Capital Markets Authority- Kenya has granted online-based investment company Waanzilishi Capital a license to provide investment advice, manage portfolios, and design investment funds.
Waanzilishi Capital is behind the Ndovu App, a platform that provides users with access to global financial markets. It gives users easy access to global financial markets with automated advisory and financial education.
The company which is at the vanguard of digitizing fund management in East Africa was previously licenced as an investment adviser. Speaking on being granted the licence, Rogito Nyangeri CCO and Co-Founder said, “This license allows us to roll out unique products that will connect the real economy to the capital markets”.
Ndovu CEO and Co-Founder Radhika Bhachu stated: “ We see regulation as a key pillar of our strategy as it ensures that our company is built on strong pillars of transparency, compliance and proper governance. Since our incorporation, we have worked closely with the CMA to drive innovation in the capital market ecosystem.
The current investment options in Kenya still lock out the vast majority due to complexities in market access and high management fees.
Ndovu allows customers to invest as little as $50 in local and global investments such as US stocks and index funds. The firm charges up to one per cent of the portfolio value for advice on its platform, which is considerably cheaper than hiring traditional financial advisers who charge up to five times more.