EGM Securities has introduced Kenya’s first online forex trading that enables trading using mobile payment channels like MPesa.
The innovative financial offering bolsters Kenya’s positioning as a leader in financial innovation in Africa.
EGM Securities’ trading offering will provide the market with exposure to global macro opportunities such as foreign exchange, oil, gold and other precious metals and commodities.
For the first time, Kenyans will have the opportunity to participate in global forex markets in a strictly locally regulated environment and at lower transaction costs.
Kevin Ng’ang’a, CEO of EGM Securities said that increased access to global forex markets and innovative financial offerings for Kenya’s investment community is a major leap forward for the country to advancing its financial markets depth and economic growth.
“We realised there was an opportunity as many Kenyans were trading with foreign entities, which are not regulated by Kenya’s Capital Markets Authority, and do not provide investor protection as these are offshore entities. Being licensed by the Capital Markets Authority of Kenya, investors are afforded the provision of legitimate online Forex services.”
The forex market with daily volumes estimated at USD 5.3 trillion is the largest financial market in the world.
Mr Aly-Khan Satchu, Kenya’s foremost financial professional and one of the most influential investors at the Nairobi Stock Exchange noted that Kenya is honoured that EGM Securities chose Kenya as the first country on the African continent to launch this innovative offering.
“It is a vote of confidence for Kenya’s financial and capital markets and regulatory environment.”
EGM Securities’ offering will provide an opportunity for the country to grow its forex reserves as traders who had invested offshore have the opportunity to bring back funds and trade in a locally regulated environment.
Private investors will benefit from broader, more liquid diversified investment portfolio offerings that include forex and Contracts for Differences (CFDs), in addition to the more traditional asset classes of cash, equities and property. Corporate and Institutional investors will benefit from a Partnership Programme.
Ng’ang’a said that Kenya was the obvious point of entry into the region to introduce online forex trading using mobile payment channels given that the country is the most advanced economy in Central and East Africa.
He added that Kenya is globally renowned as the leading financial innovation hub in Africa, supported by its strong entrepreneurial culture with the most proactive and innovative regulator in the region.
Earlier in 2018, EGM Securities became the first and only non-dealing online forex broker in Kenya to receive a license by the government capital markets regulator, the Capital Markets Authority of Kenya, after a very stringent and lengthy application process.
The company has since established a fully resourced staff complement of qualified and experienced professionals across various disciplines including compliance, finance, operations, IT in Nairobi, Kenya.