CMA LICENSES NEW MARKET ENTRANTS ACROSS ADVISORY, REIT MANAGEMENT, COFFEE BROKERAGE AND DIGITAL INTERMEDIATION TO DEEPEN AND DIVERSIFY KENYA’S CAPITAL MARKETS

Nairobi, 06 July 2026…… The Capital Markets Authority has granted various licences to firms seeking to operate as market intermediaries across a broad cross-section of Kenya’s capital markets. They include investment advisory, real estate investment trust (REIT) management, coffee brokerage and digital intermediation and form part of the Authority’s ongoing efforts to deepen Kenya’s capital markets, enhance innovation and expand access to investment services across retail, institutional, corporate, diaspora and high-net-worth investor segments.

Among the firms licensed is Finaltus Limited, which has been granted an Investment Adviser licence. Finaltus is a business, investment and transaction advisory firm based in Nairobi with a presence in several African markets. The licence will enable Finaltus to leverage its expertise in corporate finance, investment due diligence and strategic advisory to provide tailored investment solutions to clients across listed and non-listed entities, with a stated focus on environmental, social and governance (ESG) priorities and cross-border transactions in support of Kenya’s Vision 2030 and global sustainability objectives.

The Authority has also approved the entry of Istithmaar Lulu Maknoon Limited (ILM) into the market as a licensed Real Estate Investment Trust (REIT) Manager. ILM is positioned as a Shariah-compliant investment vehicle, with objectives that include raising, managing and deploying capital in Shariah-compliant projects and managing, operating and administering REITs, private equity funds and investor capital in a manner that fully adheres to Shariah principles and aligns with Islamic finance tenets. Its licensing offers investors additional Shariah-compliant options aligned with the country’s wider financial inclusion and market development objectives.

In further strengthening the national government’s coffee reforms efforts, the Authority has granted Saffron Coffee Marketers Limited a Coffee Broker licence. Saffron is a Kenyan private limited liability company has been established with the objective of offering coffee brokerage services primarily to coffee estate farmers in Embu County.

Finally, the Authority has granted an Intermediary Service Platform Provider (ISPP) licence to Frictionless Enterprises Limited, trading as Power®. Power® operates a proprietary digital platform that integrates with employer payroll systems and Fund Manager back-end systems through secure application programming interfaces (APIs). Under the ISPP licence, the firm will formalise its “Save” pillar, enabling users to invest seamlessly in Money Market Funds managed by CMA-regulated Fund Managers, while the Fund Managers retain responsibility for fund management, unitisation and custodial reconciliation. Power® had previously participated in the CMA Regulatory Sandbox before applying for full ISPP licensing under the new regulatory framework.

The CEO, FCPA Wyckliffe Shamiah noted “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 urges members of the public to invest only through licensed intermediaries and platforms and reminds all licensees of their continuing obligations relating to fit-and-proper standards, capital adequacy, corporate governance, investor disclosures, custody and segregation of client assets, anti-money laundering compliance and ongoing reporting to the Authority. The Authority remains committed to maintaining high regulatory standards while supporting innovation and responsible market development.”

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, Assistant Director Corporate Communications & International Affairs on amwangi@cma.or.ke