EGM Securities, an online forex broker, has announced today that it has launched the first and only online regulated non-dealing online forex broker in East Africa. The subsidiary of Equiti Group will allow traders to invest in global macro opportunities such as foreign exchange, oil, gold, other precious metals and commodities.
Based in Kenya, the launch of the platform means, for the first time, residents of the country will be able to participate in the largest financial market in the world in a regulated environment. Consumers can use multiple payment channels for the platform, including M-Pesa, a mobile phone-based money transfer by Vodafone.
Major leap for Kenya’s financial market
According to the CEO of EGM Securities, Kenya was the obvious point of entry into East Africa. This is because the country has the most advanced economy in Central and East Africa and it is renowned for being the leading financial hub on the continent. Furthermore, Kenya has the most proactive and innovative regulator in the region, he said.
Commenting on the launch of the new platform, 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 platform offers private investors access to forex, CFDs, and equities asset classes. In addition, corporate and institutional investors will benefit from a Partnership Programme.
EGM Securities was the first, and only, broker of its kind to receive a licence by the government capital markets regulator. The broker received the licence earlier this year following a lengthy and rigorous application process.
Well-known and influential financial professional, Aly-Khan Satchu, added: “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.”