An Investment Adviser Licence in Kenya is issued by the Capital Markets Authority (CMA) under Section 23(1) of the Capital Markets Act. It permits a person or firm to advise members of the public on the buying, selling, or holding of securities for a fee. Following the 2025 overhaul of CMA’s licensing regime, investment advisers (alongside custodians and trustees) now fall under a clearly tiered fee structure set out in the Sixth Schedule of the Capital Markets (Licensing) Regulations, 2025.
CMA Fee Schedule for Investment Advisers
| Charge | Amount (KES) |
|---|---|
| Application Fee | 10,000 |
| Licensing Fee | 100,000 |
| Annual Regulatory Fee | 100,000 |
This replaces the older flat-fee regime with charges that are now standardised across advisory-type intermediaries, including investment advisers, custodians, and trustees, who all pay the same KES 10,000/100,000/100,000 structure.
Who Needs This Licence?
Anyone offering investment advice for compensation — including the newer category of digital, algorithm-driven “robo-advisers” now captured under the expanded CMA definition — must be licensed before operating. Unlicensed advisory activity is an offence under the Capital Markets Act.
Requirements Beyond the Fee
In addition to paying the prescribed fees, applicants must demonstrate:
- Adequate professional qualifications and experience of key personnel
- A clean regulatory and criminal record (“fit and proper” test)
- Sufficient capital adequacy as prescribed under the 2025 Regulations
- A compliance manual and risk management framework
- Registered office premises in Kenya
Application Process
- Submit a duly completed application form via the CMA Online Applications Portal or in hard copy
- Pay the KES 10,000 application fee
- Undergo CMA’s fit-and-proper review of directors and key staff
- Receive an approval-in-principle (valid 6 months) if the application substantially meets requirements
- Pay the KES 100,000 licensing fee upon full approval
- Remit the KES 100,000 annual regulatory fee every subsequent year
At KES 210,000 total in year one (application + licensing fee), the Investment Adviser Licence is one of the more accessible entry points into Kenya’s capital markets compared to exchange or depository licences. However, capital adequacy and compliance infrastructure costs typically dwarf the regulatory fee itself. Always confirm current rates directly with the CMA, as fee schedules are reviewed periodically.
