EFG Hermes Kenya, a brokerage firm in Kenya, has launched its online equity-trading platform, EFG Hermes One to offer retail investors seamless and convenient stock trading on the Nairobi Securities Exchange (NSE).
The online trading platform seeks to capitalize on Kenya’s high mobile phone penetration rate by leveraging digital channels to deliver efficient, convenient, and comprehensive services able to meet investors’ needs.
The EFG Hermes One application offers a quick and efficient onboarding process, allowing users to download the application and sign up to create an account by entering their personal information.
According to Ali Khalpey, EFG Hermes Frontier CEO, “With capital market trends demonstrating ever-increasing interest from retail investors across the world, we aim to increase access and awareness to capital markets to foster better equity trading across sub-Saharan Africa. Our expansion into the retail space is part of our commitment to growing our services in the African continent.”
The firm aims to replicate the success of its app in Kenya aross other markets in which the group operates in order to offer its clients in Kenya a comprehensive range of services. In addition to executing trades, EFG Hermes One users can access real-time stock quotes; place, track, review, edit and cancel open orders. Users can also build, monitor, and customize equity watch-lists for individual stocks, stock portfolios and their investment portfolios in real-time.
The application also features several portfolio management tools that enhance the overall user experience and facilitate online trading. Users can also access comprehensive portfolio reports, featuring key information including executed trades, dividend payments as well as a provision to review order history and invoices on their transactions.
“The launch of EFG Hermes One in Kenya forms part of our strategy to further extend our expertise and operational excellence, which has been met with immense success since the launch of our local operations in 2017, in order to further serve retail clients,” said Muathi Kilonzo, Head of Equities at EFG Hermes Kenya. “Increasing our service offering to retail clients will see a climb in trading volumes which will result in improved liquidity and more listings, allowing the Kenyan market to continue to grow and create more opportunities for both retail and institutional investors”.
In the first quarter of 2021, EFG Hermes Kenya was ranked first by value traded on the Nairobi Securities Exchange, building on its success in 2020, where it achieved a first-place ranking on the exchange for the year. The group’s brokerage arm witnessed similar success in other markets, ranking first in Egypt, Kuwait, and Dubai; second in Nigeria; and third in Oman.
“The launch of the application comes on the heels of the NSE’s introduction of day trading for retail investors, allowing them to buy and sell stocks as well as settle trades in a single day. The move is an integral part of our desire to open up the market to further retail participation, see more equities listed on the NSE and grow the value of our equity markets to 50% of Kenya’s GDP. We are thrilled to be working together with EFG Hermes Kenya as we turn over a new page in the growth story of the Kenyan market,” said Geoffrey Odundo, NSE Chief Executive.
In 2015, EFG Hermes launched its NBFI Platform, EFG Hermes Finance, which overlooks activities in the non-banking finance field through EFG Hermes Corp-Solutions, which offers leasing and factoring facilities, Tanmeyah Microfinance, consumer financing platform valU, PayTabs Egypt in the payment solutions space, Bedaya, which offers mortgage solutions, and an insurance business. EFG Hermes Kenya launched its operations in 2017, being the Firm’s first foray into Sub-Saharan Africa in a step that will serve as an East African hub into more neighboring markets.
