Name
Global FinTech Guide
Country _ Name
Kenya
SectionTitle
Financial advisory and broking services including robo advisory and auto-trading
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FinTechs belonging to this category offer advisory and broking services for investments usually via an internet platform.

Robo advisory services usually offer an investment proposition following a series of questions concerning the personal financial background and the risk-bearing capacity of the user. Sometimes the respective platform also enables the user to directly execute the proposed investment. 

Auto-trading concerns all services which automatically trade on behalf of the customer according to his or her specifications.

Apart from that some FinTechs collect and offer merely or as an ancillary service market information or operate comparison portals to increase the transparency of the capital markets and to help the investor with his decision-making.

There are also FinTech-advertising-services which advertise various financial services or products.

Introduction

Attitude of the country towards modern financial advisory and broking services

Kenya's financial advisory sector is robust, with numerous firms offering a range of services including investment planning, tax advisory, risk management, and retirement planning. Some of the top financial consulting firms in Kenya include Certa Wealth Management, Kahuthu Financial Consultants, and Alexanna Ltd.

Robo-advisory services are relatively new in Kenya but are gaining traction. The CMA has approved the rollout of the first robo-advisor by Fourfront Management Limited. This platform provides automated investment advice using advanced data analytics, making investment advisory more accessible and efficient for retail investors



Legal affairs

Obligations and requirements to provide financial advisory and broking services, or ancillary services described above

As there are specific robo-adviser regulations in Kenya, there are no prescriptions on business models to be adopted in relation to robo-advisers.

However, the CMA has taken steps in relation to the regulation of robo-advisers for the provision of investment services. In this regard, the CMA has, through the CMA Sandbox, issued letters of no-objection to two entities (FourFront Management Limited and Waanzilishi Capital Limited), allowing them to provide automated, algorithm-driven financial planning services with limited to no human intervention.

It should be noted that the letters of no-objection are issued on the back of licences issued to the two entities – FourFront Management Limited is a division of Standard Investment Bank, a licensed investment bank in Kenya, and Waanzilishi Capital Limited is registered as a fund manager. Both investment banks and fund managers have the power and authority under the Capital Markets Act to provide investment advice to customers in Kenya.



Additional comments regarding the legal situation for financial advisory and broking services, or adjacent services or what FinTech’s must be aware of in this business area
FinTechs operating in financial advisory, broking, and related services in Kenya are entering a legally complex space. While innovation is encouraged through regulatory sandboxes and increasing openness by the CMA, the legal obligations remain high: licensing is non-negotiable, client protections are paramount, and cross-border and data-related risks are under growing scrutiny. Staying closely aligned with CMA guidance, collaborating with licensed partners, and embedding compliance into product design are essential strategies for long-term success in this fast-changing sector.



Economic conditions

Market size for financial advisory and broking services as well as adjacent services and biggest companies in this business area

Kenya’s financial advisory and broking services market is evolving into a multi-billion-dollar sector, combining the strength of traditional institutions with the innovation of emerging FinTech platforms. As of 2025, the total market for financial advisory services in Kenya is estimated to manage over USD 8.26 billion in assets under management (AUM), with financial advisory alone contributing approximately USD 5.07 billion. This sector includes personal financial advice, wealth management, institutional advisory, and capital market brokerage.

Adjacent services such as digital investment platforms and neobrokers are seeing impressive growth. Digital investment transaction values in Kenya are expected to reach USD 3.19 billion in 2025, with neobroker platforms alone accounting for about USD 1.87 billion. These neobrokers—typically mobile-first trading platforms that allow fractional investing and simplified access to domestic and foreign equities—are rapidly transforming how Kenyans, especially younger and tech-savvy investors, interact with financial markets. In addition, the investment banking segment, which includes advisory for mergers, acquisitions, and capital raising, is projected to generate revenues of around USD 414 million in 2025.

The traditional financial advisory and broking space remains dominated by well-established players. These include Britam Asset Managers, part of the larger Britam Holdings, Zimele Asset Management, Old Mutual Holdings, I&M Holdings, Centum Investments, and NCBA Group, all of which offer comprehensive wealth management and capital market services. Firms like Faida Investment Bank, Sterling Capital, Genghis Capital, and CIC Asset Management are also prominent in capital market intermediation, including retail and institutional brokerage. Many of these institutions manage billions in assets and have wide client networks across East Africa.

On the digital side, newer platforms such as Ndovu, FourFront, and Hisa Technologies are reshaping the landscape. Ndovu offers robo-advisory and ETF-based portfolios, while FourFront—licensed after graduating from the CMA sandbox—provides algorithmic trading tools for retail investors. Hisa allows Kenyans to invest in both local and U.S. stocks using mobile money and fractional trading models. These digital-first services are more accessible to the average Kenyan and are contributing significantly to the democratization of investing.
Despite rapid growth, digital investment services still represent a smaller portion of total AUM compared to traditional advisors. However, the robo-advisory segment alone was valued at approximately USD 1.76 billion in 2023 and is expected to grow to USD 4.19 billion by 2032, indicating significant long-term potential. These services lower entry barriers through automation and mobile accessibility but must contend with regulatory scrutiny and the challenge of building consumer trust in algorithm-led advice.



Additional comments regarding the economic situation for financial advisory and broking services as well as adjacent services or what FinTech’s must be aware of in this business area

Kenya’s financial advisory and broking landscape is shaped by a mix of economic optimism and structural constraints. On the positive side, rising middle-class income, a young, digital-native population, and improved financial literacy are driving demand for investment services. Increased mobile penetration and digital payment infrastructure have also made it easier for retail investors to access financial products, especially through FinTech platforms. However, the broader economic environment poses challenges. Inflationary pressure, currency depreciation, and fluctuating interest rates affect both consumer risk appetite and investment returns. Moreover, limited domestic capital market depth restricts the variety of instruments available for portfolio diversification, compelling many investors to look to foreign equities—raising cross-border regulatory considerations.

For FinTechs, economic volatility requires robust risk management frameworks, especially in algorithmic and advisory tools. Startups must also be conscious of investor conservatism in low-growth periods and ensure product designs cater to both short-term liquidity needs and long-term wealth creation. Cost sensitivity among users means pricing strategies must be transparent and affordable. Crucially, regulatory compliance, especially under the Capital Markets Authority and Data Protection Act, remains non-negotiable. FinTechs that balance innovation with strong governance, adaptability to macro shifts, and inclusive design will be best positioned to thrive in Kenya’s evolving economic landscape.

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