1. Application form- duly filled and executed in duplicate (Form 1)
  2. Certified copy of the Certificate of Incorporation
  3. Certified Copy of the Memorandum and Articles of Association (with objects that authorize the company to carry out the business for which the license is sought)
  4. Accounts
  5. 6 months unaudited accounts plus 2 years where relevant
  6. Paid up share capital (x ≥ Kshs 2,500,000)
  7. Evidence of minimum paid up share capital
  8. Shareholders’ funds (x ≥ Kshs 2,500,000)
  9. Liquid capital (x ≥ The higher of Kes. 1,000,000 or 8% of total liabilities)
  10. Business Plan 
  • Board of Directors which should comprise of a minimum of 3 directors a third of whom must be natural persons, at least one third should be independent and non-executive directors, not more than one third of the directors who are close relations of any director. A director should not hold more than 2 directorships in market intermediaries unless they are subsidiaries or holding companies. The Chairman of the Board must be a non-executive Director
  • Company Secretary (provide the name of an individual and ICPSK Number)
  • Shareholding Structure: number of shares, the percentage holding and beneficial shareholding of all corporate shareholders and any existing Trusts if applicable.
  • Name and competencies of Chief Executive
  • Financial projections for 3 years
  • Operating and IT system (describe the system in place or the system to be put in place once licensed)
  • External Auditor
  • Place of business/ premises
  • Details of staff (please note the requirement for risk management, compliance officer and internal audit functions as per the Corporate Governance Regulations)
  • Directors’ declaration as required under paragraph 1(e) of the Application form
  1. A Board Charter that-      
  2. confirms the board responsibility for adoption of strategic plans, monitoring, operational performance, the determination of policies and processes that ensure the intermediary’s risk management and internal controls.
  3. reserves specific powers to itself and delegates other matters to the management of a market intermediary
  4. provides a code of conduct that addresses conflict of interest relating to directors and management which shall be regularly reviewed and updated as necessary;
  5. identifies the key risk areas that require regular monitoring.
  • Clear separation of roles and responsibilities of the chairman and chief executive.
  • A policy for appointment of employees
  • A Risk Management framework
  • Two (2) letters of business reference
  • One (1) letter of bank reference
  • Comprehensive Curriculum Vitae for directors and key personnel- the chief executive officer, chief financial officer, chief compliance officer, secretary to the Board, chief internal auditor or any manager
  • Duly filled and executed Fit & Proper Form for directors and key personnel
  • Valid certified copies of the Police Clearance Certificate for directors and key personnel
  • Application Fee of Kshs. 2,500