Kenyan Wallstreet team had a chat with Standard Investment Bank (SIB) Head of Global Markets Nahashon Mungai.
Mr Mungai shared his insights into the global markets and the range of products that Kenyan investors can take advantage of to grow their wealth.
SIB’s decision to get into alternative assets was informed by investor fatigue among Kenyan investors. The flagship product, MansaX, focuses on trading online foreign exchange in major currency pairs, contract for differences (CFDs) on precious metals, commodities, single stocks, and stock indices.
Mungai says that a CMA survey in 2018 revealed that 50,000 Kenyans participated in the online FX Market hence the drafting of Online FX regulations. The move saw MansaX become the first licenced money manager in Kenya.
As a regulated money manager, MansaX employs long and short positions to invest funds collected from the public and was able to give investors a return of 24% in 2019.
Further, Mungai revealed plans to leverage on technology to give clients exposure to markets at a lower minimum investment amount. Currently, MansaX minimum investment amount is Ksh250,000. Lowering this to probably Ksh 1000 would ensure a huge pool of investors and encourage an investing culture among Kenyans.
Kenyan investors have been looking for more liquid assets and exposure to global markets which MANSA X seeks to fulfil. High internet penetration, access to information, and current affairs are fueling Kenyans quest for online FX trading.
Watch the exclusive interview below;
