This archive report was first published on 25 August 2021.
On August 25, 2021, the Capital Markets Authority (CMA) took a significant step towards promoting innovation in Kenya's capital markets by admitting Acorn Investment Management Limited to the regulatory sandbox for one year.
The licensed Real Estate Investment Trust (REIT) manager, Acorn Investment Management Limited, has been admitted to the sandbox on account of its investment platform called 'Vuka', which aggregates retail investors into asset-backed financial products such as real estate through a regulated and transparent structure.
According to the CMA, Vuka is a game-changer in the real estate investment space, offering the public a chance to accumulate wealth and achieve financial freedom.
"We are aware of Acorn's commitment to supporting capital markets development and growth," said CMA Chief Executive Wyckliffe Shamiah. "The innovation further supports Kenya's Big 4 agenda on affordable housing. We are hopeful of a successful testing and eventual roll out of the innovation to the mass market."
The innovation will target qualified retail investors such as investment clubs (chamas), saccos, and other medium-to-long term retail investors.
Acorn Investment Management Limited is a wholly-owned subsidiary of Acorn Holdings Limited and 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.
