The Capital Markets Authority (CMA) has officially granted licenses to telecommunications companies Safaricom Plc and Airtel Money Kenya Limited, alongside CC Kenya Securities Limited (trading as Capital.com).
This regulatory milestone signals a major shift toward the “app-ification” of investing, making it easier for millions of Kenyans to access regulated capital markets directly through their mobile devices.
Safaricom and Airtel Money have been approved to operate as Intermediary Service Platform Providers (ISPPs). By licensing the country’s two largest mobile service providers, the CMA aims to:
- Enhance Competition: Introduction of major tech players into the financial services space.
- Expand Investor Choice: Providing more avenues for retail investors to engage with market products.
- Strengthen Digital Access: Leveraging existing mobile money ecosystems to simplify the investment process.
Beyond mobile intermediaries, the CMA also licensed CC Kenya Securities Limited (Capital.com) to operate as a Dealing Online Foreign Exchange Broker.
Unlike a non-dealing broker, a dealing broker is authorized to act as a principal and market maker. This allows them to:
- Open and manage client accounts.
- Provide proprietary trading platforms and market information.
- Monitor trading positions and issue regulated end-of-day reports.
The Kenyan forex trading landscape has seen rapid institutional growth over the last few years. According to the CMA, the regulatory body has now licensed:
- 13 Non-dealing online forex brokers
- 2 Dealing online forex brokers
- 3 Money managers