Kenya's Capital Markets Authority has warned the public against 15 named entities that it says are offering or purporting to offer investment services without the required licences or approvals. The regulator said the entities are the subject of active investigations involving the Directorate of Criminal Investigations, the CMA and other law-enforcement agencies.
The warning matters because some of the names and products being marketed can sound similar to legitimate investment services. A polished website, a mobile app, a social-media page or a claim of being “regulated” is not enough. Before sending money, the useful question is simple: can you find the exact provider and product in the regulator's records?
The 15 entities named in the CMA warning
| # | Entity named in the warning |
|---|---|
| 1 | Global Investment Group (GIG) |
| 2 | QVSE |
| 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 |
| 13 | Just Markets |
| 14 | Ultima Cryptocurrency |
| 15 | Lukman-trust fund |
News reports quoting the CMA notice say the regulator described the entities as operating without the requisite licensing or approval and cautioned the public against dealing with people or entities disguising fraudulent activity as investment opportunities. Because investigations are ongoing, the safest wording is to treat this as a regulatory warning and active investigation, not as a final court finding against every person connected to each name.
How do you check whether a fund is legitimate?
Start with the exact legal name. The CMA maintains a public register of licensed and approved capital-market entities and Collective Investment Schemes. Search for the provider name there, then check whether the specific fund or scheme being offered appears under that provider.
For example, a genuine Collective Investment Scheme entry normally identifies the umbrella scheme and its approved sub-funds. That is more useful than relying on a screenshot of a certificate, a WhatsApp message or wording such as “CMA compliant” on a website.
Five checks before you send money
- Match the exact name. A similar-sounding company is not the same as the licensed entity in the register.
- Check the exact product. If someone says it is a Money Market Fund, verify that the fund itself appears under an approved Collective Investment Scheme.
- Ask who holds the assets. Legitimate regulated funds have formal structures around the fund manager, trustee and custodian. If the explanation is vague, stop and verify before paying.
- Be cautious with guaranteed or unusually fixed returns. Investment returns and market prices can change. A sales pitch that removes all risk from the story deserves extra scrutiny.
- Do not let urgency replace verification. “Pay today”, referral bonuses or pressure to recruit other investors are not substitutes for a licence.
What if you already sent money?
If you have dealt with one of the named entities, avoid sending additional money while you verify what happened. Keep payment confirmations, account statements, screenshots, emails, phone numbers and any agreements or messages you received. The CMA warning, as reported by Kenyan media, encouraged affected persons to cooperate with the investigations and report to their nearest DCI office.
The CMA also operates investor-protection and complaints channels, including its Capital Markets Fraud Investigations Unit. If the issue involves a provider that claims to be regulated, include the exact name used, the product offered, how you paid and any proof of the regulatory claim.
Does “not on this warning list” mean safe?
No. A warning list is not a complete directory of every risky or unlicensed scheme. The better habit is to check the regulator's live register before every new investment relationship. Also check whether the exact product is approved and whether the account or payment instructions match the regulated provider you intended to deal with.
That is especially important as Kenya's Collective Investment Scheme market grows and more regulated MMFs, fixed-income funds, special funds and other products become available. More choice is useful, but it also makes name-checking more important.
What Amka will do differently
When Amka shows an investment product or comparison, we aim to keep the provider, product type, source and date visible. A high published return should never outrank the more basic question of whether the product and provider can be verified.
You can use our Money Market Fund comparison to compare published figures, but always use the regulator's register as the final licence check before committing money.
Sources and verification links
- Capital Markets Authority — licensed Collective Investment Schemes ↗
- Capital Markets Authority — complaints and Capital Markets Fraud Investigations Unit ↗
- Citizen Digital — report on the CMA warning and 15 named entities ↗
- The Standard — report on the CMA warning and ongoing investigations ↗