Up to 2023, under the National Information Communications and Technology Policy Guidelines, 2020, only companies with at least 30% substantive Kenyan ownership were licensed to provide ICT services, including telecommunicatons and broadcasting services (up from 20% under the 2006 policy).. This equity restriction was lifted by an amendment to the Guidelines, published on 22 August 2023. (For more informaiton, see Bowmans (2023))
"4. Application for licence. 
(1) A person who wishes to operate any communication system or provide a communications service requiring a licence under the Act, shall apply to the Commission for a licence. [...]
(3) An entity applying for a licence under these Regulations shall ensure that its shareholding conforms to the prevailing communications sector policy. 
[...]
9. Change in shareholding. 
(1) A licensee shall ensure that its shareholding complies, at all times with the Government’s Communications Sector Policy, published from time to time. [...]" (Kenya Information and Communications (Licensing and Quality of Service) Regulations, 2010)
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"Telecommunications licensing requirements
The licensing process commences with the submission of a duly completed application form. Application forms are available for download at the License Application Forms section of this page.
Within the form, details of the minimum requirements for acceptance of an application for each type of license and applicable fees are available. Generally, all applicants for commercial licenses should meet the following minimum conditions:
The entity should be registered in Kenya as a company, sole proprietor or partnership.
Have a duly registered office and permanent premises in Kenya.
Provide details of shareholders and directors.
Issue at least 30% of its shares to Kenyans on or before the end of three years after receiving a license.
Provide evidence of compliance with tax requirement.[...]" (Communications Authority of Kenya, "Licensing Procedures", website content)
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"6.2.4 Rules [...]
Equity Participation 
The government strongly encourages Kenyans to participate in the ICT and Science and Technology sector through equity participation. It is the policy that only companies with at least 30% substantive Kenyan ownership, either corporate or individual will be licensed to provide ICT services. For purposes of this rule, companies without majority Kenyan ownership will not be considered Kenyan, and may thus not be calculated as part of the 30% Kenyan ownership calculus. Licensees will have 3 years to meet the local equity ownership threshold; they may apply for a one year extension with appropriate acceptable justifications.[...]" (National ICT Policy Guidelines 2020)
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"ANNEX 4: SECTOR POLICY REQUIREMENT Note that companies wishing to be considered for a licence in the communications sector must  allot  a  minimum  of  30%  of  their  total shares to individual Kenyan citizens in line with ICT sector policy. [...]" (Communications Authority of Kenya, APPLICATION FOR AN ELECTRONIC COMMUNICATIONS SERVICE PROVIDER LICENCE UNDER THE UNIFIED LICENSING FRAMEWORK CA/F/LCS/TL 3.7 (FEBRUARY 2021))
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"ANNEX 2: SECTOR POLICY REQUIREMENT Note that companies wishing to be considered for a licence in the communications sector must allot  a  minimum  of  30%  of  their  total shares to individual Kenyan citizens.[...]" (Communications Authority of Kenya, APPLICATION FOR A LICENCE AS A TELECOMMUNICATIONS CONTRACTOR, CA/F/LCS/TL 2.5 (FEBRUARY 2021) )
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"4. THAT I have submitted the following copies of our documents in support of the said application: 4.1. Registration  and ownership status: [...]
[Note that companies wishing to be considered for a licence in the communications  sector  must  allot  a  minimum  of  30%  of  their  total shares to individual Kenyan citizens [...]" (Communications Authority of Kenya, APPLICATION  FOR   SUBMARINE CABLE LANDING RIGHTS  LICENCE CA/F/LCS/TL 6.4 (FEBRUARY 2021))

Kenya Information and Communications (Licensing and Quality of Service) Regulations, 2010
Communications Authority of Kenya, "Licensing Procedures", website content
National ICT Policy Guidelines 2020
Communications Authority of Kenya,APPLICATION FOR AN ELECTRONIC COMMUNICATIONS SERVICE PROVIDER LICENCE UNDER THE UNIFIED LICENSING FRAMEWORK CA/F/LCS/TL 3.7 (FEBRUARY 2021)
Communications Authority of Kenya, APPLICATION FOR A LICENCE AS A TELECOMMUNICATIONS CONTRACTOR, CA/F/LCS/TL 2.5 (FEBRUARY 2021)
Communications Authority of Kenya, APPLICATION FOR AN ELECTRONIC COMMUNICATIONS SERVICE PROVIDER LICENCE UNDER THE UNIFIED LICENSING FRAMEWORK CA/F/LCS/TL 3.7 (FEBRUARY 2021)
Communications Authority of Kenya, APPLICATION  FOR   SUBMARINE CABLE LANDING RIGHTS  LICENCE CA/F/LCS/TL 6.4 (FEBRUARY 2021)
[<a href="https://www.ca.go.ke/sites/default/files/2023-06/Licensing-and-Quality-of-Service-Regulations-2010-1.pdf">Reg</a>],[<a href="https://www.ca.go.ke/licensing-procedures">Website</a>],[<a href="https://www.ca.go.ke/sites/default/files/CA/Statutes%20and%20Regulations/National-ICT-Policy-Guidelines-2020.pdf">Guidelines</a>],[<a href="https://www.ca.go.ke/sites/default/files/articles/Telecoms%20Forms/Application-Form-For-Electronic-Communications-Services1-TL-3.7.pdf">Form</a>],[<a href="https://www.ca.go.ke/sites/default/files/articles/Telecoms%20Forms/Application-For-Telecommunications-Contractors-Licence-Form-TL-2.5.pdf">Form</a>],[<a href="https://www.ca.go.ke/sites/default/files/articles/Telecoms%20Forms/Application-for-Submarine-Cable-Landing-Rights-TL-6.4.pdf">Form</a>],[<a href="https://www.pwc.com/ke/en/assets/pdf/regulatory-alert-2020-ict-policy.pdf">Other</a>],[<a href="https://bowmanslaw.com/insights/kenya-cabinet-secretary-removes-local-equity-requirement-for-all-ict-sector-players-with-immediate-effect/">Other</a>]