SIC Investment Cooperative seeks NSE listing after rebrand

SIC Investment Cooperative, formerly Safaricom Investment Cooperative (SIC), has revealed plans to list on the Nairobi Stock Exchange (NSE) after taking up a new brand identity.

This is as it seeks independence from its parent firm Safaricom.

The intention to rebrand, SIC Investment Cooperative Chairperson Judy Runo said in Nairobi yesterday, will also see it go digital, including the unveiling of a new mobile app.

Ms Runo said the rebrand marks a new chapter, which will reflect the society's evolution and the future of investment.

"We are no longer a Safaricom Plc staff society. We are more Kenyan than the founders," she said.

Ms Runo documented the strides the society has made since its inception with 5,000 members from Safaricom before it later opened up to the public. It has since distributed 4,000 title deeds and delivered 600 housing units to members.

"When we look at this success someone may ask, why are we rebranding? As an investment cooperative, our mission has been to democratise access to financial growth, enabling individuals from diverse backgrounds to pool resources, share in the risks and rewards, and achieve financial security together," she said.

Ms Runo said over the years, the society has grown and adapted to the changing investment environment.

"Therefore, for us to be more agile, more flexible and to scale, we need to rebrand," she added.

"As the world changes, so must we." Ms Runo cited the real estate market, where SIC Investment Cooperative has invested heavily, saying it has undergone significant transformations such as sustainability conversation, hence the need to change.

Cabinet Secretary Ministry of Co-operatives and Micro, Medium and Small Enterprises Wycliffe Oparanya termed the rebrand a bold step in taking the society to the next level by attracting new members.

"Cooperative societies play a very important role in saving mobilisation," said the CS, noting Kenya has over 250,000 registered cooperatives with a membership of over 14 million people. He further noted that cooperatives have approximately 30 per cent of Kenya's annual savings while generating employment opportunities for over 500,00 people directly and over two million indirectly.