The Capital Markets Authority (CMA) has licensed five new firms to enter the financial services sector, saying demand was rising.
Tim Walsh Advisory Services has been admitted as an investment adviser while IC Markets Kenya comes in as a non-dealing online foreign exchange broker.
GTXN Investments has been approved as a fund manager while Slopes Coffee Brokerage Company Limited's conditional permit as a coffee broker has earned full licence status.
Coffee Estates Bourgeoisie Brokers got a conditional licence in coffee brokerage to run for six months.
The CMA says the increased demand for licences signifies the continued competition and innovation by market intermediaries to reach consumers/clients, especially in the retail space.
“The increasing demand for licences in the intermediary sector in recent years is a positive emergence as it enhances competition, innovation and the reach of capital markets products and services to retail investors,” noted CMA’s chief executive Wycliffe Shamiah.
During the quarter to March, the capital markets regulator licensed NCBA Bank Kenya Plc to operate as a real estate trusts trustee.
EABX Plc was admitted to operate as an over-the-counter securities exchange while VCG Asset Management Limited earned a fund manager permit. Also admitted were the Stanbic Unit Trust Scheme, Taifa Unit Trust Scheme and Xeno Unit Trust Scheme.
