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PRESS RELEASE

 

CMA admits Sycamore Capital Ltd to Regulatory Sandbox

Nairobi, 17 January 2022…The Capital Markets Authority (CMA) has admitted Sycamore Capital Limited to its Regulatory Sandbox for six months effective 10 January 2022. The fintech firm seeks to test its application named Cashlet App, a digital mobile-based unit trusts investment application.  

CMA Chief Executive Mr. Wyckliffe Shamiah noted, ‘The Cashlet App if successfully tested and rolled out in the open market, will play an important role in driving investor participation in the capital markets through collective investment schemes (CIS). It could contribute, in a way, to the growth of assets under CIS management over the current value of Kshs100 billion.’

Sycamore has partnered with licensed fund managers to avail units to the Cashlet App for testing. Mr. Shamiah noted that Cashlet App would provide a convenient and affordable opportunity for small investors to have access to professionally managed and diversified portfolios of assets.

The admission of Sycamore Capital to the CMA Regulatory Sandbox raises the number of participants in the live test environment to 13.

ENDS

 

 

BACKROUND 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. 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 and International Relations on This email address is being protected from spambots. You need JavaScript enabled to view it.

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