Waanzilishi Capital has been granted licence by the Capital Markets Authority(CMA) to operate as fund manager to provide investment advice, manage portfolios, and design investment funds.
Waanzilishi Capital is the digital-first capital market intermediary and is the firm behind the Ndovu app.
Previously, the company was licensed as an investment adviser.
“This license allows us to roll out unique products that will better connect the real economy to the capital markets. The latent power of the market will soon be palpable to all,” said Rogito Nyangeri, CCO and Co-Founder of Ndovu.
The move is driven by the recent developments witnessed in Nigeria, Ghana, and Kenya around activities by unregulated FinTechs, showcasing an imperative for businesses to de-risk their operations on both legal and regulatory fronts.
“We see regulation as a key pillar of our strategy as it ensures that our company is built on strong pillars of transparency, compliance, and proper governance. Since our incorporation, we have worked closely with the CMA to drive innovation in the capital market ecosystem,” said Ndovu’s CEO & Co-founder, Radhika Bhachu.