EGM Securities, a subsidiary of Equity Bank, one of the largest banks in Kenya and East Africa, says it has grown six-fold in its staff with increased number of traders. The last six months however have seen increasing trading activity amid the Covid-19 lockdown.
EGM Securities was the first licensed digital assets broker in Kenya by the Capital Markets Authority of Kenya, and has been in operation for the last two years.
So far, only two companies are registered digital assets brokers in Kenya:
- EGM Securities
- Scope Markets
“During this lockdown is when activity has increased. The demographic on FXPesa would be the younger generation, the 25-35 executives and those who have finished college.” ~ Samuel Kiraka, CEO, EGM Securities
According to Kiraka, the company has seen college students and young people in general, who make up 70% of the Kenyan population, form groups and learn collectively while competing among themselves on how much they made.
FXPesa is the flagship product for the retail mass in Kenya for the company and recently celebrated its first year anniversary.
— EGM Securities (@egm_securities) June 25, 2020
EGM Securities believes the sound regulatory environment created by Capital Markets Authority of Kenya (CMA Kenya) and the digital identity systems in place, as well as digital payment systems like MPESA, have enabled the product to thrive.
EGM Securities has also developed a close relationship with CMA Kenya and continues to have an ongoing engagement with the regulator, which has been significant in its growth.
“The CMA walked with us. It was not easy certainly. You have to get your case heard, approved, and ensure all the risk issues are mitigated. You have to ensure there is no element of risk that is not taken care of – even those you don’t know, you anticipate. You create a mitigating factor for it, and then go with your risk matrix to the authority and say, ‘this is how we think it will work and how it has worked in other jurisdictions.’
You also let them access the other jurisdictions.” ~ Samuel Kiraka, CEO, EGM Securities
The company has built its go-to-solution for both retail and corporate clients and also customizes its tool to fits its clientele base. The company however is more focused on corporate clients like custodian banks moving forward.
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