African Expansion Continues: FP Markets Acquires Kenya License

Wednesday, 06/12/2023 | 07:31 GMT by Arnab Shome
  • The broker acquired a South African license last year.
  • Several other brokers recently obtained Kenya licenses.
Skyline of Nairobi, Kenya
Skyline of Nairobi, Kenya

The emerging and largely untapped Africa is becoming a priority for brokers as FP Markets has become the latest to acquire a license from Kenya's Capital Markets Authority.

According to the official announcement, the non-dealing Foreign Exchange Broker License has been granted to the locally formed subsidiary, FP Markets Limited.

A Lucrative Market in Africa

"Kenya has emerged as an important new strategic location for us and is a country that boasts a young and dynamic trading and investing community," the CEO of FP Markets, Craig Allison, said, highlighting the importance of the Kenyan market.

"It stands out as a well-regulated financial services center and a hub for large parts of Africa, and the economy here is advanced, characterized by a strong entrepreneurial spirit and consistent growth."

Penetration of the internet and mobile phones and a growing income level have made it very lucrative for retail brokers. With a nominal GDP of about $113 billion, it is the seventh-largest African economy.

Aligning with Local Regulations

Kenya is one of the few African markets with local regulations for forex and contracts for differences (CFDs) brokers. Earlier, the country's regulator issued multiple warnings against retail brokers offering services in the country without any local authorization.

In recent years, many well-known international brokerages have secured and launched services in Kenya. Admirals, INGOT Brokers, and Exness were the most recent recipients of the Kenyan license.

Headquartered in Sydney, FP Markets' ambitions for Africa became prominent last year when it received the operational license in South Africa. Now, with the approval in Kenya, it holds two regulatory authorizations in the continent. Notably, the broker is licensed in Mauritius, Australia, Cyprus, and the Bahamas.

"We're looking forward to operating in Kenya and working together with the local regulatory bodies and government to ensure the industry continues to develop in a sustainable manner," Allison added.

The emerging and largely untapped Africa is becoming a priority for brokers as FP Markets has become the latest to acquire a license from Kenya's Capital Markets Authority.

According to the official announcement, the non-dealing Foreign Exchange Broker License has been granted to the locally formed subsidiary, FP Markets Limited.

A Lucrative Market in Africa

"Kenya has emerged as an important new strategic location for us and is a country that boasts a young and dynamic trading and investing community," the CEO of FP Markets, Craig Allison, said, highlighting the importance of the Kenyan market.

"It stands out as a well-regulated financial services center and a hub for large parts of Africa, and the economy here is advanced, characterized by a strong entrepreneurial spirit and consistent growth."

Penetration of the internet and mobile phones and a growing income level have made it very lucrative for retail brokers. With a nominal GDP of about $113 billion, it is the seventh-largest African economy.

Aligning with Local Regulations

Kenya is one of the few African markets with local regulations for forex and contracts for differences (CFDs) brokers. Earlier, the country's regulator issued multiple warnings against retail brokers offering services in the country without any local authorization.

In recent years, many well-known international brokerages have secured and launched services in Kenya. Admirals, INGOT Brokers, and Exness were the most recent recipients of the Kenyan license.

Headquartered in Sydney, FP Markets' ambitions for Africa became prominent last year when it received the operational license in South Africa. Now, with the approval in Kenya, it holds two regulatory authorizations in the continent. Notably, the broker is licensed in Mauritius, Australia, Cyprus, and the Bahamas.

"We're looking forward to operating in Kenya and working together with the local regulatory bodies and government to ensure the industry continues to develop in a sustainable manner," Allison added.

About the Author: Arnab Shome
Arnab Shome
  • 6648 Articles
  • 101 Followers
About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6648 Articles
  • 101 Followers

More from the Author

Retail FX

!"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}