Kenya’s capital markets are set for fresh growth after the Capital Markets Authority approved a new group of firms to operate as investment banks, stockbrokers and investment advisers, a move aimed at widening investor access and strengthening competition in the sector.
In a statement issued on February 11, 2026, the regulator said the new licences are part of efforts to build a stronger, more inclusive and responsive market that serves a diverse range of investors, from individuals to institutions and diaspora clients.
“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 CMA said in a statement on February 11, 2026.
One of the key approvals involves Rock Advisors Limited, which has transitioned from operating as an investment adviser to becoming a fully licensed Investment Bank. The upgrade allows the firm to broaden its scope of services within the market.
“The firm will now offer an expanded suite of services that includes market research, advisory services, wealth management and proprietary trading,” CMA noted.
With the expanded mandate, Rock Advisors is now positioned to deliver a wider range of financial services to both institutional and retail clients, enhancing the options available to investors.
The Authority also granted a stockbroker licence to Green Margin Capital Limited. CMA described the firm as a technology-driven investment house focused on widening participation in the capital markets by making investment opportunities more accessible.
Green Margin Capital plans to merge research capability, digital tools and investor education to encourage inclusive, transparent and efficient engagement in the market. It aims to cater to retail, institutional, diaspora and emerging investor segments.
In the advisory space, Zamara Actuaries, Administrators and Consultants Limited has been licensed as an investment adviser. The firm already holds licences from the Retirement Benefits Authority and the Insurance Regulatory Authority and offers services such as actuarial consulting, pension administration, insurance brokerage and financial planning.
CMA said the new approval enables Zamara to extend its professional services into the capital markets, offering integrated advisory solutions to both institutional and individual investors.
Arion Capital Limited also received an investment adviser licence. The firm intends to provide customized advisory services to corporates and high-net-worth individuals, helping them pursue investment strategies that balance financial returns with social and environmental goals.
The regulator noted that this step supports the growth of responsible investment practices within Kenya’s expanding capital markets.
“These approvals are aimed at enhancing market efficiency, innovation, and participation for all investors, including retail, institutional, and diaspora investors,” the Authority said.
According to CMA, bringing in new players and allowing existing ones to expand operations is expected to boost competition, improve investor choice and reinforce Kenya’s standing as a key financial centre in the region.
The entry of firms focused on advisory services, such as Zamara Actuaries and Arion Capital, is also set to strengthen the depth of expertise available to investors seeking structured and diverse financial solutions.
The Authority added that the push for new licences reflects its focus on innovation, investor education and broader participation, which are essential to maintaining orderly and credible market operations.
“The aim is to support inclusive, transparent, and efficient market participation, while promoting sustainable economic growth,” CMA added.
With the new approvals now in place, the regulator said it will continue supervising all intermediaries to ensure they meet compliance standards and provide quality services to investors.
The latest licensing decisions mark another step in CMA’s plan to deepen Kenya’s capital markets, expand the range of financial services on offer and create an environment that supports innovation, accountability and access for a growing investor base.
