Kenya Welcomes First Locally Licensed Online Forex Trading Platform
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However, investors who wanted to trade currencies online previously had access to international brokers whose activities were not controlled by the local market regulator, the Capital Markets Authority. Indeed, EGM Securities prides itself on being regulated by the Capital Markets Authority (AMC), based in Nairobi, guarantees easy deposits and withdrawals, has over 90 financial instruments to trade and is part of a strong global group.
However, the platform does not support trading in the dollar/shilling currency, which is regulated by the central bank. The Kenyan shilling is one of the most popular currencies in sub-Saharan Africa.
Bloomfield Investment assigns ORAGROUP a Long-term rating of A with a stable outlook
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Finance
WAMU: Outstanding loans from microfinance institutions increased by 22% to XAF1.953 billion in the fourth quarter of 2022
The Central Bank of West African States released a report on the state of microfinance in the fourth quarter of 2021. It seems that the key indicators of the sector have improved over this period.< /strong>
17,001,669 people used MFI services in the fourth quarter of 2021 at 4,366 service points in the region.
Deposits collected increased from 1,569 million francs in 2020 to 1,933 million FCFA francs in 2021. This is an increase of 365 million FCFA francs (23%). Analysis by area shows that this growth was observed in seven countries, except for Guinea-Bissau (-45%). Countries with the strongest growth: Mali (+33%), Togo (+30%), Côte d'Ivoire (26%). In addition, demand deposits (57%) make up the majority of deposits, ahead of other deposits (22%) and term deposits (21%).
Savings collection remains negligible as it accounts for 5% of establishments in the area.
Outstanding loans increased by 22% and amounted to 1,953 million francs. This increase is due to the resumption of activities affected by the pandemic. This increase affected six countries. These are Côte d'Ivoire (+27.6%), Togo (+34%), Burkina (+23%), Benin (+35%), Mali (+31%) and Senegal (+9%).< /p>
The quality of the loan portfolio has improved. Indeed, the overall deterioration rate of the portfolio has declined from 8.5% in 2020 to 7.9% in 2021.
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