NAIROBI, Kenya, Feb 27 – EFG Hermes Kenya has unveiled a new digital onboarding process for its online trading app that will allow domestic and diaspora retail investors to create accounts to trade on the Nairobi Securities Exchange(NSE).
Once registered on the EFG Hermes One app, retail investors will now be able to execute trades, access real-time stock quotes, and place, track, review, edit, and cancel open orders.
In real time, they will also be able to build, monitor, and customize equity watch lists for individual stocks and stock portfolios.
The streamlined digital onboarding process is part of the firm’s strategy to promote financial inclusion in Kenya and the frontier markets in which it operates.
“We are pleased to be introducing digital onboarding on our EFG Hermes One app, which falls in line with our strategy to support Kenya’s commitment to digital transformation and broadens domestic and diaspora retail investor participation in the capital markets, therefore boosting market activity,” said Muathi Kilonzo, Head of Equities, Brokerage at EFG Hermes Kenya.
Kilonzo noted that WealthTech platforms have become fundamental to delivering a personalized and engaging client experience, allowing new and seasoned investors to create accounts and transact easily and conveniently.
With only 1.5 million registered retail investors in a population of over 55 million, the Kenyan market has traditionally had high barriers to entry, including a high cost of trading and the need for end-to-end automation.
According to the Digital 2023 Kenya Report, at the start of 2023, Kenya had 17.86 million internet users, 10.55 million social media users, and 63.94 million active cellular mobile connections.
This means that new market access solutions must leverage internet connectivity, smartphone, and mobile money to enable domestic and diaspora retail investors to efficiently and conveniently access value-accretive opportunities on the NSE.
“Retail investors can already transfer funds from MPesa and use their Safaricom Bonga points to buy shares on the EFG Hermes One Kenya App, a first in the frontier markets we operate. We will use the response here to iterate, improve, and roll out in all our frontier markets,” said Kilonzo.
Besides Kenya, EFG Hermes also operates in Bangladesh, Egypt, Jordan, Kuwait, Nigeria, Oman Pakistan Saudi Arabia, Singapore, United Arab Emirates, Vietnam, and Kuwait.
