Uganda’s National Insurance Corporation Limited, commonly referred to as National Insurance Corporation (NIC) has disclosed plans to be listed on the Nairobi Securities Exchange (NSE), East Africa’s most advanced capital market. This is expected to give NIC better access to a diverse pool of investors from the region.

“We are going to start on the approval process with the various bodies in Uganda and Kenya,” Bayo Folayan, NIC’s MD was quoted as saying at the company’s Annual General Meeting (AGM) on Friday.

The insurance company also plans to change its name to NIC Holdings Ltd in compliance with amendments made to the 2011 Insurance Act, which asks life and non-life businesses to be distinct by December this year.

NIC’s board Vice Chairman, Martin Aliker noted that listing NIC, which is already listed on the Ugandan Securities Exchange (USE), on the Kenyan bourse will make it more visible, giving access to more investors and hence better the firm’s chances of raising capital.

Over 60 companies are already listed on the NSE, one of which is Ugandan energy distribution firm Umeme, which was cross-listed in 2013. NIC will now become the second company from Uganda to cross-list on the Nairobi bourse.