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- CMA Approves New Market Intermediaries to Deepen Kenya’s Capital Markets;
The Capital Markets Authority (CMA) has approved several license applications from firms seeking to operate as market intermediaries, in a move aimed at deepening Kenya’s capital markets, promoting innovation, and expanding access to investment services.
The regulator said the approvals are part of its broader strategy to build a well-regulated and inclusive capital markets ecosystem that serves diverse investor segments, including retail, institutional, corporate, diaspora, and high-net-worth investors.
The initiative is also intended to support sustainable economic growth through enhanced financial market participation.
Among the approved applicants is Rock Advisors Limited, which has upgraded from its previous status as an investment adviser to an investment bank.
The firm will now offer an expanded range of services, including market research, advisory services, wealth management, and proprietary trading.
CMA has also licensed Green Margin Capital Limited as a stockbroker.The company positions itself as a technology-driven investment firm focused on widening access to investment opportunities.
It aims to combine research, technological innovation, and investor education to encourage broader participation in the capital markets, targeting retail, institutional, diaspora, and emerging investors.
To strengthen the advisory segment of the market, the Authority granted an investment adviser license to Zamara Actuaries, Administrators and Consultants Limited.
Already licensed by the Retirement Benefits Authority (RBA) and the Insurance Regulatory Authority (IRA), Zamara provides actuarial consulting, pension administration, insurance brokerage, and financial planning services.
The new license allows the firm to extend its operations into the capital markets and offer integrated advisory solutions to both institutional and individual clients.
Arion Capital Limited also received approval as an investment adviser.The firm plans to deliver tailored advisory services to corporate clients and high-net-worth individuals, with a focus on investment strategies that balance financial returns with social and environmental considerations.
In addition, Horizon Africa Capital Limited was granted an investment adviser license. The Kenya-incorporated boutique firm specializes in mergers and acquisitions and capital raising.
It intends to develop technology-driven wealth management solutions, promote investor education, and mobilize savings into productive investments that support income generation, capital preservation, and long-term wealth creation.
The Authority further approved an intermediary service platform provider license for I&M Capital Limited, a wholly owned subsidiary of I&M Group PLC.
The firm, which is already licensed as a fund manager, will expand its existing wealth management and advisory services, including unit trusts, government securities, offshore investments, and financial planning.
According to CMA, the entry and expansion of these intermediaries are expected to increase market depth, diversify financial products, enhance investor choice, and strengthen confidence in Kenya’s capital markets.
The regulator reaffirmed its commitment to maintaining high regulatory standards while encouraging innovation and responsible market development.
