EFG Hermes Kenya, part of Egyptian investment bank EFG Hermes Group, has launched on Monday its online equity-trading platform, EFG Hermes One, to offer retail investors seamless and convenient stock trading on the Nairobi Securities Exchange (NSE).
The online trading platform has been launched during an event co-hosted by EFG Hermes Kenya and the NSE in the presence of Muathi Kilonzo, head of equities at EFG Hermes Kenya, and Geoffrey Odundo, the NSE chief executive.
“With capital market trends demonstrating ever-increasing interest from retail investors across the world, we aim to increase access and awareness to capital markets to foster better equity trading across sub-Saharan Africa.” Ali Khalpey, EFG Hermes Frontier chief executive, said in a statement.
“Our expansion into the retail space is part of our commitment to growing our services in the African continent,” Khalpey added.
EFG Hermes Kenya seeks to capitalise on Kenya’s high mobile phone penetration rate by leveraging digital channels to deliver efficient, convenient, and comprehensive services able to meet investors’ needs.
The EFG Hermes One application is available for download on the Apple App Store and Google Play Store. It offers a quick and efficient onboarding process, enabling users to download the application and sign up to create an account by entering their personal information. Similarly, the application boasts a user-friendly and easy-to-navigate interface that enables users to trade through their desktops, tablets, and mobile phones.
“We are glad to be part of the digital transformation at the Nairobi Securities Exchange (NSE), who have supported us during our journey after we launched our services in Kenya.” – Joan Kabiru, Associate Director for Brokerage Operations at EFG Hermes Kenya, said.
Meanwhile, Geoffrey Odundo, NSE chief executive, said: “The launch of the application comes on the heels of the NSE’s introduction of day trading for retail investors, allowing them to buy and sell stocks as well as settle trades in a single day.
“The move is an integral part of our desire to open up the market to further retail participation, see more equities listed on the NSE and grow the value of our equity markets to 50% of Kenya’s GDP. We are thrilled to be working together with EFG Hermes Kenya as we turn over a new page in the growth story of the Kenyan market,” Odundo added.
Besides executing trades, EFG Hermes One users can access real-time stock quotes; place, track, review, edit, and cancel open orders.
In addition, the application enables users to build, monitor, and customise equity watch lists for individual stocks, stock portfolios, and their investment portfolios in real-time. It also features several portfolio management tools that enhance the overall user experience and facilitate online trading.
Muathi Kilonzo, Head of Equities at EFG Hermes Kenya, said: “Increasing our service offering to retail clients will see a climb in trading volumes which will result in improved liquidity and more listings, allowing the Kenyan market to continue to grow and create more opportunities for both retail and institutional investors”.
In the first quarter of 2021, EFG Hermes Kenya was ranked first by value traded on the Nairobi Securities Exchange, building on its success in 2020, when it achieved a first-place ranking on the exchange for the year.
