Nairobi Stock Exchange Broker Introduces Stock Trading on Mobile Devices
Standard Investment Bank on Thursday introduced a new value added short message service (SMS) to its clients, which provides for mobile trading on the Nairobi Stock Exchange.
“Clients are increasingly getting busy and do not find time to physically come to the offices. The product, therefore, aims at offering that convenience of time as well as reduced costs,” Former NSE Chairman, James Wangunyu told journalists in Nairobi.
According to Mr Wangunyu, the SMS service is guaranteeing customers a confirmation text within an hour of placing any order. This new service brings Standard Investment Bank into a growing league of banks that provide their clients with value added services through mobile devices.
Mobile access to banking and investment services are a logical response to a region with the highest mobile phone penetration rates in the world. Kenya alone has 17.5 million cell phone users up sharply from about 200,000, 8 years ago.
While online trading hasn’t taken off in Kenya, it will be interesting to see if the arrival of broadband through three submarine cables connecting the Port of Mombasa to the United Arab Emirates will give rise to online trading in that and other African countries with a similar infrastructure. The government just last week, cut the 16% value added tax on mobile phones and allowed internet service providers to offset the cost of purchasing new fiber optic bandwidth for 20 years.
The Nairobi Stock Exchange (NSE) is the principal stock exchange in Kenya. It is Africa’s fourth largest stock exchange in terms of trading volumes, and fifth in terms of market capitalization as a percentage of GDP. Trading is done through the Electronic Trading System (ETS) which was commissioned in 2006.
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ONLINE TRADING AT THE NSE
I would like to obtain more information on the real activities one can perform via the mobile traading system by standard investment.
In my opinion, and considering that oflaate its possible to transfer money from different accounts operateed by the same person, why cant the NSE think of developing a profile of NSE trading clients and interconnect the same with their bank accounts and tthe CDSE accounts. This way, if a customer wanted to place an order say for a purchase of a particular share, all he needs to do is to log in to his account, key in the CDSE account no. and an authorisation password and proceeed to give instructions on how much his bank account should be debited towards the purchase of the shares as requested. This will go along way in increasing paricipation at the bourse while saving lots time and other resources.
Simila african countries should emulate kenya and invest in stock market as it is a sound investment
I am a safaricom shareholder and I bought my shares with discount securities,unfortunately,the stock brokers firm was closed down before transferring my shares,please advice me on what to do?
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Naomi,
Contact Kingdom Securities in Co-op Bank Headquarters. They are the ones managing accounts for ex-DSL account holders. They will advise you on exactly what to do.