NAIROBI, Kenya, Jan 15 – Sycamore Capital Limited, an online investment platform, has received approval from the Capital Markets Authority (CMA) to offer a mobile-based collective investment scheme through the Cashlet mobile application.
CMA CEO Wyckliffe Shamiah said the company is the 11th to exit its Regulatory Sandbox, a platform that allows for the live testing of innovative capital markets-related solutions before rollout.
“The regulatory sandbox remains an important tool for the Authority in developing evidence-based policy and regulation by facilitating innovation. However, more strategically, we see it as a driver for growth in the investor base, democratizing wealth and enhancing liquidity in the capital markets,” said Shamiah.
Sycamore Capital was first admitted into the live-testing environment in July 2021, in partnership with licensed fund manager ICEA Lion Asset Managers.
The duo sought to bring together retail investors through the Cashlet app and subsequently direct their investments into registered collective investment schemes.
The objective of the innovation was to spur an investment culture among the youth by providing convenient and low-cost access to unit trust schemes, eliminating traditional paperwork.
