NAIROBI, Kenya — The Capital Markets Authority (CMA) has licensed Safaricom Plc and Airtel Money Kenya Limited to operate as Intermediary Service Platform Providers (ISPPs), marking a major step in the expansion of digital access to Kenya’s regulated capital markets.
In a press release dated December 22, 2025, the CMA said the approvals will allow the two telecommunications firms to facilitate access to capital market products through their platforms, a move expected to enhance competition, broaden investor choice, and deepen financial inclusion.
“The licensing of both Safaricom Plc and Airtel Money Kenya Limited to operate as Intermediary Service Platform Providers is expected to enhance competition, expand investor choice and strengthen digital access to regulated capital markets products,” the regulator said.
Under the ISPP framework, licensed platforms can provide technology-driven access to approved capital markets products, subject to regulatory oversight.
The approval comes amid growing convergence between mobile money services and investment products, with platforms such as Mali by Safaricom and Zidi by NCBA already drawing significant retail participation.
In the same announcement, the CMA also licensed CC Kenya Securities Limited, trading as Capital.com, to operate as a Dealing Online Foreign Exchange Broker.
As a dealing broker, the firm is authorised to act as a principal and market maker in online forex trading, including opening client accounts, providing trading platforms, offering market information, monitoring positions, and issuing end-of-day reports in line with the Capital Markets (Online Foreign Exchange Trading) Regulations, 2017.
The regulator noted that it has so far licensed 13 non-dealing online forex brokers, two dealing online forex brokers, and three money managers, underscoring growing institutional interest in Kenya’s regulated online trading ecosystem.
Market analysts say the entry of Safaricom and Airtel Money into the ISPP space could accelerate retail participation in capital markets by leveraging their vast customer bases and established digital infrastructure.
However, they note that the effectiveness of the move will depend on product design, consumer protection measures and regulatory enforcement.
The CMA said the approvals are part of its broader strategy to modernise Kenya’s capital markets, promote innovation and ensure that digital financial services develop within a robust regulatory framework.
