Licensed Investment Advisers in Kenya 2026: Full CMA List and How to Check

Updated 18 October 2026

The Capital Markets Authority (CMA) lists 32 licensed investment advisers in Kenya on its register of licensees, which we checked on 18 October 2026. They range from big audit firms such as Deloitte Financial Advisory and PricewaterhouseCoopers Associates to wealth managers such as Waanzilishi Capital (which runs the Ndovu investing app), Salus Wealth Management and AFG Wealth Kenya. The newest licences went to Zamara Actuaries, Arion Capital and Horizon Africa Capital in February 2026, and to Livonna Advisory Partners in August 2026. Only a firm on this list may legally sell itself as a CMA-licensed investment adviser, so check the register before you pay anyone for investment advice.

Full List of CMA Licensed Investment Advisers

The table follows the CMA register, sorted by licence number. All the firms list Nairobi addresses.

Source: Capital Markets Authority, list of licensees, Investment Advisers category (licensees.cma.or.ke), checked 18 October 2026. The register changes when licences are granted, upgraded or withdrawn, so search it again on the day you sign up.

Recent Changes to the List

• 11 February 2026: the CMA granted investment adviser licences to Zamara Actuaries, Administrators and Consultants, Arion Capital and Horizon Africa Capital. In the same round, Rock Advisors, previously an investment adviser, was upgraded to an investment bank licence, which is why it no longer appears in the adviser category.
• 12 August 2026: the CMA licensed Livonna Advisory Partners, which it said will offer “independent, fee-based and conflict-free investment advisory services” to wealthy individuals, family offices and institutions.

What a Licensed Investment Adviser Does

An investment adviser gives advice on buying and selling securities, such as shares, bonds and unit trusts, and may help you build and review a portfolio. The CMA’s announcements describe the kind of work these firms do: strategic asset allocation, portfolio construction, choosing fund managers, capital markets advisory, financial planning and wealth preservation for individuals and institutions.

An adviser is not the same as other CMA licensees:

• Stockbrokers and investment banks buy and sell shares on the Nairobi Securities Exchange for you. Investment banks can also arrange share sales and do proprietary trading.
• Fund managers run collective schemes such as money market funds and decide what the fund buys.
• Online forex brokers are licensed separately. Use our guide to check if a forex broker is licensed by the CMA.

How to Check an Adviser Before You Pay

1. Search the CMA register. Go to licensees.cma.or.ke, open “Investment Advisers” and find the exact company name. A similar-sounding name is not enough.
2. Check the licence category. A firm licensed as a fund manager or broker may give some advice as part of that business, but a stand-alone adviser should appear under Investment Advisers.
3. Ask how they are paid. Fee-based advisers charge you directly. Others earn commission from products they recommend. Ask for the fee in KSh, in writing, before you sign.
4. Never send money to a personal M-Pesa number. Licensed firms take payments in the company’s name. Your money should go to the fund, broker or bank, not to the adviser’s own account.
5. Be wary of guaranteed returns. No licensed adviser can promise a fixed high return on shares or crypto. Promises of doubling your money are a classic sign of a scam.

For lenders and SACCOs, which are regulated by the Central Bank of Kenya and SASRA rather than the CMA, use our licensed lender and SACCO checker.

Do You Need an Adviser?

If you are putting a few thousand shillings a month into a money market fund or treasury bills, you can usually do it yourself. An adviser earns their fee when your situation is more complex: a large lump sum such as a pension payout or inheritance, a business sale, investments in several countries, or planning for your children’s education. Compare at least two licensed firms and ask each one for a written proposal.

Frequently asked questions

How many licensed investment advisers are there in Kenya?

32, according to the CMA register checked on 18 October 2026.

Where can I check if an investment adviser is licensed?

On the Capital Markets Authority’s list of licensees at licensees.cma.or.ke, under Investment Advisers.

Which investment advisers were licensed most recently?

Livonna Advisory Partners (August 2026), and Zamara Actuaries, Arion Capital and Horizon Africa Capital (February 2026).

Is Ndovu licensed by the CMA?

The register lists Waanzilishi Capital Limited, with the website ndovu.co, as a licensed investment adviser (licence 148).