This archive report was first published on 30 June 2020.
As the world grapples with the COVID-19 pandemic, Kenya's online forex market has seen a significant surge in interest, with Equiti Group's local subsidiary EGM Securities at the forefront of this growth.
Launched in Kenya two years ago, EGM Securities has expanded its operations six-fold in terms of staff numbers, customers, and product offerings, making it a major player in the country's online forex market.
According to EGM Securities CEO Samwel Kiraka, the pandemic has driven a growing interest in online trading, with more people spending time indoors and engaging in remote work, leading to an increase in online activity.
Mr. Kiraka attributes the growing demand for online services in Kenya to government support in making the country a technology frontier, with the ICT ministry providing technological infrastructure and championing the adoption of technology in business operations.
EGM Securities has been at the forefront of this growth, with its flagship product FX Pesa being well-received since its launch in May 2019. The company is now pursuing strategic partnerships to customize and localize products to suit the needs of corporate clients.
As part of its strategy, EGM Securities is looking to work with like-minded corporates to offer multi-asset products to their clients, leveraging its expertise and wide network to deliver improved and quality service delivery to corporate clients.
Published on June 30, 2020.
