Equiti Group, the parent company of some of the prime Fx and CFD brokers including Divisa Capital and Retail FX arm Equiti.com has announced that it has secured first online Fx broker licence in Kenya through its local subsidiary, EGM Securities Ltd. A significant step for the MENA-focused brokerage house that will boost its presence in the region and also develop Fx and CFDs industry in the country.
The license issued to Equiti Group is the first online Fx broker license in Kenya under the new regulations brought in by country’s Capital Markets Authority (CMA). The CMA is responsible for licensing and regulating the capital markets of Kenya.
Iskandar Najjar, CEO of Equiti Group, said:
“We are absolutely delighted to be awarded the first online forex broker license in Kenya after an intense application process and having met the strict license requirements. Our license in Kenya supports Equiti Group’s vision to extend our global footprint to new markets and new regions by providing a fully-resourced office in highly-regulated global markets. We are excited to make our debut in Africa through Kenya, which is the most well-regulated, largest and most advanced economy in East Africa.”
The services offered through its subsidiary, EGM Securities is expected to start from May 2018. This will create a shift from traditional stocks and share in Kenya to much more advanced and innovative products to investors such as margined Fx and CFD trading and will also offer mobile payments as a way of transaction.
The headquarters and the operations of the company will be based out of Nairobi and will soon appoint a CEO, who will be based in the country. The company plans to employ a fully-resourced team of professionals to support its business in the region and will be backed by its global team of experts.
Mohamed Alahmad, managing director of Equiti Group for the Middle East and Africa region, commented:
“Equiti Group is well-positioned to apply our global expertise to offer Kenya a world-class online forex trading platform and global service-excellence. Online forex trading is relatively new to Kenya so we are pleased to work with the regulator in Kenya to develop the local market.”
The move is strategically aligned with the company’s growth curve and also compliments the company’s license portfolio after earlier this year Jordan Securities Commission granted the license to Equiti Group to become the first specialized global brokerage in the country.