Top African Countries to Launch Your Forex Business In (And Why These Are the Smart Moves)

Africa is no longer a frontier it’s becoming a global player in fintech, digital finance, and online trading. As forex continues to attract interest from a young, tech-savvy population across the continent, global brokers are taking notice.

If you’re considering expanding your forex company to Africa, here’s a breakdown of the top countries to prioritize and why forward-thinking brokers are already making moves there.

1. Kenya: East Africa’s Financial Powerhouse

GDP (2024 est.): $113 billion
Population: 54 million
Forex trading growth: Over 400,000 active retail traders (2023 est.)
Regulator: Capital Markets Authority (CMA)

Kenya is one of the most sophisticated fintech markets in Africa. It’s the origin of mobile money innovation (thanks to MPESA) and a financial hub for East Africa. The CMA has been proactive in regulating online forex trading, giving serious players a clear legal framework to operate in.

Why it works:

Kenya combines a high rate of mobile and internet penetration (over 90% mobile usage) with growing demand for alternative income sources like forex. Brokers like Exness, FXPesa, and Scope Markets have already established a strong presence here, benefiting from local trust and compliance.

2. Nigeria: Africa’s Giant with Massive Trading Potential

GDP (2024 est.): $477 billion (largest in Africa)
Population: 220+ million
Forex trading growth: Over 1.3 million retail traders
Regulator: SEC Nigeria (regulating digital assets and derivatives)

Nigeria has the numbers. It’s home to Africa’s largest youth population and one of the most engaged online trading communities. Despite some regulatory grey areas, the appetite for forex and crypto trading continues to surge.

Why it works:

Global brands like OctaFX, Deriv, and XM have localized their offerings here, leveraging influencer marketing, community engagement, and mobile apps to reach millions. Nigeria is ideal for aggressive market expansion if you have the right strategy.

3. South Africa: The Most Mature Forex Market in Africa

GDP (2024 est.): $399 billion
Population: 60 million
Forex trading growth: Estimated 350,000–500,000 active traders
Regulator: FSCA (Financial Sector Conduct Authority)

South Africa is a no-brainer for forex firms. It’s Africa’s most regulated and mature market, with local brokers already offering high-leverage products, tight spreads, and advanced platforms. The FSCA is respected internationally, giving credibility to licensed entities.

Why it works:

Most of the world’s biggest brokers—including IG, Tickmill, and HotForex—operate here under local licenses. It’s a high-value market where traders understand risk and seek real value.

4. Uganda: A Rising Star in East Africa

GDP (2024 est.): $55 billion
Population: 48 million
Forex trading growth: Emerging market with strong mobile infrastructure
Regulator: No dedicated forex regulator (regulated loosely under BOU)

Uganda is fast gaining interest from forex and crypto platforms. With increasing financial literacy and mobile penetration, young Ugandans are turning to forex as an income alternative. Social trading and community-driven education are driving the trend.

Why it works:

Smart brokers are partnering with local influencers and educators to build trust. The cost of acquisition is lower compared to more saturated markets, and competition is relatively low.

5. Cameroon: Gateway to Francophone Africa

GDP (2024 est.): $45 billion
Population: 28 million
Forex trading growth: Growing interest, especially in urban centers
Regulator: COSUMAF (regional CEMAC regulator)

Cameroon is a strategic entry point into Francophone Africa, particularly for brokers who want to scale across the CEMAC region (Gabon, Congo, Chad, etc.). While regulation is still evolving, demand is growing especially among French-speaking youth learning to trade via mobile platforms.

Why it works:

French-speaking African countries are often underserved. Brokers that offer French-language support, mobile-optimized platforms, and education-first marketing are gaining early market share.

The Smart Brokers Are Already Here

Many of the world’s leading forex companies have recognized the potential of Africa and are already making serious moves:

HotForex has operations in South Africa and Nigeria.
Exness is aggressively expanding into East and West Africa.
Deriv runs marketing campaigns across Nigeria and Cameroon.
XM has built a strong community in Kenya.

These brokers aren’t just expanding they’re localizing. From local languages to mobile payment options, success in Africa means adapting to how Africans trade, learn, and pay.

Local Payments: A Crucial but Often Overlooked Factor

In all these markets, success hinges not just on great trading platforms but on seamless, localized payments. Many of the traders in Africa are unbanked and rely on local payment platforms rather than visa, Mastercard, Android or Apple Pay to pay and get paid.

African traders expect to fund and withdraw using local options like:

Mobile Money: MPESA, MTN, Airtel, Orange Money
Online Banking: Across Nigeria, South Africa, Kenya
Cards and Fintech Wallets

Choosing a payment partner like Elemipay which supports collections and payouts across all major African markets is a simple way to ensure your business operates smoothly. Elemipay offers one API, local currency support, weekly settlements, and integration with mobile money systems across East, West, and Southern Africa.

Final Thoughts: Why Africa and Why Now?

Africa is not a single market it’s a continent of 54 dynamic economies, each with its own opportunities. But countries like Kenya, Nigeria, South Africa, Uganda, and Cameroon offer the perfect mix of demand, population, infrastructure, and first-mover advantage.

Forex companies that act early, localize their operations, and build trust will not only gain market share but will shape the next generation of trading across Africa.