Equiti Group, a firm that operates several retail brokerages across the world, is going to be launching a new brand in Kenya this May.
Called FX Pesa, the broker will be operated by EGM Securities – Equiti Group’s Kenyan subsidiary.
According to social media posts made by the broker on Twitter, Facebook, and LinkedIn, FX Pesa will be launched on May 4th of this year.
The broker is going to be putting on a launch party at the Intercontinental Hotel in Kenya’s capital city, Nairobi.
Equiti Group may have taken some inspiration from another firm when it came up with a name for its new brand.
M-Pesa is a service, developed by Vodafone, that allows users to transfer money on their mobile phones. Initially launched in East Africa, it now operates in several countries around the world, including Romania, India, and Afghanistan.
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Speaking to Finance Magnates, an Equiti Group spokesperson said that FX Pesa would “will focus on small deposits clients, leveraging on easy payments via M-Pesa, a mobile money payment platform offered by Safaricom PLC.”
First licensed broker in Kenya
News of an Equiti Group-backed brokerage opening in Kenya won’t come as a surprise to some of our readers.
The company announced in July of last year that it had formed a regulated company in the country – EGM Securities.
That was itself preceded by Equiti Group’s announcement, in April of last year, that it had become the first company to receive a retail brokerage license from Kenya authorities.
The African country is becoming an attractive proposition for retail brokers.
With firms looking to expand into emerging markets, the relative stability and solid regulatory regime the country offers makes it one of the more promising jurisdictions for brokers looking to work in Africa.