New Players Enter Kenya’s Investment Scene After CMA Approvals

Kenya’s investment space is opening up to more players after the Capital Markets Authority (CMA) approved several firms to operate as market intermediaries.

The approvals, announced on Wednesday, February 11, 2026, are expected to widen access to investment services and give investors more options in the market.

In a statement, CMA said the move is part of its plan to strengthen and modernise the country’s capital markets.

“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,” the regulator said.

Among the key approvals is Rock Advisors Limited, which has upgraded from an investment advisory licence to a full Investment Bank licence. With the new status, the firm will now offer market research, advisory services, wealth management and proprietary trading.

Green Margin Capital Limited has also been licensed as a stockbroker. The company describes itself as a technology-driven investment house focused on making investment opportunities more accessible. It plans to combine research, innovation and investor education to encourage more Kenyans to participate in the capital markets.

Licences

In the investment advisory segment, CMA granted licences to three firms. Zamara Actuaries, Administrators and Consultants Limited, already licensed by the Retirement Benefits Authority and the Insurance Regulatory Authority, will now extend its advisory services into the capital markets.

The firm provides actuarial consulting, pension administration, insurance brokerage and financial planning services.

Arion Capital Limited also received an investment adviser licence and will offer customised advisory services to corporates and high-net-worth individuals. The firm says it will help clients align financial returns with social and environmental goals.

Horizon Africa Capital Limited, a boutique mergers and acquisitions and capital-raising firm, has also been approved. The company plans to offer technology-driven wealth management solutions and investor education while mobilising savings into productive investments.

In addition, I&M Capital Limited, a subsidiary of I&M Group PLC, received an Intermediary Service Platform Provider licence. Already a licensed fund manager, the firm will expand its wealth management and advisory services, including unit trusts, government securities, offshore investments and financial planning.

CMA said the approval of the new and expanding intermediaries will increase market depth, improve product diversity and enhance investor choice in Kenya’s capital markets.