This archive report was first published on 26 November 2019.
Kenya's digital workforce, popularly referred to as the gig economy, has been gaining momentum in recent years. According to a recent study by Mercy Corps, the gig economy is estimated to be worth around £85 million, employing 36,573 gig workers.
With the rise of online trading platforms, young Kenyans can now engage in foreign exchange trading in a transparent manner, locking out unscrupulous and phony players in this highly lucrative but risky market.
Regulated entities such as brokers and money managers have been allowed to set up shop within the foreign exchange trading space, with the Capital Markets Authority (CMA) issuing two non-dealing brokerages and one Money Manager licence.
These trading platforms provide an avenue for young Kenyans to try their hand at trading currencies from the comfort of their phones or any other electronic device. They are also available 24 hours, five days a week.
With a high number of young people joining the labour market every year, the gig economy is seen as a platform to provide alternative economic opportunities to the youth.
As Kevin Ng'ang'a, CEO of Scope Markets Kenya, notes, 'By offering free daily workshops, we are actively increasing the literacy levels of this growing number of interested investors and injecting informed traders into the market.'
With the CMA online FX Regulations and the conduct of business regulations providing a controlled environment, investors can now speculate on world currencies with confidence.
