Kenya · Capital Markets Authority
A plain guide to the CMA's public cautions and its list of licensees.
WhatsApp groups and social media are full of investment and forex platforms taking M-Pesa. The Capital Markets Authority publishes cautions about unlicensed ones and a list of those it licenses. This site shows both, with the dates the CMA gave, and explains the check that connects them.
CMA cautionsLicensee listM-Pesa risk
Three ways to check a platform
1Match the legal nameLook up the exact name the platform gives in its terms, not the brand in the advert, on the CMA licensee list.2Read the cautionsSearch the CMA's public cautions for the same name, website or activity; a caution is the regulator saying an entity is not licensed.3Ask about the productForex and other capital-market products have their own rules; ask the platform for its legal entity, licence category and regulator.
Firms the CMA lists as licensed
Each row is a firm on the Capital Markets Authority's list of licensees, under the licence category the CMA gives. The list gives no date per licence.
| Licensee as the CMA lists it | Licence | Category | Source |
|---|---|---|---|
| Fund manager | |||
| ABSA Asset Management Limited | licence no. 129 | Fund manager | CMA ↗ |
| ADAR Asset Management Limited | licence no. 268 | Fund manager | CMA ↗ |
| African Alliance Kenya Asset Management Limited | licence no. 165 | Fund manager | CMA ↗ |
| African Diaspora Asset Managers Limited | licence no. 131 | Fund manager | CMA ↗ |
| ALA Capital Limited | licence no. 185 | Fund manager | CMA ↗ |
| Altree Capital Kenya Limited | licence no. 110 | Fund manager | CMA ↗ |
| Amana Capital Limited | licence no. 024 | Fund manager | CMA ↗ |
| Apollo Asset Management Company Limited | licence no. 025 | Fund manager | CMA ↗ |
| Arvocap Asset Managers Limited | licence no. 190 | Fund manager | CMA ↗ |
| Britam Asset Managers (Kenya) Limited | licence no. 027 | Fund manager | CMA ↗ |
| CFS Asset Management Limited | licence no. 134 | Fund manager | CMA ↗ |
| CIC Asset Managers Limited | licence no. 030 | Fund manager | CMA ↗ |
| Co-op Trust Investment Services Limited | licence no. 031 | Fund manager | CMA ↗ |
| CPF Asset Managers | licence no. 164 | Fund manager | CMA ↗ |
| Cytonn Asset Managers Limited | licence no. 108 | Fund manager | CMA ↗ |
| EDC Asset Management (Kenya) Limited | licence no. 234 | Fund manager | CMA ↗ |
| Entrust Advisory Limited | licence no. 269 | Fund manager | CMA ↗ |
| Etica Capital Limited | licence no. 171 | Fund manager | CMA ↗ |
| Everstrong Asset Management Limited | licence no. 270 | Fund manager | CMA ↗ |
| FCB Capital Limited | licence no. 032 | Fund manager | CMA ↗ |
| Fusion Investment Management Limited | licence no. 033 | Fund manager | CMA ↗ |
| GenAfrica Asset Managers Limited | licence no. 034 | Fund manager | CMA ↗ |
| Globetec Asset Managers Limited | licence no. 154 | Fund manager | CMA ↗ |
| GTXN Investments Limited | licence no. 200 | Fund manager | CMA ↗ |
| Hass Crest Capital Limited | licence no. 278 | Fund manager | CMA ↗ |
| I&M Capital Limited | licence no. 145 | Fund manager | CMA ↗ |
| ICEA Asset Lion Asset Management Limited | licence no. 035 | Fund manager | CMA ↗ |
| Jubilee Financial Services Limited | licence no. 119 | Fund manager | CMA ↗ |
| Karsis Asset Managers Limited | licence no. 254 | Fund manager | CMA ↗ |
| KCB Asset Management Limited (formerly Natbank Trustee and Investment Services Limited) | licence no. 087 | Fund manager | CMA ↗ |
| Kenya Climate Ventures Limited | licence no. 232 | Fund manager | CMA ↗ |
| Kuza Asset Management Limited | licence no. 161 | Fund manager | CMA ↗ |
| Lofty-Corban Investments Limited | licence no. 180 | Fund manager | CMA ↗ |
| Madison Investment Managers Limited | licence no. 037 | Fund manager | CMA ↗ |
| Mayfair Asset Managers Limited | licence no. 172 | Fund manager | CMA ↗ |
| Mema Asset Management Limited | licence no. 249 | Fund manager | CMA ↗ |
| Meridian Asset Management Limited | licence no. 226 | Fund manager | CMA ↗ |
| Metropolitan Canon Asset Managers Limited | licence no. 028 | Fund manager | CMA ↗ |
| MKM Capital Limited | licence no. 188 | Fund manager | CMA ↗ |
| Myxeno Investment Management Limited | licence no. 191 | Fund manager | CMA ↗ |
| Nabo Capital Limited | licence no. 029 | Fund manager | CMA ↗ |
| Ndovu Wealth Limited | licence no. 169 | Fund manager | CMA ↗ |
| Old Mutual Investment Group | licence no. 038 | Fund manager | CMA ↗ |
| Orient Asset Managers Limited | licence no. 023 | Fund manager | CMA ↗ |
| Sanlamallianz Investments Limited | licence no. 040 | Fund manager | CMA ↗ |
| Spearhead Africa Asset Management Limited | licence no. 186 | Fund manager | CMA ↗ |
| Standard Chartered Investment Services Limited | licence no. 042 | Fund manager | CMA ↗ |
| Star Capital Management Limited | licence no. 166 | Fund manager | CMA ↗ |
| Swala Capital Limited | licence no. 223 | Fund manager | CMA ↗ |
| The Kenyan Alliance Asset Management Company Limited | licence no. 220 | Fund manager | CMA ↗ |
| Tradiam Asset Managers Limited | licence no. 221 | Fund manager | CMA ↗ |
| Tradiam Investments Services Limited | licence no. 221 | Fund manager | CMA ↗ |
| VCG Asset Management Limited | licence no. 196 | Fund manager | CMA ↗ |
| Zimele Asset Management Company Limited | licence no. 045 | Fund manager | CMA ↗ |
| Investment adviser | |||
| AFG Wealth Kenya Limited | licence no. 124 | Investment adviser | CMA ↗ |
| Arion Capital Limited | licence no. 252 | Investment adviser | CMA ↗ |
| Ayesfield (Kenya) Limited | licence no. 104 | Investment adviser | CMA ↗ |
| Bora Capital Limited | licence no. 046 | Investment adviser | CMA ↗ |
| CPF Capital and Advisory Limited | licence no. 217 | Investment adviser | CMA ↗ |
| Dealogic Africa Limited | licence no. 259 | Investment adviser | CMA ↗ |
| Deloitte Financial Advisory Limited | licence no. 051 | Investment adviser | CMA ↗ |
| Entrust Advisory Limited | licence no. 213 | Investment adviser | CMA ↗ |
| Finaltus Limited | licence no. 271 | Investment adviser | CMA ↗ |
| Horizon Africa Capital Limited | licence no. 247 | Investment adviser | CMA ↗ |
| Jalia Advisers & Intermediaries Limited | licence no. 239 | Investment adviser | CMA ↗ |
| Legatum Capital Advisory Limited | licence no. 229 | Investment adviser | CMA ↗ |
| Liaison Financial Services Limited | licence no. 095 | Investment adviser | CMA ↗ |
| Lifestyle Management Limited | licence no. 054 | Investment adviser | CMA ↗ |
| Livonna Advisory Partners Ltd | licence no. 277 | Investment adviser | CMA ↗ |
| Mirova Sunfunder East Africa Limited | licence no. 204 | Investment adviser | CMA ↗ |
| Moran Capital Management Limited | licence no. 218 | Investment adviser | CMA ↗ |
| Price Water house Coopers Associates | licence no. 056 | Investment adviser | CMA ↗ |
| Prime limited | licence no. 194 | Investment adviser | CMA ↗ |
| Private Wealth Capital Limited | licence no. 147 | Investment adviser | CMA ↗ |
| Riscura Solutions (Kenya) Limited | licence no. 146 | Investment adviser | CMA ↗ |
| Salus Wealth Management Limited | licence no. 174 | Investment adviser | CMA ↗ |
| SilverHouse Capital Limited | licence no. 237 | Investment adviser | CMA ↗ |
| Synesis Capital Limited | licence no. 112 | Investment adviser | CMA ↗ |
| The Profin Group Limited | licence no. 059 | Investment adviser | CMA ↗ |
| Tim Walsh Advisory Services | licence no. 201 | Investment adviser | CMA ↗ |
| Vedman Capital Limited | licence no. 177 | Investment adviser | CMA ↗ |
| Vepris Cap Limited | licence no. 255 | Investment adviser | CMA ↗ |
| Virtual Capital International Limited | licence no. 125 | Investment adviser | CMA ↗ |
| Waanzilishi Capital Limited | licence no. 148 | Investment adviser | CMA ↗ |
| Waugh McDonald Wealth Management Limited | licence no. 103 | Investment adviser | CMA ↗ |
| Zamara Actuaries, Administrators & Consultants Limited | licence no. 251 | Investment adviser | CMA ↗ |
| Investment bank | |||
| ABSA Securities Limited | licence no. 002 | Investment bank | CMA ↗ |
| AIB-AXYS Africa Limited | licence no. 260 | Investment bank | CMA ↗ |
| Axys Investment Bank Limited | licence no. 260 | Investment bank | CMA ↗ |
| Capital A Investment Bank Limited (Formerly Securities Africa Kenya Limited) | licence no. 100 | Investment bank | CMA ↗ |
| Cinemark Investment Bank Limited | licence no. 264 | Investment bank | CMA ↗ |
| Dry Associates Limited (Trading as “Dry Associates Investment Bank”) | licence no. 114 | Investment bank | CMA ↗ |
| Dyer and Blair Investment Bank Limited | licence no. 004 | Investment bank | CMA ↗ |
| Equity Investment Bank Limited | licence no. 005 | Investment bank | CMA ↗ |
| Faida Investment Bank Limited | licence no. 006 | Investment bank | CMA ↗ |
| Fintrust Securities Limited | licence no. 258 | Investment bank | CMA ↗ |
| Genghis Capital Limited | licence no. 007 | Investment bank | CMA ↗ |
| Gulfcap Investment Bank Limited | licence no. 170 | Investment bank | CMA ↗ |
| Investcent Investment Bank Limited. | licence no. 187 | Investment bank | CMA ↗ |
| KCB Investment Bank Limited (formerly KCB Capital Limited) | licence no. 008 | Investment bank | CMA ↗ |
| NCBA Investment Bank Limited | licence no. 009 | Investment bank | CMA ↗ |
| Pergamon Investment Bank Limited | licence no. 179 | Investment bank | CMA ↗ |
| Renaissance Capital (Kenya) Limited | licence no. 010 | Investment bank | CMA ↗ |
| Rock Investment Bank Limited | licence no. 230 | Investment bank | CMA ↗ |
| Salaam Investment Bank Kenya Limited | licence no. 115 | Investment bank | CMA ↗ |
| SBG Securities Limited | licence no. 011 | Investment bank | CMA ↗ |
| Standard Investment Bank | licence no. 012 | Investment bank | CMA ↗ |
| Sterling Capital Limited | licence no. 021 | Investment bank | CMA ↗ |
| Victoria Wealth Management Limited | licence no. 241 | Investment bank | CMA ↗ |
| Non dealing forex broker | |||
| Admirals KE Limited | licence no. 178 | Non dealing forex broker | CMA ↗ |
| ANZO CAPITAL LIMITED | licence no. 219 | Non dealing forex broker | CMA ↗ |
| Ava Trade Kenya Limited | licence no. 262 | Non dealing forex broker | CMA ↗ |
| EGM Securities Limited (Trading as “FX Pesa”) | licence no. 107 | Non dealing forex broker | CMA ↗ |
| Exinity Capital East Africa Limited | licence no. 135 | Non dealing forex broker | CMA ↗ |
| Exness KE Limited | licence no. 162 | Non dealing forex broker | CMA ↗ |
| FP Markets Limited | licence no. 193 | Non dealing forex broker | CMA ↗ |
| HFM Investments Limited (Trading as “HF Markets”) | licence no. 155 | Non dealing forex broker | CMA ↗ |
| IC Markets (KE) Limited | licence no. 199 | Non dealing forex broker | CMA ↗ |
| Ingot Ke Limited | licence no. 173 | Non dealing forex broker | CMA ↗ |
| Pepperstone Markets Kenya Limited | licence no. 128 | Non dealing forex broker | CMA ↗ |
| SCFM Limited (Trading as “Scope Markets”) | licence no. 123 | Non dealing forex broker | CMA ↗ |
| TPXMGLOBAL Kenya Limited | licence no. 233 | Non dealing forex broker | CMA ↗ |
| Windsor Markets Kenya Limited | licence no. 156 | Non dealing forex broker | CMA ↗ |
| Derivatives broker | |||
| AIB-AXYS Africa Limited | licence no. 119 | Derivatives broker | CMA ↗ |
| Dyer and Blair Investment Bank Limited | licence no. 128 | Derivatives broker | CMA ↗ |
| EGM Securities Limited (Trading as “FX Pesa”) | licence no. 120 | Derivatives broker | CMA ↗ |
| Faida Investment Bank Limited | licence no. 121 | Derivatives broker | CMA ↗ |
| Genghis Capital Limited | licence no. 122 | Derivatives broker | CMA ↗ |
| Kestrel Capital (East Africa) Limited | licence no. 130 | Derivatives broker | CMA ↗ |
| Kingdom Securities Limited | licence no. 123 | Derivatives broker | CMA ↗ |
| NCBA Investment Bank Limited | licence no. 127 | Derivatives broker | CMA ↗ |
| SBG Securities Limited | licence no. 129 | Derivatives broker | CMA ↗ |
| SCFM Limited (Trading as “Scope Markets”) | licence no. 124 | Derivatives broker | CMA ↗ |
| Standard Investment Bank Limited | licence no. 125 | Derivatives broker | CMA ↗ |
| Sterling Capital Limited | licence no. 126 | Derivatives broker | CMA ↗ |
| Stockbroker | |||
| ABC Capital | licence no. 013 | Stockbroker | CMA ↗ |
| AIB-AXYS Africa Limited | licence no. 141 | Stockbroker | CMA ↗ |
| EFG Hermes Kenya Limited | licence no. 105 | Stockbroker | CMA ↗ |
| Francis Drummond and Company Limited | licence no. 016 | Stockbroker | CMA ↗ |
| Green Margin Capital Limited | licence no. 253 | Stockbroker | CMA ↗ |
| Kestrel Capital (East Africa) Limited | licence no. 136 | Stockbroker | CMA ↗ |
| Kingdom Securities Limited | licence no. 018 | Stockbroker | CMA ↗ |
| OMNI MARCHE SECURITE (OMS) AFRICA LIMITED | licence no. 020 | Stockbroker | CMA ↗ |
| SPK Investment Services Limited | licence no. 176 | Stockbroker | CMA ↗ |
| Suntra Investments Limited | licence no. 022 | Stockbroker | CMA ↗ |
| Authorised securities dealer | |||
| AKN Investment Limited | licence no. 211 | Authorised securities dealer | CMA ↗ |
| Cinemark Consult Limited | licence no. 240 | Authorised securities dealer | CMA ↗ |
| Fintrust Securities Limited | licence no. 227 | Authorised securities dealer | CMA ↗ |
| Kingdom Securities Limited | licence no. 192 | Authorised securities dealer | CMA ↗ |
| Point Forty Investment Advisory Limited | licence no. 235 | Authorised securities dealer | CMA ↗ |
| Private Wealth Capital Limited | licence no. 167 | Authorised securities dealer | CMA ↗ |
| SBM Bank (Kenya) Limited | licence no. 122 | Authorised securities dealer | CMA ↗ |
| Standard Chartered (Kenya) Plc | licence no. 109 | Authorised securities dealer | CMA ↗ |
| Forex money manager | |||
| Standard Investment Bank (Trading as “MANSA X”) | licence no. 116 | Forex money manager | CMA ↗ |
| Store Poa Enterprise Limited | licence no. 214 | Forex money manager | CMA ↗ |
| Trade Sense Limited | licence no. 160 | Forex money manager | CMA ↗ |
| Dealing forex broker | |||
| CC Kenya Securities Limited (Trading as Capital.com) | licence no. 244 | Dealing forex broker | CMA ↗ |
| Empire FX Trade Limited | licence no. 203 | Dealing forex broker | CMA ↗ |
What is here
CMA public cautions
The notices the Authority has published about unlicensed platforms, with the dates it gave them.
CMA licensee list
The entities the Authority has licensed, by category, so a name can be checked exactly.
What a caution is
What a CMA caution says and does not say, and how to read its date and details.
Online forex in Kenya
How Kenya's rules apply to online forex, and what to ask a platform before paying it.
Where to report
Which body receives what in Kenya, from the CMA to the DCI to your M-Pesa provider.
The trading account
Before you open an account
If you are considering an international CFD broker, the same checks apply: find the legal entity in the client agreement, search the regulator's register it names, and read the risk warning. An account carries a high risk of losing the money deposited.