CMA Clears 6 New Entrants to Strengthen Kenya’s Capital Markets

The Capital Markets Authority (CMA) has licensed six new firms, including an investment bank, a stockbroker, and four advisory players.

In a notice dated February 11, 2026, the regulator said the approvals are part of its broader strategy to enhance market depth, diversify products, and widen access to investment services across retail, institutional, corporate, diaspora, and high-net-worth investor segments.

“These approvals aim to expand access to investment services and enhance participation across diverse investor groups,” the notice said.

CMA Clears 6 New Entrants

According to CMA, the approvals reflect its 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 approved applicants is Rock Advisors Limited, which was previously licensed as an Investment Adviser but has now upgraded to operate as an Investment Bank. The firm will offer an expanded suite of services, including market research, advisory services, wealth management, and proprietary trading.

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The Authority also approved the entry of Green Margin Capital Limited as a licensed stockbroker. The firm positions itself as a technology-driven investment house aiming to democratise 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.

Further strengthening the advisory segment, CMA approved an Investment Adviser licence for Zamara Actuaries, Administrators and Consultants Limited. The firm is 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 new approval enables Zamara to extend its expertise into the capital markets, enhancing integrated advisory solutions for institutional and individual clients.

Impact on Kenya’s Capital Markets

CMA also approved an Investment Adviser licence for Arion Capital Limited, which 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.

Additionally, the Authority granted an Investment Adviser licence to Horizon Africa Capital Limited, a boutique mergers-and-acquisitions and capital-raising firm incorporated in Kenya. The firm plans to develop technology-driven wealth management solutions and mobilise savings into productive investments that support capital preservation and long-term wealth creation.

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Moreover, CMA granted an Intermediary Service Platform Provider (ISPP) licence 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. CMA stated that the approval builds on the firm’s existing wealth management and advisory offerings, including unit trusts, government securities, offshore investments, and financial planning services.

CMA noted 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 reiterated its commitment to maintaining high regulatory standards while supporting innovation and responsible market development.

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