With a growing economy, improved financial infrastructure, and an increasing tech-savvy population, Kenya is rapidly becoming Africa’s most attractive destination for forex traders.
As of January 2025, the country had over 100,000 forex traders, and the number is growing.
The forex market, which is regulated by the Capital Markets Authority (CMA), allows users to buy and sell currencies, profiting from fluctuations in their relative values. It’s a global market where currencies are traded in pairs, such as EUR/USD, meaning you’re buying one currency while simultaneously selling another.
Traders speculate on price movements, aiming to profit from the difference between the purchase and sale price of a currency pair.
Kenya, being an important player in global financial markets, has become a centre of attention as a growing source of currency exchange. But why is the country gaining recognition on the global forex map?
Growing Number of Licensed Brokers
As of now, Kenya has around 9 licensed forex brokers regulated by the CMA. Companies such as Exness are offering users in Kenya various financial instruments for trading, including forex, commodities, stocks, indices, and cryptocurrencies
They are offering them with localized support, education, and funding options suited for Kenyan traders.
The presence of these brokers brings a higher standard of service, better trading platforms, and customer support tailored to the Kenyan market.
For traders of all skill levels, Exness offers a wide variety of account types and financial instruments in addition to its FCA and CySEC-licensed regulatory framework.
Supportive Tech and Fintech Ecosystem
Kenya has earned its reputation as the “Silicon Savannah” with several fintech startups building innovative solutions in areas like blockchain, fintech, lending and payments, among others.
Forex trading platforms are taking advantage of this ecosystem, leveraging local payment gateways, and APIs to deliver seamless trading experiences.
Kenya’s government’s digital economy blueprint also encourages innovation in online trading platforms and digital finance, a policy direction that bodes well for the future of forex in the country.
“Kenya’s strides in the direction of fintech and financial inclusion have been nothing short of remarkable. Former President Kibaki’s bold initiatives, like the Vision 2030 plan, contributed tremendously to the country’s progress. With an increasingly IT-savvy population, Kenya also provides a fertile land for CFD providers amid growing interest for cost-effective, modern portfolio diversification”, says Terence Hove, Financial Markets Strategist at Exness.
Looking ahead
Kenya’s continued rise as a forex trading market is a reflection of the country’s untapped potential. With more access to technology, increased financial knowledge, and a population that is eager to explore new economic opportunities, Kenya is expected to become a significant part of the global forex market.
As the infrastructure and regulations regarding forex increase, Kenya is expected to participate more actively in the forex trading market, which will provide both local traders with a powerful, dynamic environment for trading.
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