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CMA Issues Four New Licenses to Strengthen and Diversify Kenya’s Capital Markets

Nairobi, 5 November 2025 — The Capital Markets Authority (CMA) has approved four new licenses, underscoring its continued commitment to deepening and diversifying Kenya’s capital markets through structured and transparent institutions.

The Authority has granted a Real Estate Investment Trust (REIT) Manager License to Africa Logistics Properties Limited (ARML). The license paves way for the establishment of a REIT to facilitate investment in Kenya’s logistics and industrial real estate sector, in alignment with the Government’s Affordable Housing Agenda and efforts to promote real estate development through capital market financing.

In a bid to foster financial inclusion, CMA has approved the application by Cinemark Consult Limited for an Authorised Securities Dealer (ASD) license. The firm targets underserved market segments, including retail investors, diaspora clients, and high-net-worth individuals.

In addition, the Authority has granted a Coffee Broker License to Wareng Coffee Marketing Agency Limited under the Capital Markets (Coffee Exchange) Regulations, 2020. The company is owned by the Uasin Gishu Coffee Farmers’ Co-operative Union Limited and will trade coffee on behalf of farmers in Uasin Gishu and neighbouring counties. The licensing of Wareng Coffee Marketing Agency is expected to enhance value chain efficiency and empower coffee farmers through a transparent and regulated coffee trading framework.

Further, CMA has approved Victoria Wealth Management Limited for a Wealth Manager License. The firm will offer a range of wealth management services, including treasury bond and bill trading, access to unit trusts through partnerships with licensed fund managers, offshore open-ended funds, and portfolio management. Its target clientele includes high-net-worth individuals and institutional investors, with the objective of expanding access to investment opportunities and improving client service within Kenya’s evolving financial landscape.

Speaking on these approvals, the Chief Executive Officer, FCPA Wyckliffe Shamiah, stated:

“The Authority remains committed to facilitating innovation, diversification, and market deepening in Kenya’s capital markets. The approval of these licenses demonstrates our focus on enabling new products and participants that expand access to investment opportunities, enhance transparency and strengthen investor confidence. By supporting these entities, the Authority continues to advance the national agenda of mobilizing capital for development while safeguarding investor interests through robust regulation.”

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BACKGROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY

The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair, and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. CMA also regulates the commodity markets and online forex trading. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Manager Corporate Affairs & International Relations on amwangi@cma.or.ke

Screenshot 2025-10-09 at 11-07-22 CMA Advert on Policy Proposals 03102025.pdf

Request For Policy Proposals For Amendments Of Capital Markets Act And Regulations

The Capital Markets Authority (CMA) is an independent public agency established under the Capital Markets Act, Cap 485A whose core mandate is to regulate and develop Kenya’s capital markets by ensuring proper conduct of all licensed persons and institutions; regulating the issuance of capital market products; licensing and overseeing of capital market intermediaries, advancing investor education and public awareness aimed at safeguarding investors’ interests.
In accordance with Clause 12 of the Authority’s Act, Clause 5 of the Statutory
Instruments Act, 2013 and Article 232 of the Constitution that any proposed statutory changes must undergo adequate public consultation. In line with these requirements, the Capital Markets Authority (CMA) invites members of the public, particularly stakeholders in the capital markets industry, to submit policy proposals for key amendments to the Capital Markets Act and Regulations.

Click to View The Public Notice

Screenshot 2025-10-09 at 11-02-22 CMA Advert for Amendments on Regulations 03102025.pdf

Request For Proposals For Amendments Of Capital Markets Regulations

The Capital Markets Authority is charged with the mandate of regulating and developing Kenya’s capital markets. In line with the Capital Markets Strategic Plan, the Authority seeks to ensure that the Capital Markets legal and regulatory framework is up to date and responsive to changing market dynamics and emerging stakeholder needs.
In this regard, the Authority is in the process of reviewing the below regulations, available on www.cma.or.ke, under Market Regulation, in a bid to make them responsive to market needs and address new and emerging issues.: –
a) The Capital Markets (Real Estate Investment Trusts) (Collective Investment
Schemes) Regulations, 2013.
b) The Capital Markets (Foreign Investors) Regulations, 2002.
As a key stakeholder, the Authority recognizes your contribution to the growth and development of the market and kindly invites you to contribute to the review process by sending in any proposals you may wish to be considered in the review of any of the above regulations.

Click to View the Public Notice

cma

CMA Issues Four New Licenses to various Capital Market Players

Nairobi, 22 September 2025 — The Capital Markets Authority (CMA) has granted four new licenses as part of efforts to expand the scope of licensed players in the capital markets.

Fund Managers’ licenses have been granted to Kenya Climate Ventures Limited and EDC Asset Management (Kenya) Limited, further expanding the diversity and depth of Kenya’s asset management sector.  This brings the number of licensed fund managers to forty seven (47). This represents a growing interest in the pooled funds segment with assets under management in Collective Investment Schemes rising to Ksh596 billion as of 30 June 2025.

Kenya Climate Ventures Limited focuses on providing both financial and technical assistance to gender-inclusive, climate-smart enterprises. It aims to establish and manage specialized Climate Impact Funds to accelerate investments in projects that promote gender inclusivity, climate change adaptation, and mitigation.

CMA has also licensed EDC Asset Management (Kenya) Limited to provide fund management, investment advisory, and segregated portfolio management services.

Licenses have been granted to Jalia Advisers & Intermediaries Limited and Cooperative Bank, further strengthening Kenya’s capital markets by expanding the range of licensed market participants and service providers.

Jalia Advisers & Intermediaries Limited has been licensed as an Investment Adviser. The firm seeks to deliver well-researched, customized, and sustainable investment solutions, supporting wealth creation and financial inclusion across the country.

A Corporate Trustee License has been granted to Co-operative Bank of Kenya Limited. The bank has extensive experience in the capital markets, serving as a licensed custodian, REIT Trustee, and a listed entity. It currently provides trustee services to several Real Estate Investment Trusts and unit trust schemes.

These approvals demonstrate CMA’s continuous efforts to broaden the diversity of licensed intermediaries, expand investment advisory services, and enhance governance in collective investment schemes, thereby contributing to the Authority’s mandate of developing, regulating, and protecting Kenya’s capital markets.

The licensing of Kenya Climate Ventures Limited and EDC Asset Management (Kenya) Limited demonstrates the Authority’s commitment to fostering a diverse and resilient asset management industry. These approvals bring together impact-driven climate finance and global investment expertise, both of which are vital in driving inclusive growth, sustainable development, and investor confidence in Kenya’s capital markets.

 

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BACKGROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY

 

The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair, and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. CMA also regulates the commodity markets and online forex trading. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Manager Corporate Affairs & International Relations on amwangi@cma.or.ke

cma

CMA Issues Four New Licenses to Deepen Capital Markets

Nairobi, 23 September 2025 — The Capital Markets Authority (CMA) has granted four new licenses to deepen the capital markets, further diversifying players in Kenya’s capital markets.

CMA has licensed TPXM Global Kenya Limited as a non-dealing Online Foreign Exchange Broker; Point Forty Investment Advisory Limited as an Authorised Securities Dealer (ASD); Silverhouse Capital Limited as an Investment Adviser; and Enwealth Impact Debt Fund Limited as an Alternative Investment Fund (AIF).

TPXM Global Kenya Limited has been licensed to provide online trading services in foreign exchange, commodities, equities, and contracts for differences (CFDs) on underlying assets.

As an ASD, Point Forty Investment Advisory Limited will provide bespoke investment solutions across Government securities (Treasury bonds and bills) and listed equities on the Nairobi Securities Exchange  targeting institutional, high-net-worth, and retail investors.

Etica Capital Limited, a licensed Fund Manager, has been granted approval to register the Etica Special Multi-Asset Fund (KES) under the Etica Unit Trust Funds.

The Authority has also approved applications from Etica Capital Limited, Acorn Build-to-Rent Development Real Estate Investment Trust (D-REIT), and Myxeno Investment Management Limited, reinforcing its commitment to broadening investment products available to Kenyan investors.

CMA has also granted authorization to Acorn Build-To-Rent Development Real Estate Investment Trust (REIT). The REIT, managed by Acorn Investment Management Limited, is designed to expand Kenya’s affordable rental housing market, enabling investors to participate in large-scale, professionally managed rental property developments.

The Authority reiterates its dedication to promoting robust regulatory oversight while encouraging innovation and new market entrants that strengthen investor protection and contribute to the growth of Kenya’s financial sector.

 

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BACKGROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY

The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair, and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. CMA also regulates the commodity markets and online forex trading. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Manager Corporate Affairs & International Relations on amwangi@cma.or.ke

cma

CMA Licenses Two New Investment Advisors to Broaden Market Access

Nairobi 16 July 2025…… The Capital Markets Authority (CMA) has granted licenses to two investment advisory firms, reinforcing its commitment to deepen investor access to professional financial services and promote informed investment decisions in Kenya’s capital markets.

Rock Advisors Limited has been licensed as an investment advisor, with a focus on providing responsible and tailored financial advice to institutional clients across the country. The firm aims to support strategic investment planning and enhance portfolio management practices for its clients.

In addition, the Authority has licensed Legatum Capital Advisory Limited as an investment advisor. The firm intends to offer a diverse range of investment advisory services to clients, promoting capital preservation, wealth creation and sustainable investment practices.

These approvals are in line with CMA’s regulatory mandate to ensure a robust, fair, and transparent financial advisory framework that enhances investor protection and confidence.

 

ENDS

BACKGROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY

The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair, and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. CMA also regulates the commodity markets and online forex trading. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Manager Corporate Affairs & International Relations on amwangi@cma.or.ke

cma

CMA Licenses New Authorised Securities Dealer and Corporate Trustee to Deepen Market Development

Nairobi, 15 July 2025…… The Capital Markets Authority has granted two new licenses aimed at enhancing investor confidence and promoting capital markets development in Kenya.

To support efforts in improving liquidity within the fixed income market, the Authority has licensed Fintrust Securities Limited as an Authorised Securities Dealer (ASD). As an ASD, Fintrust will be permitted to buy and sell fixed-income securities on behalf of clients, quote bid and offer prices for various instruments, and provide advisory services—contributing to greater price discovery and trading efficiency.

In line with Regulation 31 of the Capital Markets (Collective Investment Schemes) Regulations, 2023, Stanbic Bank Kenya Limited has been licensed as a corporate trustee. In this role, Stanbic Bank will be responsible for the oversight of collective investment schemes, ensuring compliance, governance, and investor protection.

These approvals reflect CMA’s ongoing commitment to strengthening market infrastructure, enhancing investor safeguards, and fostering a more vibrant and resilient capital markets ecosystem.

 

 

ENDS

BACKGROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY

The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair, and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. CMA also regulates the commodity markets and online forex trading. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics;

Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Manager Corporate Affairs & International Relations on amwangi@cma.or.ke

cma

CMA Approves New Collective Investment Schemes and Sub-Funds

Nairobi, 14 July 2025…… The Capital Markets Authority has granted approvals to several market players for the establishment of new collective investment schemes and sub-funds, in a move aimed at deepening Kenya’s capital markets and enhancing product diversity for investors.

Sanlam Investments East Africa has received approval to establish a new sub-fund under its existing structure, the Sanlam Special GBP Fixed Income Fund. This unit portfolio will be denominated in Great Britain Pounds (GBP), providing investors with exposure to fixed income securities in foreign currency.

In a separate development, ALA Capital Limited has been approved to register the ALA Capital Collective Investment Scheme (ALA CIS), comprising six sub-funds: ALA Balanced Fund, ALA Multi-Asset Special Fund, ALA Equity Fund, ALA Fixed Income (KES) Fund, ALA Money Market Fund (USD), ALA Money Market Fund (KES)

In addition, VCG Asset Management Limited has received approval to register three funds under the VCG Offshore Opportunities Special Funds umbrella. These include:VCG Offshore Money Market Fund (KES), VCG Offshore Money Market Special Fund (USD), VCG Offshore Fixed Income Special Fund (KES).

The CMA Chief Executive Officer, FCPA Wyckliffe Shamiah, welcomed the approvals, noting the continued growth in demand for collective investment schemes, which have now surpassed Ksh. 500 billion in total assets under management.

“These approvals reflect growing investor confidence and increased appetite for diversified investment options, including foreign currency-denominated and offshore funds,” said Mr. Shamiah.

The Authority remains committed to supporting the development of innovative capital markets products that enhance investor choice and contribute to economic growth.

 

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BACKGROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY

The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair, and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. CMA also regulates the commodity markets and online forex trading. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Manager Corporate Affairs & International Relations on amwangi@cma.or.ke

cma

CMA licenses three new corporate trustees

Nairobi, 21 May 2025… The Capital Markets Authority (CMA) has licensed three new corporate trustees to support the growing Collective Investment Schemes (CIS) market in Kenya. These trustees will provide oversight for investment vehicles such as unit trusts, mutual funds, and other collective investment structures.

The newly licensed entities are;

MTC Trust & Corporate Services Limited, which offers a broad range of fiduciary and trustee services to private entities. The firm also provides security trustee services and manages specialized structures.

Standard Chartered Bank Kenya, which has now expanded into corporate trustee services. The bank has been a major player in custody services since 2010 and currently holds the largest market share in that segment.

NCBA Group Plc, which has been licensed to offer corporate trustee services as part of its broader custody solutions. The bank aims to deepen its investment services offering by incorporating CIS trustee functions into its portfolio.

The licensing of these trustees comes at a time when demand for Collective Investment Schemes continues to rise, crossing the Ksh.400 billion mark. This is mainly driven by both retail and institutional investors seeking professionally managed, diversified investment options. Corporate trustees play a critical role in safeguarding investors’ interests by ensuring that fund managers operate in compliance with scheme documents and regulatory requirements.

The move underscores CMA’s commitment to strengthening investor protection and supporting the growth of a robust, transparent capital markets ecosystem in Kenya.

 

ENDS

BACKGROUND INFORMATION

The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair, and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. CMA also regulates the commodity markets and online forex trading. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Manager Corporate Affairs & International Relations on amwangi@cma.or.ke

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