Mobile money boosts forex trading growth in Kenya, experts say
Business
By
David Njaaga
| Aug 06, 2024
Sinapis East Africa Head for Partnerships & Sales, Yvette Ondachi (left) at Sinapis with HFM Investment market analyst Dennis Mwenga during a financial training in Nairobi.
Kenya is witnessing a surge in forex trading as mobile money services transform the country's financial landscape.
With formal job opportunities remaining scarce, more Kenyans are turning to online trading platforms, using mobile transactions to access the Contracts for Difference (CFD) forex market.
Dennis Mwenga, a market analyst at HFM Investment, noted the role of mobile money in broadening market participation.
"The integration of mobile money services has streamlined the process of funding trading accounts and making transactions, making forex trading accessible to a wider audience," said Mwenga.
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Kenya's forex market has seen retail and institutional traders rise, driven by technological advancements and a supportive regulatory environment.
The Capital Markets Authority (CMA) has been crucial in establishing international standards for brokers, ensuring a transparent and secure trading space.
Mwenga observed that while Kenya's market is still growing compared to established markets in countries like the United States and Japan, the rapid growth rate shows strong potential for the future.
"The expansion of mobile money services has not only facilitated financial inclusion but also democratized access to forex trading, offering an alternative income stream for many Kenyans," he added.
The insights were shared during a recent financial training session in Nairobi attended by numerous forex trade enthusiasts.
The session also delved into the July Nonfarm Payrolls Report (NFPs) and forecast, highlighting the report's impact on forex trading and investment decisions.