Kenya’s Capital Markets Authority has warned investors against 16 entities it says are offering investment services without the required licences, as regulators across Africa step up scrutiny of online investment platforms.
The CMA said in a notice dated Sept. 11 and published on its website on Sept. 15 that the entities were operating without approval to provide regulated capital markets services in Kenya. It said the cases were under investigation by the Directorate of Criminal Investigations and other authorities.
The list includes Quant Vest Stock Exchange (QVSE), Global Investment Group, CBEX, Just Markets, Ultima Cryptocurrency and Wealth Sharing Group.
Kenya requires businesses providing services such as stockbroking, dealing, investment advice, fund management and online foreign exchange trading to obtain the appropriate regulatory approval.
The warning comes as investment services increasingly move online, allowing platforms to reach customers across borders through websites, mobile applications and social media.
One of the platforms named by the CMA, QVSE, has drawn regulatory attention elsewhere in Africa. Ghana’s Securities and Exchange Commission warned against QVSE and Ultima Cryptocurrency in July 2026 as part of a wider warning over unlicensed investment entities.
CBEX has also faced regulatory scrutiny in Nigeria. In April 2025, Nigeria’s Securities and Exchange Commission said CBEX and its affiliates were not registered to operate in the country.
The cases highlight the difficulty regulators face in monitoring investment platforms that can operate digitally and market services to customers in multiple jurisdictions.
Kenya has meanwhile been developing a regulatory framework for virtual assets. The Virtual Asset Service Providers Act took effect in November 2025, followed by implementing regulations gazetted in July 2026.
The framework is intended to bring virtual-asset businesses within a clearer regulatory structure, while regulators continue to warn consumers about unlicensed operators.
Kenya’s CMA has advised investors to verify whether an investment provider is licensed before committing funds and to report suspected fraud to the relevant authorities.
The regulator’s warning does not apply to online investment services generally. Rather, it underscores the distinction between platforms authorised to provide regulated financial services and those operating outside the regulatory framework.
Uganda’s Capital Markets Authority has issued similar warnings about unlicensed investment schemes, reflecting a wider regulatory concern across East Africa as financial services become increasingly digital.
For investors, regulators say checking an operator’s licence and the specific services it is authorised to provide remains an important step before transferring funds.
