The Capital Markets Authority (CMA) in Kenya continues to strengthen the financial services sector by licensing five new companies in response to growing demand.
The move demonstrates active competition and innovation among market intermediaries, particularly in the retail segment.
Among the new licensees, IC Markets Kenya stands out for its status as a non-dealing online foreign exchange broker. According to the CMA, the increased demand for licenses indicates a growing interest in market services and products, which promotes competition and increases access to capital investment for retail investors.
CMA CEO Wycliffe Shamiah expressed confidence in the positive impact of the growing demand on competition, innovation, and access to capital market products and services, Business Daily reported.
"The growing demand for licenses in the intermediary sector in recent years is a positive development as it increases competition, innovation, and access to capital markets products and services for retail investors," Wycliffe Shamiah said.
In the latest licensing round, the CMA licensed five new firms across a range of financial services sectors.
Tim Walsh Advisory Services was granted investment adviser status, and GTXN Investments became a fund manager. Slopes Coffee Brokerage Company Limited was granted a full license to operate as a coffee broker. Coffee Estates Bourgeoisie Brokers received a conditional license in coffee brokerage to run for six months. This demonstrates the growing interest in regulation and diversity in Kenya's financial markets.
IC Markets started its operations in 2007 and caters to traders of all levels. The broker offers excellent conditions for scalping and automated trading. The company processes more than 500,000 trades a day, and its monthly trading volume is more than $1.4 trillion.
