Government approves Safaricom and Airtel Money as intermediary service platform providers
Government approves Safaricom and Airtel Money as intermediary service platform providers
The Capital Markets Authority (CMA) has approved Safaricom PLC and Airtel Money Kenya Limited to operate as Intermediary Service Platform Providers (ISPPs).
In a statement on Monday, December 22, CMA said the move to license Safaricom and Airtel Money is aimed at enhancing competition and expanding digital access to Kenya’s regulated capital markets.
“The Capital Markets Authority (CMA) has granted approval to Safaricom Plc and Airtel Money Kenya Limited to operate as Intermediary Service Platform Providers (ISPPs).
“The licensing of both Safaricom Plc and Airtel Money Kenya Limited to operate as Intermediary Service Platform Providers is expected to enhance competition, expand investor choice, and strengthen digital access to regulated capital markets products,” read the statement in part.
CMA also licensed CC Kenya Securities Limited trading as Capital.com to operate as a Dealing Online Foreign Exchange Broker.
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“A dealing broker is authorized to act as a principal and market maker in online foreign exchange trading, including opening client accounts, providing trading platforms, offering market information, monitoring positions, and issuing end-of-day reports in line with the Capital Markets (Online Foreign Exchange Trading) Regulations, 2017,” CMA added.
ISPPs play a critical role in capital markets by providing mobile and web-based technology platforms that allow investors to access regulated capital market products such as shares, bonds, unit trusts, and other investments.
They also facilitate investor onboarding, including account opening and identity verification (KYC), while enabling investors to place orders, view portfolios, track transactions, and receive transaction confirmations.
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