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Ndovu (Ndovu app) in Kenya — review, licence and costs
Score (4 of 6 axes scored)
shown, not ranked: only 55% of the weight has data, need 55%
- Safety20%90
- Payouts15%40
- Track record10%30
- Platforms10%0
Numbered by weight: axis 1 counts for most.
Key facts
Licence check
Open an account with Ndovu (Ndovu app)The broker's own website. Not a partner link — we earn nothing from it.
Who actually onboards you
- Entity that onboards Kenya residents
- Waanzilishi Capital Ltd
- Local standing
- CMA-regulated domestic (fund manager / investment adviser digital platform)
- Licence as the register states it
- CMA-licensed: Waanzilishi Capital licensed as Fund Manager and Investment Adviser; also regulated by ICIFA and Communications Authority of Kenya
- Leverage for this entity
- no retail forex/leverage; cash investing in funds/stocks/ETFs
- The firm behind it
- Digital multi-asset investment platform run by Waanzilishi Capital (CMA fund manager license). Reports 200,000+ clients and 3.7M+ transactions (company figures)
- What we hold against it
- not verified at review
Leverage by entity
The licence belongs to the firm; a leverage figure belongs to one entity. Only the entity that onboards Kenyan residents enters the score.
no retail forex/leverage; cash investing in funds/stocks/ETFs
Scale from 1:10 to 1:3000, logarithmic.
Client protection
- Local entity onboards youCMA-regulated domestic (fund manager / investment adviser digital platform)
- Regulator warning on filenone found
— means the broker does not state it in any source we captured. It is not read as “no protection” and it is not scored.
Accounts
Account types the broker names for this country: In-app investment account (goal-based plans), portfolios of stocks/ETFs/bonds/MMF. The figures below are the broker's own and do not differ by account in any source we captured.
Swap-free account terms
Terms read from the account page on 01.10.2026. The cap on open positions is not published.
Payouts(2 methods)
| Method | Deposit, h | Fee, USD | Min, USD |
|---|---|---|---|
| Direct M-Pesa integration | 24 | 0 | 50 |
| Bank transfer | 24 | 0 | 50 |
Taxes for a Kenyan resident(1 rule)
- Forex/CFD profit treated as ordinary income for most retail traders (not capital gains), added to taxable income, taxed on graduated bands roughly 10% up to a top marginal rate of 35% (as of the review;https://www.ndovu.co/ke
Not tax advice. Check with the Kenya Revenue Authority.
Deposit and withdrawal methods (2 methods · 1 local)
Direct M-Pesa integration (fund and withdraw);
- Direct M-Pesa integrationlocal
- Bank transfer
- Account currency
- KES (global assets USD-denominated)
- Fee declared
- 2 of 2 methods
- Withdrawal back to
- the funding method
Where it does not serve(3 countries)
From the client agreement, clause 2.3. A country missing from a translated page is not read as “served”.
Platforms and markets(2 platforms)
- Ndovu mobile app (iOS and Android)
- web
| Class | Leverage |
|---|---|
| Ndovu mobile app (iOS and Android) | —KE |
| web | —KE |
Pros and cons(3 for and 4 against, each tied to a figure on this page)
- Authorised by the Kenya regulator in its own register
- Min deposit 5 USD, under the Kenya median 25
- Safety 90 of 100, its strongest of 4 scored axes
- Round-turn cost not priced: the pair of spread and commission is not published
- Withdrawal in 72 h, over the Kenya median 48
- Platforms 0 of 100, its weakest of 4 scored axes
- Not scored on reviews, round-turn cost: the broker publishes no figure we could read
Alternatives in Kenya(6 of 55 scored in Kenya)
- Round turn, USD
- 7KE
- Min deposit, USD
- 20 groupKE
- Leverage
- 200KE
- Rank in this country
- #3
- Round turn, USD
- 6KE
- Min deposit, USD
- 0 groupKE
- Leverage
- 2000 group
- Rank in this country
- #2
- Round turn, USD
- 7KE
- Min deposit, USD
- 10KE
- Leverage
- 400KE
- Rank in this country
- #4
- Round turn, USD
- 7KE
- Min deposit, USD
- 5KE
- Leverage
- 400KE
- Rank in this country
- #6
- Round turn, USD
- 9KE
- Min deposit, USD
- 10KE
- Leverage
- 400KE
- Rank in this country
- #16
- Round turn, USD
- 6KE
- Min deposit, USD
- 0 groupKE
- Leverage
- 500 group
- Rank in this country
- #10
"group" marks a figure the broker publishes for the group rather than for this country. It is shown because the broker states it, and it is not ranked, averaged or used to sort.
Methodology(6 axes · formula v1.0)
Score = 2 + 3 × weighted mean of six axes scored 0–100. Range 2.0–5.0. An axis without data drops out and the remaining weights are renormalised; it is never scored zero or estimated. Group-wide figures never enter a Kenya score. Full methodology
| Axis | Weight | What is measured | Ndovu (Ndovu app) |
|---|---|---|---|
| Reviews | 25% | Rating, volume and recency on one public review platform | — |
| Round-turn cost | 20% | Round turn on 1 lot EURUSD: spread plus commission, against the country median | — |
| Safety | 20% | Local authorisation, the entity that onboards you, any regulator warning | 90 |
| Payouts | 15% | Published withdrawal time, fees and the methods available in the country | 40 |
| Track record | 10% | Years since the firm was founded, from its own filings | 30 |
| Platforms | 10% | Which trading platforms the broker confirms for this country | 0 |
— the broker does not publish this figure; it is not read as a zero and it is not scored.
Where Ndovu (Ndovu app) sits in the Kenya base(55 brokers)
Round-turn cost, USD (36 of 55 priced)
Median 7 USD · range 3-23 · 19 of 55 brokers do not publish it
Minimum deposit, USD (27 of 55 priced)
Median 25 USD · range 0-2500 · this broker 5 USD · 28 of 55 brokers do not publish it
Retail leverage (29 of 55 with a Kenya figure)
Median 1:500 · range 30-5000 · 26 of 55 brokers do not publish it
Withdrawal time published (55 brokers)
FAQ
- Does Ndovu (Ndovu app) accept residents of Kenya?
- Yes. CMA-regulated domestic (fund manager / investment adviser digital platform) Onboarding entity: Waanzilishi Capital Ltd
- Is Ndovu (Ndovu app) licensed to serve clients in Kenya?
- CMA-licensed: Waanzilishi Capital licensed as Fund Manager and Investment Adviser; also regulated by ICIFA and Communications Authority of Kenya Checked on 11.07.2026.
- Which trading platforms does Ndovu (Ndovu app) support?
- Ndovu mobile app (iOS and Android), web. Instruments: Local & global stocks (fractional, e.g. Nvidia), global ETFs (S&P 500, gold, bond/commodity ETFs), government bonds, unit trusts, money market fund (Ndovu Fund)
- How can I withdraw money from Ndovu (Ndovu app) in Kenya?
- Direct M-Pesa integration (fund and withdraw); bank transfer
- What account types does Ndovu (Ndovu app) offer?
- In-app investment account (goal-based plans); portfolios of stocks/ETFs/bonds/MMF