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FAQ
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This FAQ is primarily designed for retail clients. If you are an institutional client, please call us to assist you.
Answers are subject to change as per internal or regulatory updates.
Account Opening
What is a CDS account?
A CDS (Central Depository and Settlement) account is an electronic account that holds securities traded at the Nairobi Securities Exchange.
How do I open a CDS account?
Download the account opening form from the EFG Hermes One App and print it. Fill in the required information, sign it and upload it together with the required KYC documents.
Why do I need to provide all the KYC documents?
A new regulation from the Capital Markets Authority requires stock brokers to carry out due diligence on their clients. A key benefit of this process is that it will enable us to prevent identity theft, fraud and thereby protect your investment with us.
What are the requirements for opening a CDS account?
1. Duly filled and signed account opening form 2. Copy of identification document (National ID or valid Passport) 3. Copy of Tax PIN certificate 4. Evidence of residential address (Utility bill/lease, tenancy agreement or Google Maps print-out indicating residence location) 5. 1 Passport photo 6. Recent bank statement (a single page capturing the customer account details will suffice) or a letter of reference from your bank.
How much does it cost to open a CDS account?
Opening a CDS account is free.
How long does it take to open a CDS Account?
The CDS account opening process ideally takes 72 hours if the account opening forms are in order and all the KYC requirements are in place. However, this may not always be the case. Where extra due diligence is done on a client in line with the KYC policies, the account opening process may extend beyond the 72 hours.
How do I know that my CDS account has been opened?
As soon as your CDS account is opened, you will get a confirmation through email with your CDS account number to allow you to fund your account in readiness for a trade.