Kenya’s Capital Markets Authority (CMA) has issued a public warning against 15 entities that are operating without licences and fraudulently soliciting funds from the public. The caution was published on 11–12 September 2026.
The regulator said the platforms are the subject of active investigations by the Directorate of Criminal Investigations (DCI) working with the CMA and other law enforcement agencies. Some of the entities have been marketing cryptocurrency products, forex trading schemes and purported Money Market Funds.
The 15 Flagged Entities
| # | Entity Name |
|---|---|
| 1 | Global Investment Group (GIG) |
| 2 | QVSE (Quant Vest Stock Exchange) |
| 3 | Kore Exchange |
| 4 | Abacus Wealth Management |
| 5 | Brown Advisory Group |
| 6 | B Invest |
| 7 | Bitblock Capital Limited |
| 8 | Maliwave Investments |
| 9 | Monetrix Capital Investments |
| 10 | Twenty-four Hours Pro Expert Trader |
| 11 | Wealth Sharing Group (Opticoin) |
| 12 | CBEX (Crypto Bridge Exchange) |
| 13 | Just Markets |
| 14 | Ultima Cryptocurrency |
| 15 | Lukman-trust fund |
None of the listed entities holds a CMA licence or approval to offer investment services in Kenya. The Authority stated that they are “operating unlawfully and fraudulently soliciting funds from the public.”
How the Schemes Typically Operate
Several of the platforms promote high guaranteed returns through cryptocurrency, forex mentorship or unregulated money-market-style products. Some have previously faced regulatory action in other African markets, including Ghana and Nigeria.
At least one of the named entities has falsely claimed on its website to be regulated by the CMA — a claim the regulator has confirmed is untrue.
CMA Advice to Investors
The Capital Markets Authority urges Kenyans to take the following steps before investing:
- Verify the operator’s name and licence category on the official CMA Register of Licensed Intermediaries at cma.or.ke.
- Avoid any investment solicitation that arrives via WhatsApp, SMS or unsolicited social-media messages. Licensed firms do not operate this way.
- Treat promises of high monthly returns (20–30 per cent or more) with extreme caution. Such offers with no clear, sustainable business model are classic red flags for Ponzi-style schemes.
- If you have already lost money to any of these platforms, report the matter immediately to your nearest DCI office or email the CMA at complaints@cma.or.ke.
Bottom Line
The CMA has publicly named 15 unlicensed entities that are soliciting funds from Kenyans under the guise of investment opportunities. All 15 are under active DCI investigation. Investors are strongly advised to deal only with CMA-licensed intermediaries and to verify every platform before sending any money.
Always check the official CMA register. If an offer looks too good to be true, it almost always is.
Sources:
Tuko – Full list of 15 entities (12 September 2026);
The Standard – CMA flags 15 firms;
The Eastleigh Voice;
People Daily;
Citizen Digital.
This article is for public information only. Always verify licensing status directly with the CMA before investing.