• Kenya’s CMA licensed Safaricom and Airtel Money as Intermediary Service Platform Providers (ISPPs), enabling them to offer regulated capital markets products via mobile platforms.
• Safaricom leads Kenya’s mobile and mobile money markets with 65.3% and 89.7% shares respectively, while Airtel holds 30.7% of mobile subscriptions and 10.3% of mobile money users.
• The ISPP framework supports telcos’ broader shift into financial services—leveraging mobile apps, USSD, and agent networks to expand access to investments, savings, loans, and insurance, especially for the unbanked.

On December 22, Kenya’s Capital Markets Authority (CMA) granted licenses to Safaricom Plc and Airtel Money Kenya Limited to operate as Intermediary Service Platform Providers (ISPPs). This move enables the two telecommunications companies to connect their mobile money users with regulated capital markets products through their existing digital platforms.

As licensed ISPPs, Safaricom and Airtel Money can now facilitate access to investment opportunities—such as securities and other capital markets instruments—directly via their mobile ecosystems. According to the CMA, this initiative is “expected to enhance competition, expand investor choice, and strengthen digital access to regulated capital markets products.”

The ISPP framework positions telcos as vital conduits between mobile money services and the broader financial markets, potentially transforming how millions of Kenyans engage with investment products.

This development comes amid a highly competitive mobile money landscape. According to the Communications Authority of Kenya’s First Quarter Sector Statistics Report for the Financial Year 2025/2026, Safaricom maintained a dominant 65.3% share of mobile subscriptions, followed by Airtel at 30.7%. In mobile money, M-Pesa held a commanding 89.7% market share, while Airtel Money accounted for 10.3%. With 48.6 million mobile money subscriptions and a 92.8% penetration rate, the sector continues to play a critical role in promoting financial inclusion, particularly among unbanked populations.

The ISPP licensing reflects a broader trend of telcos diversifying beyond traditional voice, data, and mobile money services. Both Safaricom and Airtel have built expansive digital ecosystems that now include insurance, lending, savings, and merchant services. Their infrastructure—spanning mobile apps, USSD platforms, and widespread agent networks—positions them well to democratize access to capital markets.

Hikmatu Bilali