The Capital Markets Authority (CMA) has approved a new set of licences covering investment banking, fund management, investment advisory services, and venture capital operations, in a move that will expand the range of regulated intermediaries operating in Kenya’s capital markets.
The CMA approvals include three investment banking licence upgrades, alongside additional authorisations for fund managers, investment advisers, and a venture capital company. The changes are expected to widen the scope of services available to issuers and investors across different segments of the market. Capital Markets Authority said the licensing decisions are part of ongoing efforts to expand full-service investment banking capacity, increase product diversity, and support the development of a deeper and more accessible capital market ecosystem.
Three Firms Upgraded to Investment Banking Licences
Among the key CMA approvals, three firms have transitioned from intermediary status to full investment banking licences, expanding their operational scope beyond brokerage and dealing services. Cinemark Consult Limited has been upgraded from an Authorised Securities Dealer to an Investment Bank. The firm plans to offer a full suite of capital markets services, including corporate advisory, securities dealing, underwriting, fund management, and market-making. Its target client base includes institutional investors, corporates, retail investors, diaspora clients, and high-net-worth individuals, signalling a multi-segment service model within the regulated investment banking space.
Fintrust Securities Limited has also received approval to transition from an Authorised Securities Dealer to an Investment Bank. The expanded licence allows the firm to provide corporate finance advisory, debt and equity capital raising, underwriting, wealth and asset management, research services, and enhanced fixed-income trading activities. The upgrade positions the firm to operate across both advisory and execution functions within Kenya’s capital markets framework.
AIB-AXYS Africa Limited has been approved to upgrade from a stockbroker to an Investment Bank. Alongside existing equities and fixed income brokerage services, the firm will now offer corporate finance advisory, capital raising, underwriting, syndication, wealth management, alternative investments, and sustainable finance advisory services. The firm also plans to expand digital access through its trading platform, targeting retail and diaspora investors seeking online participation in Kenya’s capital markets.
Expansion into Fund Management, Advisory and Venture Capital
In a separate set of approvals, the regulator also issued new licences for fund management, investment advisory, and venture capital operations. Karsis Asset Managers Limited has been granted a Fund Manager licence. The firm intends to provide private wealth management services and launch a range of unit trust products, including money market, fixed income, balanced, equity, and specialised investment strategies.
Vepris Cap Limited has been approved as an Investment Adviser. The firm will focus on technology-driven advisory and trading support services, with an emphasis on fixed-income instruments serving both retail and institutional clients.
In addition, E-Gum Ventures Limited has been registered as a Venture Capital Company. The firm plans to operate a multi-fund structure comprising a project fund focused on capital preservation through government-linked infrastructure investments, an innovation fund targeting startups in fintech, agritech and healthtech, and an impact fund offering blended-finance solutions linked to sustainable development themes.
Market Depth, Product Diversity and Investor Access
The CMA noted that the new licences are expected to increase market depth and expand the range of products available to issuers and investors. The entry and expansion of these intermediaries is also expected to enhance competition in advisory services, capital raising, asset management, and trading infrastructure.
The approvals span multiple investor segments, including institutional investors, corporates, retail participants, diaspora investors, and high-net-worth individuals, extending access to both traditional and digital channels of participation.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.