Global brokerage FP Markets expands into Kenya, tapping into Africa’s lucrative market with regulatory license for enhanced services.
Global brokerage FP Markets expands into Kenya, tapping into Africa’s lucrative market with regulatory license for enhanced services.
FP Markets has successfully acquired a non-dealing Foreign Exchange Broker License from Kenya Capital Markets Authority. The license has been granted to FP Markets’ locally formed subsidiary, FP Markets Limited, signaling the company’s commitment to expanding its presence on the continent further.
CEO Craig Allison expressed the significance of Kenya as a strategic location, emphasizing the country’s dynamic trading and investing community. He stated, “Kenya stands out as a well-regulated financial services center and a hub for large parts of Africa, with an advanced economy characterized by a strong entrepreneurial spirit and consistent growth.”
With a nominal GDP of approximately $113 billion, Kenya is the seventh-largest African economy, offering a lucrative market for retail brokers. The increasing penetration of the internet and mobile phones, coupled with a growing income level, has made the region particularly attractive to financial service providers.
Kenya is among the few African nations that have established local regulations for forex and contracts for differences (CFDs) brokers. The Capital Markets Authority has previously issued warnings against retail brokers operating without proper local authorization.
Several international brokerages have recognized the potential in the Kenyan market and secured licenses in recent years. FP Markets joins the likes of Admirals, INGOT Brokers, and Exness in obtaining regulatory approval to operate in Kenya.
Headquartered in Sydney, FP Markets had previously signaled its ambitions in Africa by obtaining an operational license in South Africa last year. With the recent approval in Kenya, the company now holds two regulatory authorizations on the continent. In addition to Kenya and South Africa, FP Markets is also has license for Mauritius, Australia, Cyprus, and the Bahamas.
Craig Allison expressed optimism about the company’s venture into Kenya, stating, “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.”
The move by FP Markets reflects the increasing interest of global financial institutions in Africa’s untapped markets as they seek to capitalize on the region’s economic growth and evolving financial landscape.
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