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CMA Admits Waanzilishi Capital Ltd to the Regulatory Sandbox


Nairobi, 29 December 2021…The Capital Markets Authority (CMA) has announced the admission of Waanzilishi Capital Limited to the Regulatory Sandbox, bringing the total number of firms admitted to the live-testing environment for capital markets innovations to twelve.  The firm is a licensed Investment Advisor.

Waanzilishi Capital Limited proposes to test a robo-advisory solution (named Ndovu) with an element of discretionary portfolio management. The Robo-advisor will provide automated financial planning services by leveraging data from its clientele about their financial situation and future goals through the Ndovu App as a basis to offer investment advice and automatically invest client assets. The system will offer easy account setup, robust goal planning, account services, portfolio management, and security features, attentive customer service, comprehensive education, and competitive fees.

The CMA Chief Executive Officer, Mr. Wyckliffe Shamiah said, ‘the admission of Waanzilishi Capital Limited to the Regulatory Sandbox will facilitate the adoption and implementation of new technologies in the capital markets value chain.’

Large incumbents such as investment banks, stockbrokers and investment advisors, are leveraging economies of scale to roll out low-cost, or even zero-cost portfolio management platforms, or to partner with robo-advisors to enhance financial access, quality and inclusion.

In line with its  Strategic Plan 2018-2023, CMA aims to facilitate innovation and fintech adoption within the capital markets industry through the introduction of platforms, software and tools that enhance investment decision-making.

In compliance with the CMA Regulatory Sandbox Policy Guidance Note 2019, Waanzilishi will be required to provide periodic reports to the Authority on the implementation of its test plans, achievement of test objectives, risks and challenges observed during the testing period and a final report prior to the expiry of its testing period.






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. 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, Head of Corporate Communications on This email address is being protected from spambots. You need JavaScript enabled to view it.


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