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Capital Markets Authority Chief Executive Wyckliffe Shamiah has approved six new firms to operate as market intermediaries in Kenya, widening the country's regulated investment landscape at a time of rising retail and institutional participation.
The approvals, announced in a statement dated Feb. 11, clear the way for entrants in investment banking, stockbroking, advisory and fund management services. The regulator said the move reflects its push to build a more inclusive and resilient capital markets ecosystem in 2026.
“The approvals reflect the Authority's commitment to fostering a well-regulated, inclusive and dynamic capital markets ecosystem that responds to the evolving needs of retail, institutional, corporate, diaspora and high net worth investors, while supporting sustainable economic growth,” the CMA said.
Each firm will operate under full regulatory supervision and must comply with licensing conditions meant to safeguard investor interests, ensure transparency and protect market integrity, the authority added.
Rock Advisors Limited, previously licensed as an investment adviser, has been upgraded and can now operate as an investment bank. The firm plans to expand into market research, advisory services, wealth management and proprietary trading.
Green Margin Capital Limited received approval to operate as a licensed stockbroker. The company describes itself as a technology-driven investment house seeking to widen access to capital market products. It aims to blend research, digital tools and investor education to serve retail investors, institutions, diaspora clients and emerging market participants.
Three additional firms secured investment adviser licences.
Zamara Actuaries, Administrators and Consultants Limited, already licensed by the Retirement Benefits Authority and the Insurance Regulatory Authority, will extend its services into capital markets advisory. The firm offers actuarial consulting, pension administration, insurance brokerage and financial planning, and now intends to provide integrated advisory solutions to both institutions and individuals.
Arion Capital Limited was licensed to advise corporates and high net worth individuals. The firm says it will focus on strategies that balance financial returns with social and environmental considerations, reflecting growing investor interest in responsible investing.
Horizon Africa Capital Limited, a boutique mergers and acquisitions and capital raising firm incorporated in Kenya, also received approval. The company plans to roll out technology-driven wealth management products and expand investor education initiatives aimed at mobilising savings into productive sectors.
I&M Capital Limited, a subsidiary of I&M Group PLC and an existing licensed fund manager, was granted an Intermediary Service Platform Provider licence. That authorisation allows the firm to operate digital platforms for marketing and distributing regulated products such as money market funds and equities directly to retail investors.
The latest approvals come as Kenya's capital markets undergo steady modernisation, with regulators encouraging innovation while tightening oversight.
A day earlier, Safaricom, in partnership with the Nairobi Securities Exchange, launched Ziidi Trader, a share-trading feature integrated into the M-Pesa app. The service, operating under CMA oversight, enables users to buy and sell listed shares from their mobile phones without opening a separate CDS account. Investors can start with as little as a single share.
