Brokerage firm AvaTrade has become the latest CFD provider to get a license in Kenya.
The retail broker has been approved to operate with a non-dealing online foreign exchange brokerage license by the Kenyan Capital Markets Authority (CMA).
There are now 14 different brokers that hold the license, with other firms operating in the country under slightly different regulatory regimes.
That includes major industry players, like Exinity, IC Markets, and Pepperstone.
More recent entrants to the local market have included Capital.com and XM.
Along with Nigeria and South Africa, Kenya has emerged as one of the most popular markets for brokers to target in Sub-Saharan Africa over the last few years.
Some players continue to generate large traffic volumes from the country, even if they don’t necessarily hold a local license.
