This archive report was first published on 2 December 2019.
December 2, 2019, marked a significant milestone for Scope Markets (SCFM), a licensed non-dealing online foreign exchange broker, as it officially launched in Kenya.
According to the company, it has been operating in Kenya since May 2019 and has already garnered more than 1,000 active users.
Scope Markets intends to leverage the growing curiosity for online forex trading by training a community of online traders, which it has undertaken by offering free training.
Speaking at the launch event, Scope Markets CEO, Kevin Ng'ang'a, emphasized the company's goal of leading the way in the online forex trading space as an income-generating scheme and a means of job creation for the youth in the digital economy.
The company's initiative may be informed by the concentration of Kenya's investment community on trading local shares and securities.
Scope Markets is a fully owned subsidiary of SM Capital Markets Limited, a company registered in Cyprus, which has provided a capital injection to cover the non-dealing online foreign exchange broker licenses paid-up capital.
