Kweli Capital acquires Old Mutual Securities in brokerage push
Business
By
Brian Ngugi
| Sep 16, 2025
Kenyan investment firm, Kweli Capital, has acquired a majority stake in brokerage Old Mutual Securities Ltd (OMS), the companies said in a statement, marking the technology-driven company's strategic expansion into regulated financial services.
The acquisition will see Kweli Capital take over the Nairobi-based brokerage from the Old Mutual Group. The move positions the firm at a place where it will build a full-service investment bank targeting East Africa's growing capital markets.
"Kweli Capital Limited, an East African technology-driven investment company, has acquired a majority stake in Old Mutual Securities Limited (OMS) from the Old Mutual Group signaling a bold new chapter in the region's capital markets," said the notice.
Founded in 2018, Kweli Capital has established itself as a key player in structuring financial and property market innovations.
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The firm is best known for developing the Kenyan government's "Boma Yangu" affordable housing platform and the Amaka Umbrella Fund.
Old Mutual Securities carries a deep legacy in Kenya's capital markets. It was incorporated in 1992 as Reliable Securities Limited and was the eighth licensed stock broker to operate in the Nairobi Securities Exchange (NSE).
Backers say the transaction combines Kweli Capital's strength in structured finance and technology with OMS's established brokerage and exchange membership, creating a platform to deliver end-to-end investment solutions.
Analysts say the deal underscores a trend of homegrown African firms leveraging technology and local expertise to consolidate and expand within the region's financial services sector, challenging traditional incumbents.
According to its website, Kweli Capital's board includes Kris Senanu (Chairman), Calvin Nyachoti, Kennedy Kipng'etich, and Phillipa Mbonye.
In 2023, the firm appointed Rebecca Nabwire Osogo-Okwara as its CEO, who previously headed Institutional Sales at Britam Asset Managers.
In a government-backed partnership, its Amaka Fund has mobilised major pension schemes and financial institutions to provide private-sector funding. The fund consists of the Amaka Home Ownership Saving Plan (HOSP), accessible via the BomaYangu Portal, and the Qualified Investor Tenant Purchase Schemes Fund.