CMA approves new market intermediaries to boost Kenya’s capital markets

The Capital Markets Authority (CMA) has approved several firms to operate as market intermediaries.

According to a statement on Wednesday, February 11, 2026, the move aims to deepen Kenya’s capital markets, encourage innovation, and broaden access to investment services.

“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 announced.

Among the approved firms is Rock Advisors Limited, which has upgraded from an investment advisory licence to an Investment Bank licence. Rock Advisors will now offer market research, advisory services, wealth management, and proprietary trading.

Green Margin Capital Limited has also been licensed as a stockbroker. The firm positions 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 participation in the capital markets.

Advisory firms receive licences

In the investment advisory space, CMA has granted licences to three firms. Zamara Actuaries, Administrators and Consultants Limited, which is already licensed by the Retirement Benefits Authority (RBA) and the Insurance Regulatory Authority (IRA), will now extend its advisory expertise to the capital markets. The firm offers actuarial consulting, pension administration, insurance brokerage, and financial planning.

Arion Capital Limited has also received an investment adviser licence. The firm will provide customised advisory services to corporates and high-net-worth individuals, helping them align financial returns with social and environmental objectives.

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

Finally, I&M Capital Limited, a subsidiary of I&M Group PLC, received an Intermediary Service Platform Provider (ISPP) licence. Already a licensed fund manager, I&M Capital will expand its wealth management and advisory offerings, which include unit trusts, government securities, offshore investments, and financial planning services.

CMA said the approval of these new and expanding intermediaries will increase market depth, improve product diversity, and enhance investor choice.