Equiti Groups FXPesa Service launching in Kenya
The Equiti Group, a financial firm that owns several global retail brokerages announced on April 19th 2019 that they are launching their “FXPesa” currency transfer service in Kenya. This new service, which is owned by Equiti will be run with EGM Securities. EGM is a subsidiary of the Equiti Group located in Kenya.
Equiti revealed this information on their Twitter, LinkedIn and Facebook social media accounts. The social media posts notified followers that the software will be releasing in Kenya on May 4th 2019. The post also revealed that there will be a launch party held at the Intercontinental Hotel in the Kenyan capital city “Nairobi”.
M-Pesa & FXPesa
Vodafone, one of the largest international telecommunication companies in the world, operates their currency transfer service called M-Pesa. The service, which is currently available in several countries across the globe lets members send money to other members through their mobile device. Equiti’s social media post dictates that FXPesa will act as a subsidiary platform to M-Pesa, allowing for Kenyans to transfer money via mobile phones to one another.
However, there is no official corporate partnership between Equiti and Vodafone. The company first received its license to operate in Kenya back in April 2018. However, it took a full year for the company to get its services working across all mobile networks in the country. This service won’t just be good for average day citizens in Kenya, but it will also be positive for retail brokers in the country.
There are firms like EGM Securities and Vodafone that are continually looking to expand into markets that are just emerging. Africa has become one of the most promising markets due to new countries allow for regulated FX and CFD marker spaces.