The Ministry of Industrialization and Enterprise Development is creating an online trading platform for sale and purchase of shares for cooperatives.
The platform dubbed ‘over the counter’ trading platform is set to specifically target co operative societies and their members.
Speaking in Eldoret on Wednesday, Mary Njeri Mungai the deputy Commissioner Co-operative development said that the platform once created would be a good place for co operative societies to join the Nairobi Stock Exchange to place shares as well as sell them.
Mungai said that on this platform, shares would be sold on open market to cooperative members only where the value of shares will be dictated by demand for them versus the supply for the same.
She said that this platform had come following problems and complains by shareholders with changing or transferring shares to other members.
Mungai also added that this platform was also in line with the main pillar of the co operative movement which is to increase investment portfolio to achieve vision 2030.
The concept of the over the counter trading platform she said has been created inclusive of guidelines from the Nairobi Stock Exchange Market and the Capital Markets Authority as well as their rules and regulations.
Mungai was speaking in a forum with officials from co operative societies in Eldoret where they were introducing the concept to them and getting their views and suggestions on the same.
She said the platform had been received overwhelmingly well in other parts of the country including Meru, Nyeri, Nakuru and the coast.
She also said that they were planning to visit Kisumu, Kakamega among other parts of the country.
Mungai urged Kenyans who have been complaining about unemployment to join co operative societies and pull resources together.