The Capital Markets Authority (CMA) has granted licenses to Kenyan fintech companies, Jipay Payment Solutions and Sycamore Capital Limited, as Intermediary Service Platform Providers (ISPPs).
Jipay Payment specializes in micro-savings solutions, helping subscribers save effortlessly through automated savings. The Kenyan fintech company promotes financial stability and long-term wealth creation among financially excluded populations.
Additionally, the CMA licensed Cashlet App developer, Sycamore Capital Limited. In July 2021, the Nairobi-based fintech company was admitted to the CMA’s Regulatory Sandbox to test its application, Cashlet, a mobile-based platform for investing in unit trusts. In partnership with ICEA Lion, Sycamore Capital sought to bring individual investors together through the Cashlet App and direct their investments into registered Collective Investment Schemes.
In January 2024, CMA announced the successful exit of Sycamore Capital Limited from the sandbox and approval to operate as a mobile-based Collective Investment Scheme intermediary service platform provider through the Cashlet App.
CMA’s Chief Executive Officer Remarks on Approvals
Capital Markets Authority Chief Executive Officer, Wyckliffe Shamiah, said that the approval of the companies demonstrates the Authority’s dedication to supporting Kenyan fintech innovations that seek to offer real market solutions, while protecting investors from exploitation. The move also boosts capital markets participation and financial inclusion in Kenya.
“These approvals mark an important step towards deepening capital markets participation, promoting savings and investment among underserved communities, and aligning with Kenya’s broader digital financial inclusion agenda,” said Wyckliffe Shamiah.
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