Investing in Kenya’s capital markets is increasingly attractive as the economy grows, public companies expand, and technology enables easier access. The Nairobi Securities Exchange (NSE) — sometimes referred to as the Nairobi Stock Exchange — is the flagship bourse in East Africa, with dozens of listed companies and growing liquidity.
But to access this market, you need a licensed stockbroker or trading participant. Choosing the right broker can make a big difference in costs, service, execution, and overall experience. In this article, I’ll walk you through the 10 best stock brokers in Kenya, and then highlight key criteria you should use when selecting one.
What Is a Stock Broker & How It Works on the Nairobi Securities Exchange
Before diving in, a quick primer:
- A stock broker (or trading participant) is a firm licensed by the Capital Markets Authority (CMA) of Kenya to intermediate trades on the NSE on behalf of clients.
- As an investor, you open a CDS (Central Depository System) account, which holds your securities electronically.
- You place buy or sell orders via your broker, who sends them to the NSE. The broker charges commission and possibly other fees (transaction charges, clearing fees, custody, etc.).
- Many brokers nowadays also provide online trading platforms or mobile apps so clients can trade directly (or with minimal manual intervention).
- Because the Nairobi Securities Exchange / Nairobi Stock Exchange is local, you want a broker with good NSE connectivity, strong customer support locally, transparency in fees, and technological tools (charts, alerts, research) to support decision making.
The NSE itself provides a list of trading participants (brokers) on its website.
Now, let’s look at the 10 best (or most well-regarded) stock brokers in Kenya as of 2025.
10 Best Stock Brokers in Kenya
Here is a list of brokers that are commonly recognized for good service, strong reputation, and NSE access. Some are full investment banks, others are brokerage specialists.
| Broker | Highlights & Strengths | Things to Watch / Considerations |
|---|---|---|
| Dyer & Blair Investment Bank | One of Kenya’s oldest and most respected investment banks and brokers. They provide strong equity coverage, research, corporate finance services, and brokerage services. | Their commission and minimums may be higher compared to boutique brokers; ensure their online trading platform is up to your expectations. |
| AIB-AXYS Africa Ltd | Offers AIB DigiTrader — a mobile trading application, and supports online share trading for NSE equities. | As with many app-based platforms, check responsiveness, reliability, and whether occasional support through phone or email is good. |
| NCBA Investment Bank / NCBA Capital | Their brokerage division is licensed to trade on the NSE. Also, NCBA’s mobile banking app integrates share trading, letting account holders trade in NSE-listed stocks. | If you’re not already an NCBA bank customer, check whether opening a banking relationship is required. Also, verify costs. |
| Kingdom Securities (KSL) | Offers an “Online Share Trading platform (OST)” via its KSL Trader App for NSE share trading. | As with all brokers providing app access, check app reviews, downtime, ease of deposits/withdrawals, and customer support. |
| Faida Investment Bank | A prominent local broker/investment bank. It also provides live market data and is often listed among top NSE brokers. | Might be more corporate/institution oriented — confirm whether they serve small retail investors well. |
| Kestrel Capital East Africa | Known for investment banking and capital markets work, and also licensed as a stockbroker. | Their brokerage overheads may be higher; also check how modern their trading interface is. |
| Old Mutual Securities Ltd | A licensed broker that also offers investment advisory and research services. | As usual, check the user experience of their trading interface and how fast order execution is. |
| Suntra Investments Ltd | Licensed by CMA, a member of NSE, and acts as a Central Depository Agent (CDA) as well. | For more advanced or high volume traders, check whether spreads, commissions, and execution quality match needs. |
| EFG Hermes Kenya Ltd | A subsidiary of the regional financial services group EFG Hermes, licensed as a stockbroker in Kenya. | While EFG has global scale, their local Kenyan brokerage operations are still comparatively newer — check for service consistency. |
| Francis Drummond & Co. Ltd | One of the oldest brokerages in Kenya (since 1949), with a long track record in NSE trading. | Some legacy firms may lag in tech offerings (mobile app, algorithmic tools) — verify their digital strength. |
This list is not exhaustive; there are several other licensed brokers in Kenya. But these 10 are among the favorites for both retail and institutional investors.
How to Evaluate & Choose the Right Broker
Just having access to NSE is not enough. Here are criteria you should use to assess which broker is best for you:
1. Licensing & Reputation
- Verify the broker is licensed by the Capital Markets Authority (CMA) of Kenya and is a recognized trading participant on the Nairobi Securities Exchange / Nairobi Stock Exchange.
- Use NSE’s official list of trading participants.
- Ask peers, read reviews, and check for any regulatory actions or complaints.
2. Trading Fees & Commission Structure
- Brokerage commission (% or fixed), clearing/settlement fees, custody charges, minimum trade value, and inactivity fees all add up.
- Some brokers advertise low commission but add hidden margins elsewhere—ask for a total cost estimate per trade.
3. Technology & Platform
- A modern online trading platform (web, mobile app) is essential for speed, convenience, real-time quotes, charting tools, alerts, etc.
- Look for brokers with good uptime, fast order execution, and clean UI.
- Execution speed matters more in volatile markets.
4. Research & Advisory
- For those who want guidance, brokers that provide sector reports, stock research, corporate access, and insights can be hugely valuable.
- Interface should allow you to read and act on research seamlessly.
5. Customer Support & Accessibility
- Choose a broker with responsive support (phone, email, WhatsApp, chat) and physical presence if needed.
- For beginners especially, handholding support can make a big difference.
6. Liquidity & Execution Quality
- In Kenya’s market, not all stocks trade actively. Brokers who can route or aggregate liquidity, or provide block trades when needed, are advantageous.
- Slippage and partial fills matter, especially for larger orders.
7. Depositing & Withdrawing Funds
- Seamless funding via local bank transfers, mobile money (if permitted), and quick withdrawal processes.
- Avoid brokers with long delays or hidden restrictions.
8. Transparency & Disputes Handling
- Terms should be clear. Hidden clauses or surprise charges are red flags.
- Good brokers will have dispute resolution procedures and be open about policy.
9. Scalability & Growth Opportunities
- If you intend to grow your portfolio, ensure the broker supports institutional services, margin (if applicable), and cross-listing or regionally diversified access.
10. Integration with NSE & Local Market Tools
- Because you’re dealing with the Nairobi Securities Exchange, the broker should have strong local infrastructure, direct connectivity, and knowledge of market microstructure, local order types, etc.
- Some brokers also offer direct access or special features aligned with the NSE’s systems (such as direct investor access, when that becomes more active).
Why the Nairobi Securities Exchange Matters for Kenyan Investors
While global markets attract attention, the Nairobi Securities Exchange (NSE) offers some compelling benefits for Kenyan (and regional) investors:
- Familiarity with Local Companies & Sectors
Many investors understand Kenyan banks, telecoms, consumer names, agriculture, and so forth. This gives an informational edge. - Lower Barriers for Local Currency Trading
Trading in Kenyan Shillings (KES) avoids currency conversion woes that come with foreign markets. - Dividends & Local Tax Treatment
Dividends from Kenyan stocks often have favorable tax treatments if you are domiciled locally, and they are paid in KES. - Supporting National Growth
By investing locally, you help capital markets deepen, improve liquidity, and support Kenyan firms. - Regulation & Oversight
The Kenyan markets are regulated by the CMA and operate under frameworks familiar to you (legal, tax, banking), unlike some foreign markets where complexities abound.
Additional Tips & Insights for NSE Investors
- Always open a CDS account before you trade. Your broker will often assist you with this.
- Keep an eye on direct investor access initiatives by the NSE. The exchange has been exploring enabling investors to interface more directly, reducing reliance on brokers.
- Use mobile apps and technology wisely. Many Kenyan investors now monitor their portfolios and place orders from smartphones. But be wary of latency or connectivity issues.
- Diversify across sectors. The NSE has banks, telecoms, agricultural, and manufacturing among its listed names.
- Be mindful of market liquidity. Some stocks rarely trade; getting in or out in size may be costly.
- Factor in non-trading costs (account maintenance, custody, power or data costs) — these can eat into returns in small portfolios.
- Use limit orders instead of market orders in thinly traded securities to control entry/exit price.
- Always check your broker statements vs the central CDS records to ensure your holdings align.
- Stay updated on NSE announcements, regulatory changes, and macroeconomic news — local economic conditions greatly influence share performance.
Sample Case: Choosing Between Three Brokers
Let’s suppose you are a mid-tier retail investor with about KES 200,000 to invest monthly and you want to trade NSE equities actively (maybe 3–5 trades per month). How might you compare three brokers from our list?
| Feature | Broker A: Dyer & Blair | Broker B: AIB-AXYS (via DigiTrader) | Broker C: Kingdom Securities |
|---|---|---|---|
| Commission & fees | Traditional one of the higher scales, depending on trade size | Probably more competitive for small trades via app | Designed for retail — may offer lower tiers for small accounts |
| Technology & app | Solid but may sometimes lean to semi-manual intervention | Their mobile app is a selling point; fast order placement | Focus on app / web OST might give conveniences |
| Research & insights | Strong research capabilities & corporate access | Some research but maybe less depth | May provide basics and alerts but fewer deep reports |
| Support & accessibility | Strong reputation, physical offices | App support, digital first | Could have more retail focus, friendly support |
| Execution & liquidity | Good market access, reliability | App route should connect well | For smaller trades may be adequate |
In this scenario, if you value ease of use and low minimums, Broker B or C might look more attractive. If you prioritize deep research and high reliability, Dyer & Blair might still justify its premium. The ideal is picking a broker that balances all features in a way that matches your trading style.
Summary & Final Recommendations
The Nairobi Securities Exchange / Nairobi Stock Exchange offers exciting opportunities for Kenyan investors. But the key to success is choosing the right broker.
From the 10 brokers profiled — Dyer & Blair, AIB-AXYS, NCBA Capital, Kingdom Securities, Faida, Kestrel, Old Mutual, Suntra, EFG Hermes Kenya, and Francis Drummond — pick the one whose fees, technical platform, support, reputation, and service offerings best align with your investing goals.
If I were to pick a starting broker for a medium-sized retail investor, I would lean toward one that offers a solid mobile/web trading platform, transparent fees, and good support — such as AIB-AXYS’s DigiTrader or Kingdom’s OST — and later perhaps upgrade to a more research-rich broker like Dyer & Blair or Kestrel as your portfolio grows.
Frequently Asked Questions (FAQs) About Stock Brokers in Kenya
1. How do I start investing in the Nairobi Securities Exchange?
To start investing in the Nairobi Securities Exchange (NSE), you need to:
- Select a licensed broker from the NSE’s list of trading participants.
- Open a CDS (Central Depository System) account through your broker. This is where your shares will be held electronically.
- Fund your account through bank transfer or other approved methods.
- Place your buy or sell orders via the broker’s online platform, mobile app, or office.
Once your trade is executed, the shares will reflect in your CDS account.
2. What is a CDS account and why is it necessary?
A CDS account is the electronic account where your shares are stored, managed by the Central Depository and Settlement Corporation (CDSC). Without it, you cannot legally own or trade shares on the Nairobi Stock Exchange. Opening a CDS account is free, and most brokers will help you complete the registration process.
3. What are the typical brokerage fees in Kenya?
Most brokers charge a commission of about 1.5%–2.1% per transaction, though this may vary depending on the broker and trade size. In addition to commission, you may encounter:
- CMA levy (regulatory fee)
- NSE trading levy
- CDSC transaction fee
- Custody or account maintenance charges (in some cases)
Always ask your broker for a clear breakdown of all charges before you start trading.
4. What is the minimum amount I need to invest?
There is no fixed amount set by the Nairobi Securities Exchange; the minimum depends on the share price of the company you are buying. Some stocks trade at as low as KES 1–10 per share, but you must usually buy shares in multiples of 100. In practice, starting with at least KES 5,000 to KES 10,000 makes it easier to build a diversified portfolio.
5. Which broker is best for beginners?
For beginners, a broker that offers:
- A simple mobile or online trading platform
- Transparent fees
- Responsive customer support
- Guidance on how to open a CDS account and place your first trade
Brokers like AIB-AXYS (DigiTrader app) and Kingdom Securities (OST platform) are popular with new retail investors.
6. Can I trade international stocks through Kenyan brokers?
Most Kenyan stockbrokers focus on the Nairobi Securities Exchange only. However, some investment banks (such as NCBA Capital or EFG Hermes Kenya) may provide access to regional or global markets through partnerships. If your goal is to invest in U.S. or European stocks, you may need an international broker that accepts Kenyan clients.
7. Are there risks in trading on the NSE?
Yes, like all stock markets, the Nairobi Stock Exchange carries risks:
- Price volatility due to economic or political factors
- Liquidity risk (some shares rarely trade, making it hard to exit)
- Company performance risk (dividends may be cut or canceled)
- Regulatory or tax changes
That’s why it’s important to diversify, do research, and only invest money you can afford to hold long-term.
8. Can I use M-Pesa to fund my stock trading account?
Some brokers are integrating mobile money options like M-Pesa into their systems, while others still rely mostly on bank transfers. Always check with your chosen broker whether they support M-Pesa deposits and withdrawals.
9. How do I know if a broker is licensed?
The safest way is to check the official Nairobi Securities Exchange website or the Capital Markets Authority (CMA) website, which regularly publishes an updated list of licensed stockbrokers and investment banks.
10. Which sectors are popular on the Nairobi Stock Exchange?
The NSE has strong representation in:
- Banking and Finance (Equity Group, KCB, Co-operative Bank)
- Telecommunications (Safaricom is the most traded stock)
- Agriculture (Kakuzi, Sasini, Williamson Tea)
- Manufacturing and Consumer Goods (BAT Kenya, EABL)
- Energy and Infrastructure (KenGen, Kenya Power)
Diversifying across these sectors helps reduce risk and improve long-term performance.
