NSE woos tech-savvy youth with new virtual trading app

A new Android-based app has been launched to provide realtime information to tech-savvy Kenyans on listed companies as well as trading at the Nairobi Securities Exchange (NSE).

The NSE Investment Challenge App, which is now available on Google Play Store, targets university and college students keen on learning how trading takes place at the NSE.

The new app that was unveiled on Tuesday during the launch of activities to mark NSE’s 10th anniversary will also be used as a platform for an investment competition where participants will be given virtual start-up capital amounting to Sh3 million for trading at the bourse.

NSE chief executive Geoffrey Odundo (above) said the competition aims to simulate a real life trading experience whereby participants buy a diversified portfolio of stocks and trade for the next three months.

The participant who earns the highest virtual returns is declared the winner of the trading contest, he said.

“We want the youth to engage on an online platform and discuss matters investment on the app with their friends,” he said.

“This will create a new community that fully embraces a culture of investments among the youth.”

Mr Odundo added that the youth were better placed to grow their wealth over time by investing in stocks and build their portfolio over a period of time to cushion them from future financial challenges.

The NSE jointly developed the app with Smart Youth Investment Limited to encourage Kenyans to engage in trading of equities as well as corporate, treasury and infrastructure bonds at the exchange. Smart Youth chief executive Catherine Gitonga said they created the app as a strategy to engage Kenyans on the go using mobile app.

Statistics show Kenyans use smartphones to access the Internet more than laptop and desktop computers.

“Our strategy is to create financial literacy programmes for the youth and then disseminate them with our partner. The NSE Investment Challenge was our first product 10 years ago on our website and we have now upgraded into a mobile app,” she said.

Capital Markets Authority chief executive Paul Muthaura welcomed the NSE app, saying it would help educate the youth on investment decision-making and risk management.  

Ms Gitonga said the app also aims to increase information available among Kenyans on securities as past data indicated that many people were ignorant about trading in bonds.

“My greatest joy is being able to reach many people across Kenya and provide them with true information about real companies listed on NSE. In the past we targeted student groups in universities using our website where you register and start trading virtually,” she said.

So far, 70,000 students have participated in the challenge over the past eight years with winning teams receiving cash awards to invest in the NSE.