Kenya's Scope Markets eyes Ugandan market

ONLINE TRADING

As Uganda's ALTX faces imminent closure, Kenyan firm Scope Markets, a non-dealing online foreign exchange broker, is looking to expand into Uganda as it looks to create a digital workforce built on a community of online traders.

Kevin Ng'ang'a, the CEO Scope Markets Kenya, said: "We want to lead the way in the online forex trading space as an income-generating scheme and a means of job creation for the youth in the digital economy."

He said the biggest gap in the trading space is the lack of information.

This gap, Ng'ang'a added, would be overcome through training and capacity building through mentorship.

The Kenyan firm runs an online platform that enables investors to trade forex, global shares, indices and commodities online from the comfort of their mobile phones or computers.

Stephen Kaboyo, the Alpha Capital Partners CEO, welcomed the arrival of Scope Markets but said: "There are so many in that space that viability may be an issue."