EFG Hermes, a brokerage firm in Kenya, has launched its new online equity-trading platform dubbed EFG Hermes One. The new platform will see the firm offer retail investors easy and convenient stock trading on the Nairobi Securities Exchange (NSE).
The online trading platform was launched in an event co-hosted by EFG Hermes Kenya and the NSE. In attendance was Muathi Kilonzo, Head of Equities at EFG Hermes Kenya and Geoffrey Odundo, the NSE Chief Executive Officer.
Speaking at the launch, Ali Khalpey, EFG Hermes Frontier CEO said, “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. Our expansion into the retail space is part of our commitment to growing our services in the African continent.”
EFG Hermes Kenya seeks to capitalize on Kenya’s high mobile phone penetration by leveraging digital channels to deliver efficient, convenient, and comprehensive services to meet investors’ needs. The EFG Hermes One application is available for download on the Apple App Store and Google Play Store. It offers an efficient onboarding process, allowing users to download the application and sign up to create an account by entering their personal information. The application also boasts a user-friendly and easy-to-navigate interface that allows users to trade through their desktops, tablets, and mobile phones.
“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,” said Geoffrey Odundo, NSE Chief Executive.
In addition to executing trades, EFG Hermes One users can access real-time stock quotes, place, track, review, edit and cancel open orders. Users can also build, monitor, and customize equity watch-lists for individual stocks, stock portfolios and their investment portfolios in real-time. The application also features several portfolio management tools that enhance the overall user experience and facilitate online trading.
“The launch of EFG Hermes One in Kenya forms part of our strategy to further extend our expertise and operational excellence, which has been met with immense success since the launch of our local operations in 2017, in order to further serve retail clients,” said Muathi Kilonzo, Head of Equities at EFG Hermes Kenya.