The Capital Markets Authority (CMA) has approved Safaricom PLC and Airtel Money Kenya Limited as Intermediary Service Platform Providers and licensed CC Kenya Securities Limited to operate as a Dealing Online Forex Broker.
The move aims to enhance competition, expand investor choice, and strengthen digital access to regulated capital markets products.
In a statement released on December 22, 2025, CMA confirmed that it had approved Safaricom PLC and Airtel Money Kenya Limited to operate as Intermediary Service Platform Providers (ISPPs).
The regulator also licensed CC Kenya Securities Limited, trading as Capital.com, as a Dealing Online Foreign Exchange Broker.
According to the CMA, the licensing of Safaricom and Airtel as ISPPs is expected to enhance competition, expand investor choic,e and strengthen digital access to regulated capital markets products.
Intermediary Service Platform Providers enable investors to interact with regulated market products through digital platforms, making investing more accessible to retail and institutional clients alike.
CC Kenya Securities Limited’s license as a dealing broker allows the company to “act as a principal and market maker in online foreign exchange trading, including opening client accounts, providing trading platforms, offering market information, monitoring positions, and issuing end-of-day reports in line with the Capital Markets (Online Foreign Exchange Trading) Regulations, 2017.”
This makes it one of the few authorized firms in Kenya that can directly facilitate online forex trading for clients while taking market positions themselves.
CMA’s licensing activity highlights the growing interest in digital trading products in Kenya. So far, the authority has licensed thirteen non-dealing online forex brokers, two dealing online forex brokers and three money managers, reaffirming the continued growth of the country’s regulated online forex trading ecosystem.
The approvals reflect both regulatory confidence in new market participants and an ambition to make financial markets more inclusive.
By integrating telecom-based platforms into the regulated capital markets, CMA aims to leverage mobile technology penetration in Kenya to broaden access and participation.
“This development provides an opportunity for increased digital financial inclusion, enabling Kenyans to access investment opportunities through platforms they are already familiar with,” the regulator noted.
With Safaricom and Airtel entering the capital markets, millions of mobile money users could potentially transact directly in regulated products, a move likely to reshape retail investing in Kenya.
Meanwhile, the licensing of a dealing online forex broker adds a layer of sophistication to the market. Dealing brokers are distinct from non-dealing brokers in that they can act as principals, taking positions themselves, while also providing clients with trading infrastructure and market intelligence.
CMA emphasized that this framework is designed to ensure transparency and investor protection while allowing for competitive pricing in the online forex market.
The regulator’s oversight ensures that online trading platforms, whether for capital markets products or forex, operate within a structured legal and operational framework. This is intended to protect investors while fostering innovation in digital finance.
Kenya’s broader capital markets sector has been steadily expanding, driven by technology adoption, increased financial literacy, and regulatory reforms.
CMA’s recent approvals are consistent with its mandate to deepen capital markets, improve investor access, and promote sustainable growth.
By authorizing Safaricom PLC, Airtel Money Kenya Limited, and CC Kenya Securities Limited, the CMA has signalled a clear commitment to both innovation and regulation.
As digital finance continues to gain traction in Kenya, these new entrants are expected to contribute to a more competitive, accessible, and transparent trading environment, offering investors more options and a pathway to greater participation in the nation’s financial markets.
