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In stock trading, you need an individual or firm that can buy or sell stocks on your behalf in exchange for a smaller fee or commission, and that’s where a stock broker or brokerage firm comes in. But who are amongst the best stockbrokers in Kenya?
Well, the best stockbrokers in Kenya include Dyer & Blair, ABC Capital, Suntra Investment Bank, NCBA Investment Bank, Old Mutual Securities, Standard Investment Bank, KCB Capital, EFG Hermes Kenya, SBG Securities, Sterling Capital, Kestrel Capital, Kingdom Securities, Genghis Capital, Faida Investment Bank, and AIB-AXYS Africa Ltd.
Note that all these stock brokers are licensed and approved by the Capital Market Authority (CMA) and the Nairobi Securities Exchange (NSE). We shall discuss all of them to help you decide on at least one.
Moreover, I’ll share a quick guide to choosing the best stockbrokers in Kenya. But first, let me talk about the role of stockbrokers to help you understand why you need them and why you should take your time to pick the right brokerage firm.
Let’s dive in!
In a rush? Below is an overview of the 15 best CMA-licensed and NSE-approved stock brokerage firms:
List of Stock Brokers in Kenya
- Dyer & Blair
- ABC Capital
- Suntra Investment Bank
- NCBA Investment Bank
- Old Mutual Securities
- Standard Investment Bank
- KCB Capital
- EFG Hermes Kenya
- SBG Securities
- Sterling Capital
- Kestrel Capital
- Kingdom Securities
- Genghis Capital
- Faida Investment Bank
- AIB-AXYS Africa Ltd
Role of Stockbrokers in Kenya
A stockbroker is an individual or licensed company that manages a client’s investment (stocks), serving as the middleman between the client or trader and the stock exchange.
Stockbrokers in Kenya generally help clients buy and sell stocks through the Nairobi Securities Exchange (NSE). They advise clients on the best ways to maximize returns, offer suggestions on the best investment opportunities, and analyze financial market reports.
Overall, the best stockbrokers in Kenya should be CMA and NSE-approved.
How to Find the Best Online Stock Brokers in Kenya
Anyone can claim to be a stockbroker in Kenya, and many unsuspecting traders have fallen prey to scammer brokers. So, how do you draw the line? How do you protect your hard-earned money and investment from swindlers?
Here are some essential tips:
a) Licensing and Regulation
If a person or company claims to be a stockbroker in Kenya, they should be licensed by the Capital Markets Authority. You can visit the CMA website to check if that’s the case.
Additionally, they should be approved to trade at the NSE. NSE has listed most of its approved stock brokers on its website, which you can also check out.
However, we have a few offshore forex brokers, such as FSC, FSA, and SVG BVI, which operate legally in Kenya. However, since it’s often hard to prove approval, consider going with the CMA-approved choices as they are easy to inquire about.
b) Business Reputation
It’s not just enough for a stockbroker to be CMA and NSE-approved. It’s equally essential for them to have a good reputation. Some of these brokers will entice you with some good initial offers only to exploit you in the long run. You can learn about their reputation from client feedback and online reviews.
c) Educational Resources
A good stock broker educates its traders. They inform you through newsletters, webinars, and other information-sharing platforms. They allow you to ask questions and offer valid answers. If they rarely do that, then that’s a red flag.
d) Good Testimonials
You can always tell a good stock broker from what clients say about them. If the testimonials are too negative, that’s a red flag. However, the stockbroker can be trusted if the testimonials are positive.
15 Best Stock Brokerage Firms in Kenya
With the above guide in mind, here are the best CMA-licensed and Nairobi stock exchange brokers:
1. Dyer & Blair
Founded in 1954, Dyer & Blair is one of the founding members of the Nairobi Securities Exchange. It’s also among the founding members of the Rwanda Stock Exchange and the Uganda Securities Exchange.
Dyer & Blair offers numerous financial services, including OTC (Over the Counter) bonds and stocks, CDC services, equity trading, and derivatives trading.
2. ABC Capital
ABC Capital has been operational for nearly 40 years under the oversight of the Central Bank of Kenya. The stock brokerage firm runs a dozen branches in the country, offering various services such as Forward Forex Contracts, Bureau Exchange, Spot Forex, and Forex Swap.
They also offer money transfers, investment and savings accounts, and personal accounts services. That’s in addition to trading shares at the NSE on behalf of its clients or traders.
3. Suntra Investment Bank
Suntra Investment Bank was founded on 20th March 1990 and was licensed as an operator by the NSE on 4th June of the same year. Since its NSE approval in the 90s, Suntra Investment Bank has established itself as one of the country’s most reputable online trading platforms.
Its notable services include equity trading, fixed-income trading, share transfers, and financial advisory.
4. NCBA Investment Bank
NCBA Investment Bank is a subdivision of the NCBA Group. The financial institution is CMA-licensed and NSE-approved to facilitate stocks and share trading in Kenya.
NCBA Investment Bank buys and sells equities and stocks on behalf of traders on the NSE platform and offers them the needed financial guidance. They also provide licensed contracts on commodities, bonds, currency swaps, and equities.
5. Old Mutual Securities
The Old Mutual Securities is a product of the UAP Old Mutual Group, which houses UAP, Old Mutual, and Faulu Microfinance. Old Mutual and UAP have assumed vital roles in the regional financial market for years, serving Kenya, Uganda, Rwanda, South Sudan, and Tanzania.
However, the Old Mutual Securities wing focuses on brokerage services and securities trading in Kenya. They have a team of seasoned investment experts dedicated to assisting investors reach their financial goals.
6. Standard Investment Bank
The Standard Investment Bank (SIB) was founded by James Wangunyu in 1995. The private corporation has been one of the country’s swiftest-growing stock brokerage firms, with an asset size of 230 million plus under its management.
SIB targets high-value clients, including high-net-worth individuals, fund managers, established businesses, government institutions, financial institutions, and its staff.
7. KCB Capital
KCB Capital is a product of KCB Group. The stock brokerage firm was established in 2013 to capitalize on KCB Bank’s extensive ties and dominance in East Africa.
2014 saw KCB Capital earn a CMA license to operate as a stock broker on the NSE platform. Some of its expert services include private wealth management, structured finance, acquisitions and mergers, and debt capital and equity markets.
8. EFG Hermes Kenya
EFG Hermes Kenya is part of a larger group, EFG Hermes International. It’s one of the newest entrants into the Kenya stock brokerage sector and one of the most established globally.
EFG Hermes is in Kenya, Nigeria, Kuwait, the United States, the United Kingdom, UAE, Singapore, Bangladesh, Pakistan, Egypt, and Saudi Arabia.
Since opening its operation in the country in 2017, EFG Hermes Kenya has been impressive. In 2020, the brokerage firm won the ‘Exchange of the Year’ award in the country, and during the first quarter of the following year, it was ranked first place by the NSE based on value traded.
9. SBG Securities
SBG Securities is a Standard Bank Group subsidiary focusing on securities trading. The stock broker relishes more than two decades of professional experience in the local financial sector. SBG Securities offers brokerage services to individuals and corporate entities and serves as a Central Depository Agent (CDA) in the country.
10. Sterling Capital
Sterling Capital is a leading broker for fixed-income and equities trading on the NSE platform. The brokerage firm was founded in 1981 as a financial advisory company and obtained CMA licensing in 1994, which was also the year it joined the NSE.
Though its capital is in Nairobi, Kenya, Sterling Capital has branches in Cote d’Ivoire, Tanzania, Uganda, Ghana, and Rwanda. The brokerage firm has also partnered with the Pan African Investment Bank, which serves Nigeria, South Africa, Zambia, Botswana, Malawi, Namibia, and Zimbabwe.
In 2021, Sterling Capital acquired ownership of the African Alliance’s stock broking services as African Alliance exited the Kenya stock brokerage market.
11. Kestrel Capital
Kestrel Capital is a CMA-approved stockbroker on the NSE platform that facilitates stock trading nationwide. The brokerage firm started its financial brokerage operations in the country in 1995, offering customized securities and equities trading solutions. Kestrel Capital also provides corporate advisory services, financial market research, and private placement.
12. Kingdom Securities
Kingdom Securities, a Cooperative Bank of Kenya subdivision, offers 24-hour access to a secure online share trading (OST) platform. The Kingdom Securities OST platform allows real-time access to share trading accounts, market information, and order placement.
Moreover, you can access stock-holding reports, transaction statements, and portfolio valuations. Kingdom Securities was CMA-licensed on 11th June 2009.
13. Genghis Capital
Genghis Capital has been around the Kenyan financial market since 2008. Not only is it CMA-licensed, but it is also RBA-approved (referring to the Retirement Benefits Authority). The financial institution offers various services such as stock brokerage, OTC share trading, fixed-income bonds trading and private wealth services.
14. Faida Investment Bank
Like SIB, Faida Investment Bank was founded in 1995 and has been an active key player ever since. Faida Investment Bank is CMA-licensed to facilitate share trading, asset management, brokerage services, private equity, and corporate advisory. The bank has a strong team of well-seasoned investment experts the clientele can rely on.
15. AIB-AXYS Africa Ltd
AIB-AXYS Africa Ltd was formed from the collaboration between AIB Capital and Apex Africa Capital, two of the most established financial market players. As a financial institution and brokerage firm, AIB-AXYS Africa Ltd offers brokerage services, wealth management, asset financing, deposit taking, corporate finance, and asset management, among other services.
Concluding Thought On the Best Stockbrokers in Kenya:
Clearly, Kenya has so many stoke brokerage firms you can go for to trade stocks. However, to find the best stoke broker, consider their licensing and regulation above anything, emphasizing the NSE and CMA approval.
Having said that, the best stock brokerage firms at the moment stand to be Dyer & Blair, ABC Capital, Suntra Investment Bank, NCBA Investment Bank, Old Mutual Securities, Standard Investment Bank, KCB Capital, EFG Hermes Kenya, SBG Securities, Sterling Capital, Kestrel Capital, Kingdom Securities, Genghis Capital, Faida Investment Bank, and AIB-AXYS Africa Ltd.
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