Scope Markets names new CEO and CTO for Kenya subsidiary
The Kenya business of Belize-based FX and CFDs brokerage Scope Markets gets a new chief executive officer. Alex Karanja Njoroge, a seasoned financial services industry professional, is taking over as CEO and executive director.
Scope Markets Kenya also appointed Kenneth Waiganjo as an Executive Director and Chief Financial Officer.
Alex brings to the role nearly two decades of experience spanning different industries including asset management, banking and consultancy.
The move to hire Alex is clearly intended to boost bottom-line sales and expand the reach of Scope Markets operations in the local brokerage field. The experience he accrued in organizational strategy, business development and risk management likely influenced the broker’s decision to hire him.
Prior to Scope Markets, Alex was a financial advisor at ICEA Asset Management and at Chase Bank.
Commenting on the news, Scope Markets Group CEO, Jacob Plattner said; ‘With Alex joining our team in Kenya as the CEO, bringing on board diverse financial sector experience, we are optimistic we will sustain the growth momentum as we seek to push the business to the next level’’.
Scope Markets, which was acquired by Rostro Financials Group, is among a handful of non-dealing online foreign exchange brokers that were licensed by the Capital Markets Authority (CMA) over the last four years. The notable entrants into the African forex scene includes EGM Securities Ltd (FXPesa), which received its first license in 2018, followed by SCFM Ltd (Scope Markets) in 2019, and Pepperstone in 2020. Exinity Capital East Africa Limited, which was founded by Andrey Dashin, owner of brokerage companies Alpari and FXTM, also secured a similar approval less than two years ago.
This brokerage license allows Scope Markets to provide its clients with access to currency markets but without being engaged in market-making or managed accounts activities.
Applicants seeking a forex license in Kenya must be a company limited by shares, have a minimum capital of 30 million Kenya shillings ($277,000), and maintain the minimum capital at plus 5 percent of liabilities owed to customers in excess of this amount. In addition, the firm has to ensure that 80 percent of its capital is in form of cash or equivalents.
The applicants that operate as a subsidiary of a regulated foreign forex firm are required to provide proof to confirm the existence of such a relationship. Additionally, its parent entity must provide a letter from that regulator confirming that it is not only licensed but also in good standing and that there is no objection to operate in Kenya.