Finalto sweetens offering for African traders with localized FX pairs
Finalto, the financial trading division of Gopher Investments, announced today that it has extended its offering with inclusion of a number of African Pairs to its trading platforms.
The South African arm, which celebrates its 8th anniversary, described the milestone as a first stage with plans already in place to increase the scope of its activities in Africa over the coming year.
The company said its newly listed pairs come in response to a surge in demand from investors trading African currencies and include some of the most sought-after instruments.
Retail traders have increasingly demanded access to African economy exposure, which in turn has prompted brokers to expand their respective offerings. With more brokers now looking to tap into the nascent sector, Finalto has answered the call for its client base with trading on:
– BWP: Botswana Pula – BWPUSD
– GHS: New Ghana Cedi – USDGHS
– KES: Kenyan Shilling – USDKES
– UGX: Uganda Shilling – USDUGX
– ZMW: Zambian Kwacha – USDZMW
2022 was one of the most prolific years for brokers as they continue to go multi-asset in order to offset sluggish growth in traditional markets. As such, Finalto has also broadened its product line to garner its client’s exposure to additional FX pairs. The inclusion of African currencies not only helps expand trading capabilities for clientele of its brokers but also attract more traders that are looking to diversify their trading options.
Solomon Gounden, Managing Director of Finalto South Africa, said of the move: “Finalto is committed to the African story. Bringing African currency pairs and other African assets to clients, differentiates us in the local region. SA residents know and want to trade in African currency pairs, and it was important and critical that we make this possible, so we can show our clients our commitment to the region.”
Forex brokers in South Africa are overseen by the financial sector conduct authority, FSCA, which approves the platforms that can operate within the jurisdiction. The powerful watchdog handles the issuance of licenses and can sanction companies that violate guidelines of the nation’s dual regulation system.
Finalto operates in South Africa as a FAIS and ODP licence holder. The ODP licence is issued to credible institutions to market and contract as principals in CFDs, which the company cited as an important region for strategic expansion.
The licenses also allow Finalto to provide its range of FX and CFDs products to retail and professional clients not only from the South Africa but also to expand the offering to other African countries.
While it sees South Africa a fantastic opportunity to continue its geographic expansion, Finalto looks to see how the local market takes up the product offering and what unique selling points the company can provide.
South Africa enjoys a strong and well-organized financial market and therefore has become a popular destination for brokers looking to expand. It is one of the world’s top ten capital markets and boasts thousands of investors. The country itself is a diverse market that is largely devoid of the market saturation seen in other jurisdictions such as Europe.