Sterling Capital

What Sterling Capital does

Sterling Capital Limited is a privately held Kenyan investment bank headquartered in Westlands, Nairobi, providing equities trading, fixed income trading, derivatives market making, corporate finance advisory, and research services to institutional, corporate, and retail clients. The firm operates as a licensed member of the Nairobi Securities Exchange (NSE), the Central Depository and Settlement Corporation (CDSC), and is regulated by Kenya's Capital Markets Authority (CMA), holding an investment banking license granted in October 2017. Sterling's product surface centers on Sterling Plus / Hisa Link, a proprietary mobile trading application available on Android and iOS that integrates live market feed access, portfolio management, and payment processing via M-Pesa and major Kenyan banks; Mkopo Dhamana, a margin trading and lending-against-shares product priced at 0.1–0.12% per day; and the web-based NSE TradeWeb online trading portal. The firm is also a recognized market maker in the NSE Derivatives Market (NEXT) for Single Stock Futures and Equity Index Futures.

Sterling Capital generates revenue through transaction-based equity trading commissions (1.8–2.1% of trade value depending on transaction size), fixed income trading spreads on Kenyan government Treasury Bonds, bills, and corporate debt, usage-based interest on margin loans and lending against shares, episodic corporate finance advisory fees for capital raising (debt, equity, mezzanine), listing advisory, M&A, and valuation engagements, and recurring research subscription revenue from its Daily Market Wrap, Weekly Market Wrap, and sector reports. The firm's go-to-market combines direct sales-led institutional coverage with a product-led growth motion via the Sterling Plus mobile platform for retail clients, supplemented by channel partnerships — notably Imara for Southern Africa distribution — that extend Sterling's reach across East Africa (Kenya, Uganda, Tanzania, Rwanda) and Southern Africa (South Africa, Angola, Namibia, Zimbabwe, Zambia, Malawi, Botswana) plus Nigeria.

Ownership is concentrated among founder-chairman Stanely Ngaine, managing director David Ngaine, co-owner Reithfield (K) Limited, and a minority stake held by New York-based Kuramo Capital since 2018, when Kuramo led a Sh200 million capital injection to fund regional expansion. The firm had approximately 25 employees as of the 2018 Kuramo investment, was the second-largest bond trader in Kenya with 15.3% market share in the year to December 2016 (up from 6.5% the prior year), and operates from a single headquarters in Westlands, Nairobi.

Name

Sterling Capital

Legal name

Sterling Capital Limited

Website

https://sterlingib.com

Company type

Private

Founded year

1981

Operating status

Operating

Headcount range

11–50 employees

Short description

Sterling Capital is a privately held Nairobi-based investment bank providing equities, fixed income, and derivatives trading, corporate finance advisory, mobile trading (Sterling Plus/Hisa Link), and margin lending to institutional, corporate, and retail clients across East and Southern Africa.

Ownership category

akta.pro rank

Product category

Investment Banking

NAICS

Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Investment Advice (6282), Finance Services (6199)

akta.pro primary industry

Government Bonds & Sovereigns Trading (FSACAEAA)

akta.pro secondary industries

Agency Equity Execution (Cash Equities) (FSACAFAA), Margin Lending & Equity Financing (FSACAFAC), Government Bond (Sovereign) Trading Platforms (FSAFACAA)

Keywords

• Equities trading
• Fixed income trading
• Investment banking
• Margin lending
• Corporate finance advisory

Headquarters

HQ city

Westlands

HQ country

Kenya

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Equities Trading Commission: Commission charged on all equity transactions (buy and sell) on the Nairobi Securities Exchange. Transaction-based revenue with tiered fee structure based on transaction value.
2. Fixed Income Trading: Trading in Kenya Government Treasury Bonds, bills and corporate debt issues across East Africa
3. Margin Lending Interest: Interest revenue from margin loans (0.1% per day) and lending against shares (0.12% per day)
4. Corporate Finance & Advisory: Fees from capital raising (debt, equity, mezzanine), listing advisory, business valuation, and due diligence engagements
5. Research Subscriptions: Revenue from research publications including Daily Market Wrap, Weekly Market Wrap, Morning Notes, sector-specific reports and price lists

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Sterling Capital is a licensed investment bank providing equities and fixed income trading on the Nairobi Securities Exchange (NSE), corporate finance and advisory services, derivatives market making, and CDSC shares account management. Its flagship retail offering is the Sterling Plus mobile trading platform (Hisa Link) with integrated margin lending through the Mkopo Dhamana guaranteed loan product, enabling end-to-end share purchase, settlement, and borrowing against shares for individual and institutional investors.

Product overview

Sterling Capital operates as an investment bank offering a platform-plus-services model. The core products include Sterling Plus, a mobile trading application for equities trading available on Android and iOS, and Mkopo Dhamana, a guaranteed loan product featuring margin trading and lending against shares. Supporting services include online web-based trading through NSE integration, shares account management (CDSC services), fixed income trading (bonds and treasury bills), equities trading, derivatives trading (as a recognized market maker), corporate finance and advisory services, and research and analysis. The product portfolio is complemented by investment products Nawiri USD and Nawiri KES, with payment processing integrated through M-Pesa and major Kenyan banks.

Differentiator

Problem solved

Functional benefit

Brands

• Mkopo Dhamana: A Swahili phrase meaning 'Guaranteed Loan'. Provides margin trading (borrowing to buy pre-qualified listed shares on NSE) and lending against shares for personal use.
• Sterling Plus
• Nawiri
• Hisa Link

Products and services

• Sterling Plus (Hisa Link) Mobile Trading Platform Mobile trading application enabling buying and selling of NSE-listed shares, live market feed access, portfolio evaluation, real-time transaction statements, payment requests for shares sold, and margin trading initiation. Available on Android (Google Play) and iOS (App Store) for retail investors trading on the Nairobi Securities Exchange.
• Mkopo Dhamana (Guaranteed Loan) Guaranteed loan product comprising margin trading (borrowing to buy pre-qualified listed NSE shares at 0.1% daily interest, 24-hour processing) and lending against shares (borrow against pre-qualified listed shares at 0.12% daily interest). Maximum loan holding period is three months.
• Online Trading Platform Web-based trading platform providing real-time access to equities, fixed income, and derivatives markets on the Nairobi Securities Exchange via sterling.kenyaonlinetrading.com. Enables live market feed, portfolio management, and transaction statements for retail and institutional clients.
• Fixed Income Trading Trading in Kenya Government Treasury Bonds and bills as well as corporate debt issues, with service coverage in East Africa (Kenya, Uganda, Tanzania, Rwanda) and South Africa. Sterling ranked as second-largest bond trader in Kenya with 15.3% market share in the year to December 2016.
• Equities Trading Trading of shares of all listed companies on the Nairobi Securities Exchange, transactions advisory, and participation in public offers. Includes sales and trading partnerships covering East Africa and additional resources through Imara for Southern Africa coverage.
• Derivatives Trading (Market Making) Recognized market maker in NSE Derivatives Market (NEXT) offering Single Stock Futures and Equity Index Futures, with Options on Futures expected to launch. Supports client hedging, speculation, and portfolio diversification.
• Corporate Finance and Advisory Corporate finance services including due diligence engagements (commercial and financial), business valuation, capital raising (debt, equity, mezzanine), listing advisory, M&A advisory, privatizations, restructuring, and fairness opinions for corporate clients and listed issuers.
• Shares Account Management (CDSC Services) CDSC account services including account opening, settlement of shares, pledges, private transfer of shares, dematerialization, and security disposal. Provided as a registered member at the NSE and CMA.
• Research and Analysis Analyst research reports including Daily Market Wrap, Weekly Market Wrap, Morning Notes, Telecommunications Sector Stocks, Banking Sector reports, Manufacturing Sector reports, Real Estate Investment Trusts (REITs) analysis, and price lists for bonds and equities.
• Nawiri USD USD-denominated investment product offered through the Sterling Plus platform for clients seeking dollar-based exposure alongside KES-denominated offerings.
• Nawiri KES Kenya Shillings-denominated investment product offered through the Sterling Plus platform.

Quantifiable outcome

• Second-largest bond trader in Kenya with 15.3% market share (2016)
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature3 records

Partnerships

Five partnerships are on record, tiered core.

• ImaracoreChannel Partner/ Reseller/ DistributorStrategic partnership for sales, trading and portfolio management covering Southern Africa including South Africa, Angola, Namibia, Zimbabwe, Zambia, Malawi and Botswana as well as Nigeria. Extends Sterling's regional reach beyond East Africa.
• Nairobi Securities Exchange (NSE)coreOthersLicensed member of the Nairobi Securities Exchange providing equities and fixed income trading services. NSE provides the trading platform and market infrastructure.
• Capital Markets Authority (CMA)coreOthersKenyan regulatory authority overseeing capital markets. Sterling Capital holds an investment banking license granted by CMA.
• Central Depository and Settlement Corporation (CDSC)coreOthersRegistered member providing CDSC services including account opening, settlement of shares, pledges, private transfer of shares, and trading.
• Central Bank of Kenya (CBK)coreOthersRegulatory partner for government securities trading including Treasury Bonds and bills.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Dyer & Blair Investment Bank: One of Kenya's longest-standing investment banks and stockbrokers, offering equities trading on the NSE, fixed income, corporate finance, and research. Most directly comparable peer: same Kenyan market, similar full-service investment bank offering with both institutional and retail focus.
• Genghis Capital Investment Bank: Kenyan investment bank and NSE broker providing equities trading, fixed income, margin lending, corporate finance, and asset management. Closely comparable in size and scope, with a similar multi-revenue-stream platform including retail margin products.
• Faida Investment Bank: Kenyan investment bank offering securities trading, corporate finance advisory, and wealth management on the NSE. Directly comparable as a domestic full-service investment bank of similar scale targeting institutional and retail clients.
• ABC Capital (African Banking Corporation): Investment banking arm of ABC Bank in Kenya providing stockbroking, fixed income trading, and corporate finance on the NSE. Comparable as a Kenya-based investment bank serving similar institutional, corporate, and retail segments.
• Standard Investment Bank (SIB): Kenyan investment bank and NSE member offering equities brokerage, fixed income, margin financing, and corporate finance. Direct competitor with overlapping product set including margin financing and retail trading platforms.
• Kingdom Securities: Securities arm of Kingdom Bank providing brokerage and advisory on the NSE. Comparable Kenyan investment bank offering equities trading and research with similar institutional and retail client focus.
• I&M Burbidge Capital: Kenyan investment bank affiliated with I&M Group offering stockbroking, fixed income trading, and corporate finance. Comparable full-service investment bank competing directly for the same institutional mandates and retail flow.
• NIC Capital: Investment banking subsidiary of NIC Group in Kenya, providing equities brokerage, fixed income trading, and corporate advisory. Direct competitor on the NSE with overlapping product set and target client segments.

Broad incumbents

• Equity Investment Bank: Investment banking arm of one of Kenya's largest banks, with deep distribution and balance sheet. Comparable as a NSE-licensed investment bank but with materially larger parent balance sheet and retail reach than Sterling.

Regional players

• Afrinvest (West Africa): Pan-African investment bank and brokerage with strong West Africa presence offering equities trading, fixed income, research, and corporate finance. Comparable as an Africa-focused investment bank platform pursuing similar product breadth across multiple frontier markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/SterlingCLtd
• Facebookfacebook.com/SterlingCapitalLtd
• LinkedInlinkedin.com/company/sterling-capital-limited
• Instagraminstagram.com/sterlingcapitalltd
• TikToktiktok.com/@sterlingibkenya

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sterling Capital