NAIROBI, Kenya — The Capital Markets Authority (CMA) has approved several new license applications for market intermediaries, in a move aimed at deepening and diversifying Kenya’s capital markets.
The regulator said the approvals reflect its commitment to building a well-regulated, inclusive, and dynamic ecosystem that responds to the needs of retail, institutional, corporate, diaspora, and high-net-worth investors.
“The entry and expansion of these intermediaries will contribute to increased market depth, improved product diversity, enhanced investor choice, and strengthened confidence in Kenya’s capital markets,” CMA said in a statement issued Wednesday.
Investment Banking and Brokerage Expansion
Among the approved applicants is Rock Advisors Limited, which has upgraded from an Investment Advisor to a licensed Investment Bank. The firm will now offer market research, advisory services, wealth management, and proprietary trading.
The Authority also licensed Green Margin Capital Limited as a Stockbroker.
CMA described the firm as a technology-driven investment house seeking to democratize access to investment opportunities and promote broader participation in the capital markets.
Green Margin said it aims to combine research, technological innovation, and investor education to serve retail, institutional, and diaspora investors, as well as emerging investor groups.
Strengthening Advisory Services
CMA granted an investment adviser license to Zamara Actuaries, Administrators, and Consultants Limited.
Zamara is already licensed by the Retirement Benefits Authority (RBA) and the Insurance Regulatory Authority (IRA) and provides actuarial consulting, pension administration, insurance brokerage, and financial planning services.
The new approval allows Zamara to extend its expertise into the capital markets and provide integrated advisory solutions to institutional and individual clients.
Arion Capital Limited also received an investment adviser license.
The firm intends to offer tailored advisory services to corporates and high-net-worth individuals, aligning financial returns with social and environmental objectives.
Horizon Africa Capital Limited, a boutique mergers and acquisitions and capital-raising firm, was similarly approved as an investment adviser.
The company plans to develop technology-driven wealth management solutions and mobilise savings into productive investments to support long-term wealth creation.
Digital Platform Growth
In addition, CMA granted an Intermediary Service Platform Provider (ISPP) license to I&M Capital Limited, a wholly owned subsidiary of I&M Group PLC.
The firm is already licensed as a fund manager and offers unit trusts, government securities, offshore investments, and financial planning services.
The ISPP approval enables it to strengthen its digital and platform-based investment distribution services under the CMA’s regulatory framework.
Regulatory and Economic Context
CMA operates under the Capital Markets Act (Cap 485A), which mandates it to regulate and develop orderly, fair, and efficient capital markets in Kenya.
Licensing new intermediaries forms part of ongoing reforms to enhance competition, innovation, and investor protection.
The approvals come at a time when Kenya is seeking to boost domestic resource mobilisation and attract foreign and diaspora investment to support economic growth.
A diversified intermediary landscape is expected to widen access to capital for businesses while offering investors more tailored products.
As Kenya’s capital markets evolve amid digital disruption and rising demand for sustainable finance, CMA’s latest approvals signal a regulatory push to balance innovation with high compliance standards — a key factor in sustaining investor confidence.
