Hisa Technologies on Monday unveiled Hisa mobile app that allows anyone in Kenya to invest in US stocks and ETFs directly from their phones using mobile money.
The FinTech company, in partnership with Faida Investment Bank Limited, also announced that it has received a no-objection from Kenya’s Capital Markets Authority (CMA) to offer fractional investing in US Stocks and ETFs and Kenyans stocks. This will also be in partnership with US-based global brokerage infrastructure DriveWealth LLC.
“Today, we are very excited to launch Hisa App, which will allow Kenyans to invest in their favourite companies such as Tesla, Google, Apple, Microsoft and more,” said Erick Asuma, Co-founder and CEO. “In an increasingly connected global village driven by smartphone penetration and mobile money, our vision is to allow anyone across the continent to access different global investment options.”
“We are pleased to have received a nod from CMA as we continue to make steady progress in our partnership with Hisa Technologies. Receiving this approval reflects our robust policies, compliance framework and risk management systems that are in place,” said Faida Investment Bank’s Operations Director, Rina Hicks.
“We will continue to work closely with regulators and stakeholders to ensure we facilitate a secure, effective and transparent way for our users to manage their investments and to continually gain access to attractive and diverse local and international investment opportunities,” she added.
Fractional Investing enables investors to buy less than one full share of a stock or other security. Investors from Kenya will now be able to buy a percentage of a single share which enables them to diversify their investments through the distribution of small amounts of capital.
The company plans to diversify the investment options on the platform to include Kenyan stocks, money market funds, bonds and CFDs. Through its media arm The Kenyan Wallstreet, Hisa will continue to provide well-researched educational content and timely financial information to help its users in making sound investment decisions.
The technology will also provide access to trading on Kenyan stocks.