Regulator profile · KE
CMA Kenya — Capital Markets Authority (Kenya)
Tracked byBrokerlist Editorial · Independent review teamUpdated
The Capital Markets Authority (CMA) of Kenya is Kenya's capital-markets regulator. CMA supervises Nairobi Securities Exchange (NSE) listed equities, derivatives trading on NEX, asset managers, fund managers and licensed brokerages. The Central Bank of Kenya (CBK) handles banking and foreign-exchange regulation separately. Kenya is a growing East African retail-trader market.
Brokers in Kenya accepting residents under CMA Kenya- Jurisdiction
- Republic of Kenya.
- Founded
- 1989
- Mandate
- Established under the Capital Markets Act, Cap 485A (1989). CMA enforces the Capital Markets Act, the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, and various sectoral guidelines covering investment banks, securities brokers, fund managers and credit-rating agencies. The Online Foreign Exchange Trading Regulations 2017 brought retail FX into CMA's licensing perimeter.
- Consumer protection
- The Investor Compensation Fund (ICF) under CMA covers retail investors against losses arising from misconduct of licensed brokers — up to KES 50,000 per investor, with exceptional discretion to KES 100,000. Bank deposits are insured separately under the Kenya Deposit Insurance Corporation (KDIC) up to KES 500,000.
- Retail leverage caps
- CMA imposes a maximum 1:400 retail leverage on FX trading — comparatively permissive. Higher leverage may be available to qualified Professional Investors. Online forex broker licensees must maintain client-funds segregation and follow daily mark-to-market obligations under the 2017 Online Foreign Exchange Trading Regulations.
- Public register
- CMA Kenya publishes lists of licensed entities — Online Foreign Exchange Brokers (Money Manager and Non-Dealing categories), Investment Banks, Stockbrokers, Fund Managers, etc. Cross-reference NSE member directory for trade-execution authorisation. Open register ↗
- Dispute resolution
- CMA Kenya handles disputes within its capital-markets jurisdiction; the CMA Tribunal hears appeals on enforcement decisions. Kenyan commercial courts provide ultimate recourse. The Capital Markets Fraud Investigation Unit (CMFIU) handles fraud cases jointly with the Directorate of Criminal Investigations.
- Editor notes
- CMA Kenya's 2017 Online Foreign Exchange Trading Regulations made it one of the first African regulators to formally license retail FX. Major CMA-licensed online FX brokers include EGM Securities (FXPesa), Pepperstone Kenya, Scope Markets Kenya and Exinity. Kenya's mobile-money infrastructure (M-Pesa) facilitates retail broker funding via M-Pesa→bank→broker rails — distinctive among African FX markets.
Brokers we track with a CMA Kenya licence
No brokersNo tracked broker currently holds a CMA Kenya licence in our database.