CMA Licenses New Firms to Deepen Kenya’s Capital Markets

The Capital Markets Authority (CMA) has approved several new license applications for firms seeking to operate as market intermediaries, in a move aimed at deepening and diversifying Kenya’s capital markets.

In a statement issued Tuesday, the regulator said the approvals are part of its ongoing efforts to enhance innovation, expand access to investment services, and support sustainable economic growth through a well-regulated and inclusive market ecosystem.

Among the approved applicants is Rock Advisors Limited, which has upgraded from an investment adviser license to an investment bank license. The firm will now offer an expanded range of services including market research, advisory services, wealth management, and proprietary trading.

CMA also licensed Green Margin Capital Limited as a stockbroker. The firm describes itself as a technology-driven investment house focused on broadening access to investment opportunities and promoting wider participation in the capital markets across retail, institutional, diaspora, and emerging investor segments.

In the advisory segment, Zamara Actuaries, Administrators and Consultants Limited received approval for an investment adviser license. Zamara, which is licensed by both the Retirement Benefits Authority and the Insurance Regulatory Authority, provides actuarial consulting, pension administration, insurance brokerage, and financial planning services. The CMA said the license will allow the firm to extend its services into the capital markets.

Arion Capital Limited was also granted an investment adviser license. The firm intends to provide advisory services to corporates and high-net-worth individuals, with a focus on investment strategies aligned with financial returns as well as social and environmental objectives.

Additionally, Horizon Africa Capital Limited received approval for an investment adviser license. The Nairobi-based boutique firm specializes in mergers and acquisitions and capital raising, and plans to develop technology-driven wealth management solutions and investor education initiatives.

The Authority further granted an intermediary service platform provider (ISPP) license to I&M Capital Limited, a wholly owned subsidiary of I&M Group PLC and an already licensed fund manager. The approval expands on the firm’s existing wealth management and advisory services, which include unit trusts, government securities, offshore investments, and financial planning.

According to the CMA, the entry and expansion of these intermediaries is expected to increase market depth, enhance product diversity, broaden investor choice, and strengthen confidence in Kenya’s capital markets. The regulator reiterated its commitment to maintaining high regulatory standards while supporting responsible market development.