Kenya’s Capital Markets Authority (CMA) has approved several new licenses for financial intermediaries in a move aimed at strengthening Kenya capital markets, broadening investor participation, and enhancing product diversity across the sector.
In a statement issued in Nairobi on 11 February 2026, the regulator said the approvals form part of its broader strategy to foster a well-regulated, innovative, and inclusive financial ecosystem capable of supporting sustainable economic growth.
The new licenses span investment banking, stockbroking, advisory services, and intermediary service platform provision, signaling what the Authority described as continued efforts to deepen Kenya capital markets and respond to evolving investor needs.
Among the approved applications is Rock Advisors Limited, which has upgraded from an Investment Adviser license to an Investment Bank license.
The firm will now be authorized to provide a broader suite of services, including market research, advisory services, wealth management, and proprietary trading.
The transition reflects a growing trend within Kenya capital markets, where advisory firms are expanding into more comprehensive financial service offerings as investor demand becomes more sophisticated.
In addition, the CMA approved the entry of Green Margin Capital Limited as a licensed stockbroker.
The firm positions itself as a technology-driven investment house seeking to improve access to capital markets, particularly for underserved market segments.
According to the Authority, Green Margin Capital intends to integrate research excellence with technological innovation to promote inclusive market participation.
The Authority also approved several investment adviser licenses as part of efforts to reinforce advisory capacity within Kenya capital markets.
Zamara Actuaries, Administrators and Consultants Limited received approval to extend its actuarial consulting, pension administration, insurance brokerage, and financial planning services into capital markets advisory.
The firm is already regulated by the Retirement Benefits Authority (RBA) and the Insurance Regulatory Authority (IRA), and its expansion into capital markets is expected to create more integrated advisory solutions for both institutional and individual investors.
Arion Capital Limited was similarly granted an investment adviser license. The firm intends to provide tailored advisory services to corporate entities and high-net-worth individuals, with a focus on aligning financial returns with social and environmental objectives.
This development mirrors broader global trends where environmental, social and governance (ESG) considerations are increasingly influencing investment strategies.
Further deepening the advisory space, Horizon Africa Capital Limited, a boutique mergers and acquisitions and capital-raising firm incorporated in Kenya, received approval to operate as an Investment Adviser.
The company plans to develop technology-driven wealth management solutions, integrate investor education initiatives, and mobilize savings into productive investments.
The expansion of advisory services is widely seen as central to strengthening Kenya capital markets, particularly in supporting capital formation, improving financial literacy, and promoting long-term wealth creation.
In a separate development, the CMA granted an Intermediary Service Platform Provider (ISPP) license to I&M Capital Limited, a wholly owned subsidiary of I&M Group PLC.
The firm is already licensed as a fund manager under the Authority’s regulatory framework.
The new approval allows I&M Capital to operate an intermediary services platform, building upon its existing wealth management and advisory offerings.
These include unit trusts, government securities, offshore investments, and financial planning services.
The CMA stated that the entry and expansion of these intermediaries will contribute to greater market depth, enhanced product diversity, and improved investor choice.
The Authority emphasized its ongoing commitment to maintaining high regulatory standards while encouraging responsible innovation.
Kenya capital markets have undergone steady reform over the past decade, with regulators seeking to diversify products beyond traditional equities and government bonds.
Efforts have included promoting collective investment schemes, green bonds, derivatives markets, and real estate investment trusts (REITs).
While trading volumes on the Nairobi Securities Exchange (NSE) have fluctuated in recent years amid broader economic headwinds, policymakers have consistently highlighted the capital markets as a critical pillar for long-term economic development.
By mobilizing domestic savings and facilitating capital raising for businesses, the sector plays a central role in supporting infrastructure development, entrepreneurship, and job creation.
The CMA reiterated that it remains committed to balancing innovation with regulatory oversight. The Authority’s framework seeks to encourage new entrants and technological advancements while safeguarding market stability and protecting investors.
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