EGM Securities, a regulated non-dealing online forex broker, has launched an online forex trading offering in Kenya that enables trading using multiple payment channels including mobile payment channels such as M-Pesa.
The platform will provide the market with exposure to global macro opportunities such as foreign exchange, oil, gold and other precious metals and commodities. EGM Securities will also give Kenyans 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: “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 are very excited at the prospect that lies ahead for the financial markets in Kenya.
“We realised there was an opportunity as many Kenyans were trading with foreign entities, which are not regulated by Kenya’s Central 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.
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.
Earlier in 2018, EGM Securities become the first and only non-dealing online forex broker in Kenya to receive a license by the government capital markets regulator, the Central 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.