CMA okays Ingot Africa to operate as non-dealing Forex broker in Kenya
The Capital Markets Authority (CMA) granted an operational license to Ingot Africa Limited to offer, among other services, access to global markets to interested Kenyans.
In a statement Thursday, CMA said the firm will operate as a non-dealing Online Foreign Exchange Trading broker under the Capital Markets (Online Foreign Exchange Trading) Regulations, 2017.
On-boarding of Ingo brings total number of online Forex trading brokers in Kenya to eight.
Just like other seven brokers, Ingot will provide access to global markets and an opportunity for clients to educate themselves on the global financial markets.
It will, however, be limited to a number of services including offering clients advice or trade on behalf of their clients.
“We continue to grow the pool of licenced entities due to the growing interest in online Forex trading,” said CMA Chief Executive Officer, Wycliffe Shamiah.
CMA regulation also limit non-dealing forex brokers from engaging in market-making activities which include buying and selling of foreign currencies.
They are tasked with providing clients with access to trading platforms to enable them trade from anywhere and at any time using electronic devices.