CMA licensed stockbrokers in Kenya: the full list

On 25 October 2026 the Capital Markets Authority's register listed 23 investment banks and 10 stockbrokers. Both licence categories can buy and sell shares on the Nairobi Securities Exchange (NSE) for you. The tables below copy the register as CMA prints it. CMA does not put a date on the register, so the date above is the day we read it.

Investment banks (23)

Stockbrokers (10)

"On NSE list" means the firm appears on the NSE's list of trading participants (page last updated 8 July 2026). 5 firms on CMA's register were not on it when we checked: Salaam Investment Bank Kenya Limited, Gulfcap Investment Bank Limited, Fintrust Securities Limited, Axys Investment Bank Limited, SPK Investment Services Limited. A firm can hold a CMA licence without being an NSE trading participant; ask how it places trades before you sign up.

How to buy shares on the NSE, step by step

1. Pick a licensed firm from the tables above and confirm it on the CMA register.
2. Open a CDS account. Your shares are held electronically in a Central Depository System account. CDSC says you open one through a Central Depository Agent, which is a licensed stockbroker, investment bank or custodian bank, by filling in the CDS 1 form. You need your original national ID or passport and a copy, two recent colour passport photos and your KRA PIN certificate. CDSC also lets you open or link an account in its Dosikaa app.
3. Fund your account and place an order with your broker, by app, phone or in person. You can buy as little as one share: the NSE dropped the 100-share board lot on 8 August 2025.
4. Trade in market hours. Regular trading runs from 9.31am to 3pm, after an opening auction from 9am.
5. Settlement. Under the NSE rules all trades settle on T+3, three working days after the trade.
6. Check your holdings. CDSC sends statements by email for free. To get them by SMS, send the word Register to 22372; CDSC says each SMS costs KSh 10.

What it costs

Your broker's contract note lists every charge on a trade. Two levies are published by the market bodies themselves: CDSC's fee schedule lists a transaction levy of 0.08% of equity turnover, and the NSE's annual report for 2025 says its own equity transaction levy is 0.12% of the value of each trade, charged on both the buying and the selling side. Broker commission comes on top and varies by firm, so ask for it in writing. We did not find one official schedule that adds all the charges up.

Ziidi Trader and other apps

Safaricom launched Ziidi Trader in the M-PESA app with the NSE in February 2026. Its terms name Kestrel Capital (EA) Limited as the stockbroker at launch, and its FAQ (updated 6 May 2026) puts the commission at 1.5%. CDSC notes that Ziidi Trader holds shares in a pooled account in the broker's name, not in a CDS account in yours. If you want shares in your own name, open a CDS account through a firm on the list above or in Dosikaa.

For choosing what to buy, see our beginner's guide to investing on the NSE. If you want lower risk, compare money market funds and Treasury bills on DhowCSD.

Frequently asked questions

Sources

• CMA licensee register: Investment Banks (read 25 October 2026)
• CMA licensee register: Stockbrokers (read 25 October 2026)
• NSE, list of trading participants (last modified 8 July 2026)
• CMA, 28 May 2026: AIB-AXYS Africa approved to upgrade to an investment bank
• CMA, 12 August 2026: Kestrel Capital approved for a broker-dealer licence
• CMA, 11 February 2026: new licences including Green Margin Capital and Rock Advisors
• CMA, investor information
• CDSC: opening a CDS account through a Central Depository Agent, and Dosikaa
• CDSC FAQ: statements by SMS and email
• CDSC fees
• NSE Equity Trading Rules, amended July 2025 (hours, board lot, T+3)
• NSE press release, 29 July 2025: trading in single shares from 8 August 2025
• NSE annual report 2025 (equity transaction levy)
• Safaricom, Ziidi Trader terms and conditions
• Safaricom, Ziidi Trader FAQ