EBC Financial Group SA has received approval from the Financial Sector Conduct Authority as an Authorised Financial Service Provider. The approval is part of the firm's plan to establish operations in South Africa.

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Meanwhile, IG Group is winding down its local South African operations but will allow clients to maintain accounts with its offshore entities. The broker will stop opening new positions, and existing accounts were required to close by July this year. The company described the decision as “difficult” and said it aims to provide clients with a smooth transition, though no reason for the closure was disclosed.

EBC’s Regulatory Alignment and Global Licences

David Barrett, CEO of EBC UK, said, "The FSCA's approval aligns with our existing licences, such as those from the Financial Conduct Authority for EBC Financial UK, and other entities within our group regulated by the Cayman Islands Monetary Authority, the Australian Securities and Investments Commission, and the Financial Services Commission of Mauritius."

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South Africa has a population of around 63 million and an internet penetration rate of 76%, providing a digitally connected market. The country's fintech sector is projected to grow from USD 7.08 billion in 2023 to USD 14.86 billion by 2033. EBC noted strong participation in trading across commodities, indices, and digital assets as supporting demand for regulated market access.

Trader Education and Outreach Initiatives

Over the past quarter, the firm hosted more than 1,000 multilingual webinars and produces the Pulse 360º podcast series on Spotify. The company has collaborated with the University of Oxford's Department of Economics on events such as the 'What Economists Really Do' series.

South African Market Attracts Multiple Brokers

Other brokers are also expanding or strengthening their presence in South Africa. Exness opened a new office in Cape Town as a regional hub for Sub-Saharan Africa, while holding licences locally and in Kenya.

VALR received an ODP and additional Financial Services Provider licence from the FSCA to offer CFDs and derivatives on crypto and traditional assets. Mitrade acquired Fridah Asset Managers, to be renamed Mitrade Markets, gaining its fifth licence and extending its reach across Africa, MENA, and LATAM.