EGM Securities, Kenya’s first and only regulated non-dealing online forex broker, has officially began operations in the country following the launch of its online forex trading platform which is enables trading using multiple payment channels including M-Pesa.
The company says the platform will provide the market with exposure to global macro opportunities such as foreign exchange, oil, gold and other precious metals and commodities.
Kevin Ng’ang’a, CEO of EGM Securities, noted “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 says it will at the same time target institutional investors and fund managers with offerings such as forex and Contracts for Differences CFDs through a Partnership Programme.
According to Mr Ng’ang’a, the company chose Kenya as 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 and it is globally renowned as the leading financial innovation hub in Africa.
Earlier in 2018, EGM Securities become the first and only non-dealing online forex broker in Kenya to receive a license from the country’s Capital Markets regulator. The company says they have since established a fully-resourced staff complement of qualified and experienced professionals backed by its global team.