Scope which launched its services in Dar es Salaam this week will also cover the East African market with live foreign currency trading online. Prior to Scope Market’s formal launch in the local market, the company had already registered more than 2,000 accounts, highlighting consumers thirst to venture into online trading.
SCFM Limited which trades as Scope Markets, is a non-dealing online foreign exchange broker, which is licensed by Capital Markets Authority which wants to create a digital workforce built on a community of online traders.
Scope Markets Kenya’s CEO, Kevin Ng’ang’a said the company wants to lead the way in the online forex trading space as an income-generating scheme and a means of job creation for youths in the digital economy.
“We need to give Tanzanians and Africans in general, a safe, secure and regulated platform that they can relate to and easily walk up to and carry out online forex trading,” Ng’ang’a said while noting that there is remarkable interest from youths, as they seek to diversify their alternative revenue options beyond trading in local shares and securities.
Scope Markets also targets to train about 50,000 novice traders in currency dealings in the next two years as part of the company’s plans to integrate more East Africans into the fast-growing digital economy. There is a huge opportunity for the youth to learn more about the world of forex trading and turn online trading into a possible income generating avenue.
“The biggest gap in the trading space is the lack of information, and we as Scope Markets are dedicated to closing this gap through training and capacity building through mentorship,” the Scope Markets CEO added.
As a licenced player, Scope Markets provides a trading platform for investors to trade forex, global shares, indices and commodities online from the comfort of their mobile phones or PCs. As per the accounts opened so far, there is significant interest from women, who were traditionally not seen to favour the investment class, to trade in online forex.
“As a regulated entity, Scope Markets will uphold the highest levels of integrity and transparency. We understand the importance of putting our customer first. We are customer-centric and good service is a key pillar in our business,” Ng’ang’a noted affirming that experts estimate that in the last five years, East Africa’s online trading space has grown tremendously, with more than 200,000 traders, most of whom were trading on international broker sites.
This is an indication that there is a huge need for local representation in the online forex trading market. We need to give Tanzanian consumers, a platform that they can relate to and easily walk in to if the need arises.
SCFM Limited, whose trading name is Scope Markets, is a fully owned subsidiary of SM Capital Markets Limited which is a company registered in Cyprus. SM Capital Markets is a part of the wider Scope Markets group.