Online Nairobi Stockbrokers

Continuing the popular Where to buy shares series, my long-time stockbroker CFC (actually CFCFS) have finally unveiled an online trading and account/portfolio platform. It’s quite good so far, quick registration, easy navigation, and hopefully a secure one. I hope they add share reports, and other useful tips which they can e-mail to users.

My portfolio is correctly displayed and I will make my next trades online (previously I used to e-mail my orders, and get confirmations and statements back by e-mail)

Other brokers with online features (can’t vouch for their quality) include Afrika Discount Drummond Dyer & Blair, Faida and Sterling

1. What are you online experiences like with your Kenyan stockbrokers?
2. Have any Kenyans in the Diaspora got their Safaricom IPO refunds, or been able to apply them to buy other shares? Have you seen your refund cheques, or know where they are?

13 thoughts on “Online Nairobi Stockbrokers

  1. MainaT

    D&B was ok, initially, although I still had to send them a confirmation email and several chasers. Lately, I look online and find that somebody has put in a large order of Access Kenya.I get it revised, next its NIC. I get it revised. Total BS. It did ok though on Safcom as I had requested EFT.

    AIB-I was able to log-on the first time. Since then, I’ve to get them to send me the url.
    End game is I’ve now gone with a broker who just does as they are told.
    Best of luck with CFC.

  2. Anonymous

    I have nothing but headache with D&B.INitially everything was fine and correspondence was immediate.Lately though,when it comes to the refund,they have been giving me the run around.I was asked to send my ETF info which I did over a month ago and still have not seen a refund.When I email to find out,I am told its being “looked at”.How much longer must we wait?This is painfully frustrating.

  3. 3N

    My experience was terrible when I dealt directly with brokers, switched to BSSK as custodians and for a reasonable fee, they deal with the brokers and execute orders efficiently (albeit via email.

  4. no-spin

    My exprerience with D&B has been OK. I think the trick is to try and deal with just 1 or 2 people, especially when you’re far away. That way you develop relationships and you’re less likely to get the run-around. My Safcom refund was deposited back into the account several weeks ago, and I’ve used it to trade several times.

  5. Anonymous

    I use drummond and they are very fast especially since i started using PoaPay ( as method of sending them money. PoaPay takes money direct to their office and then emails me a receipt (for free). Money is credited to my drummond account the same day the order executed the next day.

    If you are in the dispora, the problem is making sure the broker receives your funds and verifies receipt on time. EFT takes minimum 3 days. Use or send money via westernunion to your buddies in Kenya and they can take it to broker.

  6. Josiah

    I visited the CFC FS link…

    Under Maintanance

    We apologize for the inconvinience. The site is currently being updated.
    Click here to log on to your account.

    Two typos!!!

  7. NIC Customer

    NIC Bank has integrated their services. I think their Banking+brokerage (one stop shop)package has superior potential to what others have to offer.

    Some tips:
    Disapora Banking Strategy – Forex coushion:
    – Open both a KSH and FC account with NIC
    – Transfer funds to your FC account first, then negotiate for an exchange rate when “your_Currency->KSH” rate looks good.

    – first, the confidence that you are dealing with a bank is pretty reassuring.
    – second, their approach to integration means that you get more benefits than non-integrated brokers. Eg. my refunds came in after 2 days – yet I was thousands of miles away.

    The former brokerage’s staff are still there. They are the most difficult, most inefficient most ignorant people you can ever have the misfortune to deal with. They have no idea what service is about – and give the bank a bad name. I think they should all be fired or transferred.

    In contrast, NIC BANK employees are the most efficient, most courteus and most service oriented people I have ever dealt with.

    It’s amazing how two different breeds of employees can work for the same company!

    Solution: Better to get a Relationship Manager from the bank and deal with him/her exclusively.

    Currently, all brokers are full of crap. The best we can do is select the least smelly piece of dung and work with it only when absolutely necessary.

    BEWARE! Those offering Online services will usually require you to sign an Indemnity form. This is like giving your broker a blank cheque – to do anything they like with your money or shares! You cant take them to court – because you absolved them from liability in the first place.

  8. Tom


    Nice blog. How come you stopped posting jobs on here? Some of us are overseas, want to come back, and really appreciated it when you used to post jobs on your blog. Please resume.


  9. bankelele

    MainaT: I remember your recent post where you mentioned the various brokers you use. Will see how the trades go from next month

    Anon1: thanks for the into on D&B

    3N: I’m told agents are the best option if you’re a sizeable investor with big trades, are you?

    No-spin: thanks for the info on D&B. I still have good relations CFC though my (initial) contacts have all left the bank

    Anon2: you’ve reminded me to check out on if CFC have a payment mechanism, right now you deposit it in their branches and then present the slip to trade. Are you with poapay?

    Josiah: fixed that now, lakini on typos – IT guys are not hired for their spelling ;-}

    NIC Customer: thanks for the NIC info, they have really gone into stockbroking in a big way in the last few months – and I guess they have some teething pains with new staff. One beef with Diaspora banking is the cost of banking (expensive transfers into Kenya and the poor conversion rate of currencies).
    On indemnity, erroneous trades can be reversed if you complain enough & loud

    Tom: Thanks, I post jobs when I see a steady stream of promising ones that will appeal to Diaspora reader (for which they can apply online/or by e-mail)

  10. Phil

    I Think it, about time, we had full service online brokerages.Bankele thanks for pointing this out, I have had very good feedback with e-Trade,and share builder in the US WITH 24/7 feed back with complete data feed, I will try CFC

  11. Maishinski

    Hey banks, lets have more posts on entreptrenurship in Kenya.

    Our guys back home have mob talent – but they simply dont know how to make money from it! So they get frustrated and throw stones at the police (blame government) or each other (blame other communities)… 🙂

    Many of us in Diaspora have experienced intense global competition – and as a result, we have gained useful knowledge that we can share with our fellow kenyans to help make them successful as entrepreneurs or employees.

    We have our part to play in Vision 2030, and we may even realize its objectives in 2020 if we can get as many kenyans as posible to be successful and self sufficient.

    Lesson 1: Know your talent & develop it. Have some general knowledge about your area of specialization – but be EXTREMELY good at one thing (e.g. Database Tuning / Financial Analysis / Applications Programming etc). Dont try to be an expert in everything – just the one thing you enjoy the most.

    Lesson 2: Believe that you control your own destiny. Dont expect handouts from governments, politicians etc. Be a go-getter. Get one good suit; get appointments with potential business contacts; discuss our product/service with them and land some deals.

    Lesson 3: Market yourself. Whats your unique selling proposition? Why should someone pay you for your talent? The answer to that is the value of your talent. Dont do what “river-road businesses” do (i.e. At XYZ enterprises river-road, we specialize in everything, cleaning, building, painting, computers, typing, ironing, babysitting etc) – no one believes them!

    Lesson 4: Know some basic business:
    -ACCOUNTING; Break even points, cash flow statements, balance sheets, P&L.
    -LAW; contracts, sale of goods, forms of businesses, licensing;
    – MANAGEMENT strategy making (five forces/value chain etc); HR issues etc
    – SELLING, ADVERTISING and MARKETING – and the difference between the three!
    – ENTREPRENEURSHIP – how to start and run your own business..

    Lesson 5: Read. Read. Read. Read. You dont have to go to college to learn accounts, management, entrepreneurships etc. Cultivate a reading habit.

    Lesson 6: Stay curent. Go online once a week and visit Bloomberg, FT, Investopedia, Bdafrica. Approx 20 mins – 20bob. Reasonable cost/week to stay on top.

    Lesson 7: Be CONSTANTLY on the lookout for new ideas or opportunities that can be turned into money makers. For example if in the budget they talk about ICT villages in upcountry – see whether that’s something you can do. If the minister announces that Matatus will be parked outside CBD – consider a coffee shop near the station. If CBD is to be a pedestrian city in future, think of possible tourism opportunities and start working on proposals… if Fibre optic is coming, think of online sales, remote software contracts, shareware, value added services, IT consulting, BPO etc etc.

    Lesson 8: Protect your intellectual property. Never give out source code for free. Never publish your invention/discovery without getting a patent first. Share your business – not your IP. IP is too valuable!!!!

    Lesson 9: Don’t give up. Read about successful business people. They all have failed in their initial effort. The only thing is they failed smatly – and learned from their failures. Failing smartly is about planning for eventuality of failure so you can minimize its financial impact! Always test your business idea at a small scale first. If it’s an area you dont know about, volunteer to work for a future competitor for low salary so you can learn the nuances of the business and survival tricks before you start your own…

    Lesson 10: Watch the Apprentice Season 1 (Donald trup): You will learn that its easy to get rich legitimately. If you really want something you wil get it. The episode where the guys made $1,000 selling lemonade really stumped me! The simplest of businesses brought in Ksh 67,000/= in ONE DAY!!! Why? Because the candidates put their ALL; they put their best efforts to win. No handouts from IMF, CDF or YDF – just plain simple brains and hard work.

  12. Anonymous

    been with D&B since 06. i am a diasporian, my Safcom refund was credited to my acc and av traded with it.

    to me they’ve been very inconsistent.

    am only with them coz one i don’t know a better devil and two its such a processs to change brokers, being a diasporian.

    generally av never had a problem with refunds, but av had lots of problems with other issues, esp trade executions.

    SA in Virgin Islands

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