Summary
- DigiTrader aims to remove hurdles associated with conventional stock buying through brokers and prompt more Kenyans to invest in stocks.
- It joins a growing list of brokers with online trading platform locally.
- AIB Capital hopes to attract the youth “who are familiar with convenience and speed” into investing in the Kenyan capital markets.
Investors can now open CDS accounts, buy and sell shares all by
themselves online following the launch of a new technology meant to
remove stock purchase bureaucracies.
AIB Capital
Limited launched the DigiTrader on Thursday aiming to remove hurdles
associated with conventional stock buying through brokers and prompt
more Kenyans to invest in stocks. It joins a growing list of brokers
with online trading platform locally.
The
stockbrokerage firm that came up with the solution said the intervention
hopes to attract the youth “who are familiar with convenience and
speed” into investing in the Kenyan capital markets as well as target
far-flung target markets such as traders in remote areas in Kenya and
traders in the diaspora.
The innovation comes as the industry regulator, Capital Markets
Authority plans to launch a Regulatory Sandbox Policy Guidance Note that
will mark the beginning of receiving and considering various
innovations in stock trading.
“AIB's innovation goes to
the core of the Capital Market Authority's (CMA) aspirations to
stimulate Gross National Savings as a ratio of GDP from the current
estimated 12 to 30 percent by the year 2030,” the CMA said in a
statement after the launch.
To open an account at the
NSE, investors were required to go through an inconvenient and
cumbersome process through a broker. The innovation that comes out of a
partnership between AIB, the Integrated Population Integration Services
(IPRS) and The Central Depository & Settlement Corporation Limited
(CDSC) among other stakeholders makes every single step of trading
self-service.
The new solution now removes the need for
a client to present physical documentation to a stock-brokerage office
for know your customer (KYC) verification. Users can access the solution
through a USSD (dial *543# using a Safaricom line to open their
accounts) or through a mobile application.
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