Kenya: Stock Exchange makes sales via SMS

  1. Posted on Sunday 12 July 2009 - 16:09
    Tom Minney
    Image of Tom Minney
    Tom Minney, AfricaNews reporter in Addis Ababa, Ethiopia
    The Nairobi Stock Exchange continued its technology advance with the introduction of buy and sell orders via mobile phones. Last week, Standard Investment Bank introduced a Short Message Service (SMS) for its clients to place orders.
    mobile phone
    James Wangunyu, Executive Chairman of the bank, said the EasyHisa mobile product offers convenient services and comes in response to the call from the Capital Markets Authority to embrace technology.

    The Central Depository and Settlement Corporation, which offers custody services, also has an SMS update for investors interested in tracking their shares and following their performance. Several market stakeholders offer online services for placing and executing sale and buy orders from clients, but many retail investors apparently do not have easy Internet access.

    Standard Investment Bank assures clients that the SMS service is secure and they provide confirmation within the hour. Trading at the NSE has grown over time and moved from open outcry to a successful automated trading system in 2006, according to a report on afrigrow.com.

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