The Capital Markets Authority (CMA) has approved six new firms to operate as market intermediaries, expanding Kenya’s regulated investment landscape at a time when both retail and institutional participation is on the rise.
The approvals, announced in a statement dated February 11, open the door for new entrants in investment banking, stockbroking, advisory, and fund management services. The regulator said the move is part of its strategy to build a more inclusive and resilient capital markets ecosystem in 2026.
“The approvals reflect the Authority’s 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,” CMA stated.
Each firm will operate under full regulatory oversight and must comply with licensing conditions designed to protect investor interests, ensure transparency, and safeguard market integrity.
Among the approved firms:
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Rock Advisors Limited – Previously licensed as an investment adviser, Rock Advisors has been upgraded to operate as an investment bank. The firm plans to expand into market research, advisory services, wealth management, and proprietary trading.
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Green Margin Capital Limited – Licensed as a stockbroker, the company positions itself as a technology-driven investment house aimed at widening access to capital market products. It plans to combine research, digital tools, and investor education to serve retail investors, institutions, diaspora clients, and emerging market participants.
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Zamara Actuaries, Administrators and Consultants Limited – Already licensed by the Retirement Benefits Authority and the Insurance Regulatory Authority, Zamara will now offer capital markets advisory, adding to its actuarial consulting, pension administration, insurance brokerage, and financial planning services.
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Arion Capital Limited – Licensed to advise corporates and high-net-worth individuals, Arion Capital will focus on strategies that balance financial returns with social and environmental considerations, reflecting growing demand for responsible investing.
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Horizon Africa Capital Limited – A boutique mergers and acquisitions and capital-raising firm, Horizon Africa Capital plans to roll out technology-driven wealth management products and enhance investor education to mobilize savings into productive sectors.
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I&M Capital Limited – A subsidiary of I&M Group PLC and an existing fund manager, I&M Capital received an Intermediary Service Platform Provider licence, allowing it to operate digital platforms for marketing and distributing regulated products such as money market funds and equities directly to retail investors.
The latest approvals come as Kenya’s capital markets continue to modernize, with regulators encouraging innovation while strengthening oversight to ensure investor protection and market integrity.
