-free. Investors remain exposed to market movements and can lose part or all of the capital invested.

Why the omnibus model matters

The removal of the requirement for an individual CDS account is one of the significant structural changes introduced by Ziidi Trader.

Under the traditional model, an investor typically interacts with a stockbroker and establishes the necessary securities account before trading.

Ziidi instead uses Kestrel Capital as the executing broker and an omnibus structure for the underlying shares. Central Depository and Settlement Corporation (CDSC)

For consumers, the important point is that the simplified user experience does not mean the trades happen outside the regulated capital-markets system.

Orders are still executed through a licensed market intermediary and within the NSE and Central Depository System framework.

The Capital Markets Authority (CMA) oversees Kenya’s capital-markets industry and regulates market intermediaries and activities within the sector. Capital Markets Authority Kenya

That distinction helps explain why mobile convenience does not eliminate the regulatory safeguards associated with securities trading.

Ziidi could deepen domestic participation

Kenya’s capital markets have historically attracted significant institutional and foreign investor participation.

Increasing the number of domestic retail investors could therefore help broaden the ownership base of companies listed on the NSE.

The potential benefit is not simply more trades.

A larger domestic investor base can create a wider pool of shareholders, improve participation in public offerings and strengthen the connection between Kenyan households and locally listed companies.

However, it would be premature to conclude that Ziidi Trader has already shifted the balance between domestic and foreign capital.

The early surge in transactions demonstrates increased retail activity, but longer-term data will be needed to determine whether the platform materially changes the composition of market ownership and turnover.

Mobile investing also brings new risks

Greater access to the stock market comes with a responsibility to improve financial literacy.

Making it possible to buy a share within seconds does not make the underlying investment less risky.

Share prices can rise or fall, companies can underperform, dividends are not guaranteed and investors can lose money.

There is also a risk that an easy-to-use mobile interface could encourage some consumers to trade based on short-term price movements rather than understanding the companies they are buying.

This is where investor education becomes particularly important.

The NSE Academy provides educational resources for investors and people seeking to understand Kenya’s capital markets, while the CMA provides regulatory and investor-protection information. NSE Academy

The expansion of mobile trading will therefore need to be accompanied by clear information about investment risk, fees, market orders and the difference between saving and investing.

Ziidi is part of a wider digital-finance shift

The arrival of share trading on M-Pesa does not represent Kenya’s first attempt to use mobile technology to broaden access to financial markets.

The Central Bank of Kenya’s DhowCSD platform has also expanded digital access to government securities, allowing investors to participate in Treasury bills and bonds electronically. President Ruto previously described the platform as a way of reducing barriers to participation in the securities market. President Ruto on DhowCSD and Kenya’s capital markets

Safaricom’s Ziidi Trader builds on the same broader trend: moving investment services away from paperwork and physical processes and towards mobile platforms.

The company had already used the Ziidi brand for its Money Market Fund, allowing customers to invest through M-Pesa.

The progression from mobile savings and money-market investments to direct equity trading reflects the increasing role of smartphones in Kenya’s financial system.

What success will look like

The initial trading figures make Ziidi Trader one of the most significant developments in Kenya’s retail investment market in recent years.

But the record number of trades recorded shortly after launch should be viewed as an early indicator rather than proof that the NSE has permanently solved its retail participation problem.

The more important questions will emerge over the next several years.

Will first-time traders continue investing after the excitement surrounding the launch fades?

Will more Kenyans hold shares for the long term rather than trade frequently?

Will the platform increase the number of households that own diversified portfolios?

And will greater participation translate into more capital being mobilised by Kenyan companies?

Those outcomes will determine whether Ziidi Trader becomes simply another mobile-finance feature or a structural change in the country’s capital markets.

For now, the evidence suggests that mobile technology can significantly reduce the practical barriers to entering the NSE.

The record 25,773 equity deals on February 11 demonstrated how quickly trading activity can respond when access is simplified. NSE market report for February 11, 2026

The next challenge is turning that accessibility into informed, responsible and sustained investment.

That is where the real test of Kenya’s retail-investment revolution will begin.