Ndovu review: CMA licence, US shares, ETFs, fees and M-Pesa

Who runs Ndovu

The Ndovu website and app are operated by Ndovu Wealth Limited, a Nairobi company that says it is “licensed by the Capital Markets Authority as a Fund Manager and Investment Adviser”. We found it in the Capital Markets Authority (CMA) register of fund managers with licence number 169. The register’s list of investment advisers does not show Ndovu Wealth Limited; licence 148 there belongs to Waanzilishi Capital Limited, which has the same postal address and the website ndovu.co. Ndovu’s own pages do not mention that name. Ndovu says it was founded in 2021.

Ndovu also has a company in Rwanda, Ndovu Wealth Rwanda Limited, which it describes as licensed by Rwanda’s Capital Market Authority as an investment manager, and one in Uganda, Ndovu Wealth Uganda - SMC Limited, licensed by Uganda’s Capital Markets Authority as an investment adviser only. Uganda’s regulator lists it among investment advisers. Neither page gives a licence number. All facts here were checked on 28 October 2026.

Who can open an account

Ndovu’s FAQ says: “Ndovu operates in Kenya and, for regulatory reasons, cannot accept U.S. citizens. Other nationalities are welcome subject to acceptable KYC documentation.” Other answers mention non-Kenyan residents and diaspora investors, so ask Ndovu before signing up if you live outside Kenya. Every user must complete KYC before investing; the sign-up flow asks for an ID or passport, a selfie and a Kenya Revenue Authority (KRA) PIN certificate.

What you can invest in

Ndovu’s product page lists money market funds, global ETFs, fractional shares and commodities, and says that is exactly what you can own:

• Fractional shares in a curated list of US companies such as Apple, NVIDIA and Tesla, from USD 50 each.
• ETF portfolios built around themes or indices (for example the S&P 500, India or healthcare), from USD 50.
• Money market funds: the Ndovu Fund, which Ndovu calls a trade name of the Taifa Fund, in KES from KES 5,000 or in USD from USD 50. The CMA register lists the Taifa money market funds among approved schemes.
• The Kibaba Multi-Asset Special Fund, managed by Ndovu Wealth Limited, also in the register of approved schemes.

The FAQ also mentions Kenyan government bonds, but the product page does not list them.

What it costs

Ndovu has three plans. The free Basic plan charges 4.5% of the amount you invest in global funds and fractional stocks; the fee is taken before the money is invested. Standard (KES 3,000 a year) charges 4.0% and Ultimate (KES 30,000 a year) 2.0%. Selling is free, and the money market funds carry no Ndovu fee. One FAQ answer calls the 4.5% a yearly charge, while the fee page says it is taken on the investment amount when you invest; we follow the fee page. Local bonds cost 0.375% twice a year.

KES is converted automatically for USD investments at a banking partner’s rate “plus an applicable spread”; the spread is not published. Ndovu’s terms say it may also receive compensation from fund management companies.

Paying in and taking money out

• M-Pesa and bank transfer for deposits, with no Ndovu fee.
• Withdrawals first move money from your investment to the Ndovu Pocket (within 2 business days), then to mobile money (up to 48 hours) or a bank account (up to 72 working hours).
• USD withdrawals by bank transfer cost USD 9.00; other withdrawals carry no Ndovu fee, but your bank or M-Pesa may charge.

Protection and custody

Ndovu says client investments are held with regulated custodians, separate from its own assets, and that client money sits in a segregated bank account; the Kibaba fund’s custodian is Diamond Trust Bank. Trades are executed through a broker-dealer licensed by the US Securities and Exchange Commission, which Ndovu does not name. We found no investor compensation scheme on the pages we read.

Gaps we could not confirm

• The minimum to open an account: KES 5,000 in the FAQ, but KES 50,000+ for the “Individuals” tier.
• The link between Ndovu Wealth Limited and Waanzilishi Capital Limited, which holds the investment adviser licence.
• The name of the US broker-dealer and the currency conversion spread.
• Licence numbers for the Rwandan and Ugandan companies.

We have not tested Ndovu with our own account yet; this review will be updated when we do.