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African Expansion Continues: FP Markets Acquires Kenya License

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

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.

IMF’s economic outlook for Sub-Saharan Africa (SSA) issued yesterday. Here’s the GDP growth forecast of the 5 largest economies in SSA in 2024 (2023)1. #Ethiopia 6.2% (6.1%)2. #Kenya 5.3% (5.0%)3. #Angola 3.3% (1.3%)4. #Nigeria 3.1% (2.9%)5. #SouthAfrica 1.8% (0.9%)… pic.twitter.com/YebrDmVn9y

— Zemedeneh Negatu (@Zemedeneh) October 11, 2023

Aligning with Local Regulations

Kenya is one of the few African markets with local regulations for forex and contracts for differences (CFDs) brokers. The country's regulator issued multiple warnings earlier 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 other 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 also 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.



This article was written by Arnab Shome at www.financemagnates.com.