Do you know that the Kenyan forex market has recently ranked third in Africa after South Africa and Nigeria? Like many other nations, many Kenyans have changed their attitude towards foreign exchange markets. Walk down Nairobi’s Kimathi Street on any weekday afternoon, and you’ll likely hear traders quoting dollar-shilling spreads with the same ease with which they order food at their favourite restaurants.
And you may be surprised to learn that, according to a recent Daily Nation publication, Kenya’s retail forex market expanded by over 200% in just two years. This statistic shows how different factors, like the growing popularity of forex brokers in Kenya, have positively affected the furtherance of the market.
But what other factors cause more Kenyans to be drawn to this industry? Are there any challenges that could affect its further spread? Well, if you have such questions, you no longer have to scratch your head because this write-up has you covered.
Markets are just a few taps away
The age where trading was limited to physical locations is long gone. Now, with just a few taps on your smartphone or tablet, you will be good to go. This convenience is one of the reasons more people are trading. Remember, modern-day shoppers have become extremely discerning and highly value convenience than ever before.
Experts have weighed in on this matter, claiming that many customers are willing to pay more for time-saving solutions. Interestingly, Euromonitor International recently conducted a related study and found that over 66% of global consumers actively seek ways to simplify their lives. In another study by alphabridge.co, 77% cited convenience as a critical part of their shopping experience.
And since trading websites and apps offer traders significant convenience, it makes sense to see more Kenyans turn to FX. The exciting part of most of these platforms is that their onboarding process is simple, making it easy for interested parties to create accounts. Again, barriers to entry are low. For those asking questions like, ‘How much do I need to start forex trading in Kenya?’, you can start with as low as KSh 5,000 for some brokers.
Financial knowledge is everywhere
According to NTV Kenya, social media accounts have increased by 2.1 million since 2024, bringing the total number to 15.1 million. And with platforms like TikTok emerging, people are spending more time online than ever. Companies across different sectors, including FX, know this and are working hard to position themselves where potential traders are.
That’s why you may have spotted your favourite celebrity endorsing a particular broker. The idea is to use reputable figures to strengthen brand trust among targeted markets. It’s like when you want to buy an item and are stranded between choosing a brand from two seemingly similar options. If a friend recommends one, you will likely purchase from it because of trust. This is a similar effect that celebrity endorsements create.
Trading platforms also provide financial resources that can be handy, especially for newbies. And because the resources are available 24/7, you can access them anytime without worrying too much about your schedule. Increased access to financial services has also allowed more people to participate in FX more confidently. FSD Kenya states this access increased from 83.7% in 2021 to 84.8% in 2024.
The age of mobile phones
Kenyan Wall Street has recently published an article estimating the number of smartphones to have risen to 42.3 million. That’s a more than 80% penetration rate, meaning that almost everyone in the country has a mobile phone. Obviously, most of these owners will want to use the devices to do nearly everything, including FX trading. And they wouldn’t expect websites to misbehave just because they switched to devices with smaller screen sizes.
Looking at broader statistics, UXCam suggests that 85% of users expect mobile platforms to work as well or even better than their desktop counterparts. Failure to cater to this preference affects your competitiveness and could soon get you out of the market. That’s why forex trading companies have incorporated responsive designs – which use flexible layouts to ensure multiscreen access – to improve their relevance.
Whether you use a laptop or tablet to access the trading platform, you won’t need to pinch or zoom it – the responsive platform automatically adjusts to fit the screen size. Surprisingly, such websites have 11% more conversions than non-responsive ones, explaining why they can help attract and retain customers.
A growing emphasis on security
Anything money-related will definitely attract the attention of cybercriminals. Do you know that Business Daily recently reported over 2.5 billion threats in the Kenyan ecosystem alone during Q1 2025? This was more than 200% increase from the 840 million reported in 2024. In the FX sector, things are no different.
As more people join the industry, customer data becomes more available, making the forex sector a prime target for threat actors. Traders are aware of that – no wonder a good number will want to be sure about a platform’s security before signing up. In response, companies are integrating robust technologies like multi-factor authentication (MFA) to cater to these security-conscious individuals. Others even go a step further to incorporate AI-based security measures to improve real-time fraud detection.
Considering these factors, you shouldn’t be surprised that Kenya’s FX trading sector is expanding. Companies understand the need to be adaptive to changing trends and have been taking advantage of technologies like responsive websites and MFA to maintain their relevance in the Kenyan market.