CMA LICENSES NEW MARKET ENTRANTS TO DEEPEN AND DIVERSIFY KENYA’S CAPITAL MARKETS
Nairobi, 11 February 2026…… The Capital Markets Authority (CMA) has approved several license applications from firms seeking to operate as market intermediaries, as part of its ongoing efforts to deepen Kenya’s capital markets, enhance innovation, and expand access to investment services across diverse investor segments.
The approvals reflect the Authority’s commitment to fostering a well-regulated, inclusive, and dynamic capital markets ecosystem that responds to the evolving needs of retail, institutional, corporate, diaspora, and high-net-worth investors, while supporting sustainable economic growth.
Among the applicants approved is Rock Advisors Limited, which was previously licensed as an investment Advisor but has now upgraded and has been licensed to operate as an Investment Bank. The firm will now offer an expanded suite of services that includes market research, advisory services, wealth management and proprietary trading.
The Authority has also approved the entry of Green Margin Capital Limited into the market as a licensed Stockbroker. The firm is positioned as a technology-driven investment house with a mission to democratize access to investment opportunities and promote broader participation in the capital markets. It seeks to combine research excellence, technological innovation, and investor education to support inclusive, transparent, and efficient market participation, while serving retail, institutional, diaspora, and emerging investor groups.
In further strengthening the advisory segment of the market, CMA has approved an
investment adviser license for Zamara Actuaries, Administrators and Consultants Limited. Zamara is a well-established professional services firm licensed by both the Retirement Benefits Authority (RBA) and the Insurance Regulatory Authority (IRA) and provides actuarial consulting, pension administration, insurance brokerage, and financial planning services. The approval enables the firm to extend its expertise into the capital markets, enhancing the availability of integrated advisory solutions for institutional and individual clients.
The Authority has also approved an investment adviser license for Arion Capital Limited. The firm intends to provide tailored advisory services to corporates and high-net-worth individuals, supporting investment strategies that align financial returns with social and environmental objectives.
Further deepening the investment advisory space, the Authority approved an Investment Adviser License for Horizon Africa Capital Limited, a boutique mergers and acquisitions and capital raising firm incorporated in Kenya. The firm seeks to develop innovative, technology-driven wealth management solutions, integrate investor education initiatives, and play a key role in mobilizing savings into productive investments that support income distribution, capital preservation, and long-term wealth creation.
Finally, the Authority 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 under the Authority’s regulatory framework. The approval builds on the firm’s existing wealth management and advisory offerings, which include unit trusts, government securities, offshore investments, and financial planning services.
CMA notes that the entry and expansion of these intermediaries will contribute to increased market depth, improved product diversity, enhanced investor choice, and strengthened confidence in Kenya’s capital markets. The Authority remains committed to maintaining high regulatory standards while supporting innovation and responsible market development.
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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
