The Managing Director of Nairobi Securities Exchange of Kenya has announced his ambition to acquire more stakes in stock exchanges across Africa. The goal is to eventually become a pan-continental stock exchange.

The fifth largest stock exchange in terms of market capitalization in Africa, already holds a 4.9% stake in the neighboring Dar es Salaam stock exchange in Tanzania, and is considering it in countries like Nigeria and Botswana after their demutualization, said its CEO Geoffrey Odundo.

To finance acquisitions, NSE has cash reserves of up to 1.5 billion shillings ($12.98 million). The exchange also intends to buy stakes in related companies. As part of its strategy to acquire related businesses, NSE has doubled its stake in Kenya's Central Depository and Settlement Corporation.