The Capital Markets Authority(CMA) has admitted Acorn Investment Management Limited to the regulatory sandbox for one year.
CMA REGULATORY SANDBOX
This platform by CMA allows for live testing of innovations under a less onerous regulatory regime. It is designed to attract Fintechs, stockbrokers, fund managers, investment advisors and collective investment schemes to test the application of technology on financial services.
Acorn Investment Management Limited has developed ‘Vuka’, an investment platform aggregating retail investors into asset-backed financial products such as real estate.
According to CMA Chief Executive Wyckliffe Shamiah, the Authority has noted Acorn’s plan to support the growth and development of Kenya’s capital markets.
This innovation complements access to affordable housing, one of the critical pillars of the Big 4 development agenda. We look forward to its successful testing and subsequent deployment to the mass market,” said Shamiah.
Vuka is a change from a real estate sector littered with pyramid schemes and disputes over land to assets with adequate demand that can provide stable and predictable returns.
It aims to enable the public to invest in real estate and accumulate wealth and targets SACCOs, Investment clubs and other retail investors with a medium to long-term view of the market.
Acorn Investment Management Limited (AIML) is a wholly-owned subsidiary of Acorn Holdings Limited (AHL).
It is currently the REIT Manager for Acorn Student Accommodation Development REIT (Acorn D-REIT), and the Acorn Student Accommodation Income REIT (Acorn I-REIT) quoted on the Unquoted Securities Platform of the Nairobi Securities Exchange(NSE).
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