As with all discount houses, trade in governments bonds and treasury bills are the primary business functions.

Discount Houses became the venue through which banks were able to channel excess liquidity and access same to and from the CBN.

KAM was primarily established out of the need to provide clients who had worked with Kakawa over time, with longer-term investment options in the financial services market.

KAM was registered with the Securities and Exchange Commission (Nigeria) (SEC) as a portfolio/fund manager and Investment Adviser.

[citation needed] The remaining shares of Kakawa Discount House were acquired by FBNQuest in 2015, and the company was renamed as FBNQuest Merchant Bank, the brand name of the Merchant Banking and the Asset management businesses of FBN Holdings Plc.