Investment cooperative SIC seeks NSE listing after rebranding

SIC Investment Cooperative, formerly known as Safaricom Investment Cooperative (SIC), has announced plans to list on the Nairobi Stock Exchange (NSE) following the adoption of a new brand.

This comes as the company seeks independence from its parent company Safaricom.

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

Ms Runo said the rebrand marks a new chapter that will reflect the evolution of society and the future of investment.

“We are no longer a community of Safaricom Plc employees. We are more Kenyans than founders,” she said.

Ms Runo documented the progress made by the society since its inception with 5,000 members from Safaricom before it later opened to the public. Since then, it has issued 4,000 title deeds and provided 600 housing units to members.

“When we look at this success, some may ask why we are rebranding? Our mission as an investment cooperative was to democratize access to financial growth by allowing people from different backgrounds to pool resources, share risks and rewards, and achieve financial security together,” she said.

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

“So in order for us to be more flexible and scalable, we need to rebrand,” she added.

“As the world changes, so must we.” Ms Runo referred to the real estate market, in which the investment cooperative SIC has invested heavily, saying that it has undergone significant transformations, such as the conversation about sustainable development, and therefore the need for change.

Ministry of Cooperatives and Micro, Medium and Small Enterprises Cabinet Secretary Wycliffe Oparanya described the rebranding as a bold step in taking the society to the next level by attracting new members.

“Cooperative societies play a very important role in savings mobilization,” the CS said, noting that there are over 250,000 registered cooperatives in Kenya with over 14 million members. He further noted that cooperatives account for approximately 30 percent of Kenya’s annual savings while creating employment opportunities for over 500,000 people directly and over two million people indirectly.