Capital Markets Authority
Capital Markets Authority (CMA) is Kenya's statutory capital markets regulator, established in 1989 under the Capital Markets Act. It licenses and supervises market intermediaries, regulates public securities offerings, oversees virtual asset service providers, and operates digital platforms supporting market development.
- Company typePrivate
- Founded1989
- HeadquartersNairobi, Kenya
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Capital Markets Authority does
Capital Markets Authority (CMA) is Kenya's statutory regulator for capital markets, established in 1989 under the Capital Markets Act Cap 485A and headquartered at Embankment Plaza, Upperhill, Nairobi. CMA is mandated to regulate and develop orderly, fair, and efficient capital markets, with responsibilities spanning licensing and supervision of capital market intermediaries (investment banks, stockbrokers, fund managers, investment advisors, forex brokers, corporate trustees, and coffee brokers), approval of public offerings of securities, oversight of collective investment schemes, and — since October 2025 — joint regulation of Virtual Asset Service Providers under the VASP Act.
CMA operates a portfolio of digital platforms in support of its mandate: the CMA App, NSE App, and Dosikaa App for mobile investor access; an Online Services Portal (onlineservices.cma.or.ke) and eCitizen portal (cma.ecitizen.go.ke) for licensing and compliance reporting; a Regulatory Sandbox for fintech product testing; a Resource Centre Portal; an Investor Forum; a Financial Calculator; and quarterly research outputs including the Capital Markets Soundness Report and Corporate Governance reports. The Authority's most notable AI-driven asset is MALENA (Machine Learning ESG Analyst), co-developed with IFC to automate ESG and corporate governance assessments of securities issuers under an ESG Code aligned with IFRS S1 and S2.
CMA is a non-commercial statutory government entity; its operating model is funded through Kenyan government budget allocation and nominal licensing/regulatory fees, with no commercial sales motion. Primary constituencies are capital market intermediaries and issuers of securities to the public; additional regulated segments include collective investment schemes, virtual asset service providers, digital investment platforms, and intermediaries facilitating mobile investment products. Distribution is via online portals and the Nairobi headquarters, supplemented by regulator-driven investor education across webinars, conferences, publications, and a mobile app ecosystem.
Capital Markets Authority firmographics
Firmographics- Name
- Capital Markets Authority
- Legal name
- Capital Markets Authority
- Website
- https://cma.or.ke
- Company type
- Private
- Founded year
- 1989
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Capital Markets Authority (CMA) is Kenya's statutory capital markets regulator, established in 1989 under the Capital Markets Act. It licenses and supervises market intermediaries, regulates public securities offerings, oversees virtual asset service providers, and operates digital platforms supporting market development.
- Ownership category
- akta.pro rank
Capital Markets Authority industry classification
Industry- Product category
- Securities Regulation
- NAICS
- Executive, Legislative, and Other General Government Support (921)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Financial Services Regulators (Banking, Securities, Insurance) (BPAIAOAK)
- akta.pro secondary industries
- KYC/Client Due Diligence & Participant Onboarding Controls (FSAFAKAF), Research Compliance & Governance (FSACAGAK)
Keywords
Where Capital Markets Authority is headquartered
LocationHeadquarters
- HQ city
- Nairobi
- HQ country
- Kenya
- HQ region
- Africa
Offices1 record
Markets served
Capital Markets Authority business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Go-to-market motion1 record
Distribution channels3 records
Marketing channels8 records
Capital Markets Authority product offering
Product offeringCore offering
The Capital Markets Authority (CMA) licenses, regulates, and supervises capital markets activity in Kenya, including investment banks, stockbrokers, fund managers, collective investment schemes, issuers of securities to the public, and virtual asset service providers. It also develops the capital markets through investor education, policy initiatives, the Regulatory Sandbox, the AI-powered MALENA ESG Analyst, and digital platforms accessible via the eCitizen portal.
Product overview
The Capital Markets Authority (CMA) is Kenya's statutory regulator for capital markets, operating under the Capital Markets Act Cap 485A since 1989. The Authority provides a portfolio of regulatory platforms and digital services rather than a single product. Its core offerings include licensing and approval services for capital market intermediaries (investment banks, stockbrokers, fund managers, investment advisors, authorized securities dealers, corporate trustees, and intermediary service platform providers), investor protection mechanisms, and market development initiatives. The Authority supports these regulatory functions through a suite of digital platforms: the CMA App, NSE App, and Dosikaa App for mobile access; the Financial Calculator for investment calculations; the Regulatory Sandbox for fintech innovation testing; the Online Services Portal for license applications and reporting; the Resource Centre Portal for compliance materials; the Capital Markets Information Toolkit for investor education; the Investor Forum for community engagement; and the quarterly Capital Markets Soundness Report for market intelligence. CMA also regulates commodity markets and online forex trading.
Differentiator
Problem solved
Functional benefit
Products and services
- CMA App Official mobile application of the Capital Markets Authority providing Kenyan investors with access to capital markets information and services.
- Dosikaa App Mobile application for accessing capital markets services, listed as a core product on the CMA website.
- Financial Calculator Online financial calculator hosted at fcalculator.cma.or.ke to help investors perform capital markets calculations.
- Regulatory Sandbox Regulatory sandbox program run by CMA that provides a controlled environment for firms to test new capital markets products and services.
- Online Services Portal CMA's online services portal hosted on the eCitizen platform, enabling regulated entities and the public to access CMA regulatory services.
- Resource Centre Portal Resource centre portal hosted at cmarcp.or.ke that provides access to capital markets resources, publications, and reference material.
- Capital Markets Information Toolkit Reference handbook of capital markets information published and made available by the Capital Markets Authority to inform market participants and the public.
- Investor Forum Investor forum listed on the CMA website as a platform for engaging the investing public on capital markets matters.
Quantifiable outcome
- 79% overall governance score achieved by issuers (up from 74%)
- +1 more outcomes
Companies that use Capital Markets Authority
Customer profileSegments6 records
Ideal customer profiles3 records
Capital Markets Authority technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Capital Markets Authority partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered strategic, core, regional and minor.
- Afri Fund CapitalstrategicCMA signed MoU with Afri Fund Capital (AFC) to promote uptake of capital market products for infrastructure projects including LAPSSET Corridor. Collaboration includes identifying capital market instruments for market deepening, green/ESG-labeled instruments, and collective investment vehicles. MOU facilitates early-stage product structuring considering investor protection, disclosures, and governance.
- International Finance Corporation (IFC)strategicPartnership with IFC in developing ESG Code for Issuers of Securities to the Public in Kenya, aligned with IFRS S1 and S2 standards. IFC partnership also includes development of MALENA AI tool for ESG analysis.
- Nairobi Securities Exchange (NSE)coreNSE is a key market player under CMA's regulatory oversight. CMA and NSE collaborate on ESG Code development and various market development initiatives.
- Central Bank of KenyacoreJoint regulatory oversight with CBK on Virtual Asset Service Providers under the VASP Act, 2025. Collaborative development of draft VASP regulations, 2026.
- National TreasurycoreNational Treasury collaborated with CBK and CMA to develop Virtual Asset Service Providers regulations under the VASP Act, 2025.
- IOSCO (International Organization of Securities Commissions)strategicCMA is a member of IOSCO, the international body that brings together securities regulators to develop standards and cooperate on securities regulation.
- CMA UgandaregionalSister regulatory body in Uganda. Okusevinga product in Uganda is licensed by CMA Uganda. Cross-border regulatory collaboration.
- CMA RwandaregionalSister regulatory body in Rwanda. Regional regulatory cooperation within East Africa.
- Kenya Diaspora Alliance (KDA)minorCMA partnered with KDA for the 11th Annual Kenya Diaspora Homecoming Convention (KDHC-2024) to promote capital market products to diaspora investors who remitted USD 4.19 billion in 2023.
Scale indicators4 records
Recent moves6 records
Expansion highlights6 records
Capital Markets Authority competitors and assessment
Company assessmentBroad incumbents
- Financial Sector Conduct Authority (South Africa): South Africa's market conduct regulator overseeing securities, CIS, and financial services providers. A larger and more established peer operating a twin-mandate model (FSCA + Prudential Authority) that CMA Kenya may benchmark against as its mandate expands.
- Financial Conduct Authority (UK): UK conduct regulator for financial services and capital markets. A globally recognized model that CMA Kenya is likely aligned to via IOSCO membership, with comparable functions in licensing, supervision, and enforcement.
- Monetary Authority of Singapore: Integrated financial regulator combining monetary, banking, securities, insurance, and emerging fintech/VASP oversight. A benchmark for CMA's trajectory toward integrated oversight of capital markets and virtual assets.
- U.S. Securities and Exchange Commission: U.S. federal securities regulator and the global gold standard for capital markets oversight. A reference peer in disclosure regimes, enforcement approach, and investor protection frameworks that CMA Kenya aligns to through IOSCO.
- Central Bank of Kenya: Joint regulator with CMA on VASPs under the VASP Act, 2025. Closest institutional counterparty in Kenya's financial regulatory architecture and the most directly comparable peer given overlapping jurisdiction over virtual assets and payments.
Regional players
- Capital Markets Authority of Rwanda: Regional counterpart regulated under Rwandan capital markets legislation, collaborating with CMA Kenya on East African market integration. Directly comparable as a national capital markets regulator in a neighboring jurisdiction.
- Financial Regulatory Authority (Egypt): Egypt's integrated non-banking financial services regulator overseeing capital markets, insurance, and CIS. A comparable African peer combining securities and broader non-bank financial supervision under one authority.
- Capital Markets Authority of Uganda: Sister regulator in the East African Community with a near-identical mandate over securities licensing, CIS, and market development. Direct peer given shared statutory role, cross-border cooperation with CMA Kenya, and joint oversight of mobile investment products (e.g., Okusevinga).
- Capital Markets and Securities Authority (Tanzania): Tanzanian statutory capital markets regulator with a similar licensing and supervision mandate. Regional peer for benchmarking regulatory design and East African cross-border cooperation.
Direct peers
- Securities and Exchange Commission (Nigeria): Nigeria's apex capital markets regulator licensing exchanges, brokers, fund managers, and VASPs. Closely comparable in statutory role, scope, and product universe, and a direct competitor for African listings and intermediaries.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Capital Markets Authority social profiles
Digital presenceCapital Markets Authority compliance and trust
Trust signalCompliance1 record
Capital Markets Authority financial estimates
Financial estimateRevenue estimate
Valuation estimate
Capital Markets Authority leadership team
Management profileNumber of profiles
Profiles1 record
Capital Markets Authority funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Capital Markets Authority M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Capital Markets Authority
What does Capital Markets Authority do?
The Capital Markets Authority (CMA) licenses, regulates, and supervises capital markets activity in Kenya, including investment banks, stockbrokers, fund managers, collective investment schemes, issuers of securities to the public, and virtual asset service providers. It also develops the capital markets through investor education, policy initiatives, the Regulatory Sandbox, the AI-powered MALENA ESG Analyst, and digital platforms accessible via the eCitizen portal.
Is Capital Markets Authority a public or private company?
Capital Markets Authority is a private company. It is classified as state government owned and is currently operating.
When was Capital Markets Authority founded?
Capital Markets Authority was founded in 1989. It employs 51 to 100 people.
Where is Capital Markets Authority based?
Capital Markets Authority is headquartered in Nairobi, Kenya, in the Africa region.
Who are Capital Markets Authority's main competitors?
Broad incumbents on record are Financial Sector Conduct Authority (South Africa), Financial Conduct Authority (UK), Monetary Authority of Singapore, U.S. Securities and Exchange Commission and Central Bank of Kenya. Regional players are Capital Markets Authority of Rwanda, Financial Regulatory Authority (Egypt), Capital Markets Authority of Uganda and Capital Markets and Securities Authority (Tanzania). Securities and Exchange Commission (Nigeria) is listed as a direct peer.
Does Capital Markets Authority have an API?
No public API is recorded for Capital Markets Authority.
What industry is Capital Markets Authority in?
Capital Markets Authority's product category is Securities Regulation. Its primary akta.pro industry code is BPAIAOAK, Financial Services Regulators (Banking, Securities, Insurance), with a secondary code of FSAFAKAF, KYC/Client Due Diligence & Participant Onboarding Controls. Its NAICS code is 921 and its SIC code is 6199.