NIC Bank launches stock trading mobile App

A screen shot of the NIC Bank mobile banking application on October 16, 2013. FILE PHOTO | SALATON NJAU | NATION 

In Summary

• NIC Bank rolled out the mobile banking application last year
• The launch of the application is a first after Capital Markets Authority allowed NSE to come up with rules and structures for the proposed direct market access

By EVELYNE MUSAMBI
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A local bank has launched an application that would enable customers to trade in shares on their mobile phones.

 

NIC Bank on Thursday added the feature to allow customers to trade on the Nairobi Securities Exchange (NSE) using the mobile banking application.

“This flexible trading platform provides extreme mobility by bringing the Now factor to the bank’s securities clients,” said Ms Catherine Karita, General Manager of NIC Securities.

NIC Bank rolled out the mobile banking application last year to offer its banking services at the convenience of its customers.

Designed for use in all mobile devices, the application will allow clients to view their account status, access stock prices and receive market updates and tips instantly.

HISTORIC MOVE

“With this new enhanced functionality, our NIC Securities clients can be ensured that they never miss a trading opportunity with instant access to their trading account,” said Ms Karita.

The launch of the application is a first after the Capital Markets Authority allowed the NSE to come up with rules and structures for the proposed direct market access (DMA) trading.

Investors were given a leeway to trade on the NSE without physically placing orders with brokers in reforms aimed at making the market more efficient.
The NIC mobile application will be available for download to registered customers who will be required to use security credentials provided by the bank to access it.