Who is Credinvest? The Maltese boutique firm set to take full control of Kenya’s Rafiki Microfinance Bank
The Competition Authority of Kenya (CAK) has authorized Malta-based Credinvest International Corporate Finance Limited to acquire a 100% stake in Rafiki Microfinance Bank, the regulator announced on September 21, 2026.
Credinvest is a specialized boutique financial advisory and transaction-structuring firm that operates far from the world of retail branches and everyday deposit-taking. Its business is designing and arranging complex project finance, sovereign deals, and public-private partnerships, with a growing focus on Africa.
The Rafiki transaction, which still requires final approval from the Central Bank of Kenya, would mark a notable shift: from pure advisory and structuring work toward owning a localized banking platform in East Africa.
Origins in Valletta
Credinvest International Corporate Finance Limited was founded in 1993 in Valletta, Malta, by accountant and financial specialist Alain Mangion. It began by advising Maltese companies on efficient project structures.
Two years later, the firm brought on Italian senior partner Filippo and pivoted decisively toward cross-border trade, project finance, and internationalization.
Over the past decade the firm has concentrated increasingly on Africa, arranging sovereign-level infrastructure and agricultural financing agreements in countries including Rwanda, Ivory Coast, the Democratic Republic of Congo, Zanzibar, Cameroon, and Kenya itself.
How Credinvest International Works
Credinvest operates across four main lines of business, serving governments, municipalities, and large corporations:
- Project and sovereign finance — structuring large infrastructure, transportation, and green-energy investments.
- Special situations and debt recovery — discounting inter-country receivables, interstate debts, and acquiring portfolios of non-performing loans.
- Public-private partnerships — advisory and structuring for major state-backed projects such as hospital networks and highway systems.
- Mergers-and-acquisitions advisory — guiding cross-border management buyouts, foreign direct investment, and full corporate acquisitions.
Unlike traditional banks, Credinvest does not carry the overhead of extensive branch networks or deposit-guarantee obligations.
As a lean private boutique, it relies on institutional networks to move capital from European financial centres into emerging markets, typically packaging deals with export credit agencies and global insurers to manage risk.
Its financial strength is measured by transaction volume and balance-sheet liquidity rather than published retail earnings.
Deepening African Footprint
Credinvest’s strategy in Africa centres on government-backed infrastructure, food security, and human-capital development. Rather than deploying large volumes of its own retail funds, the firm structures revolving credit facilities, PPPs, and international trade finance.
Notable recent work includes:
- Rwanda: A $100 million revolving facility arranged in 2022 for extensive road and highway construction to improve domestic transport and East African Community trade links.
- Ivory Coast: A July 2024 memorandum of understanding supporting localized food manufacturing facilities, starting with advanced abattoirs; followed by a June 2026 MoU backing a national human-capital programme focused on primary healthcare, vocational training, and climate-smart initiatives.
- Democratic Republic of Congo: An October 2026 MoU to arrange financing for a large hydropower project aimed at powering the country’s mining sector.
- Kenya: A previously structured $200 million water infrastructure project, in addition to the pending Rafiki acquisition.
- Zanzibar: A 2023 MoU with the Zanzibar Housing Corporation to structure affordable public housing schemes.
- Cameroon: A partnership with AQ Africa Holdings to modernize industrial assets by replacing diesel-powered equipment with greener alternatives.
In 2023, CEO Alain Mangion was also appointed chairman of Meridian Finance, a Kenyan finance house, further embedding the firm in the local market. Credinvest maintains working channels with institutions such as Switzerland’s Banca Credinvest to support its international trade syndications.
Why Credinvest is Acquiring Rafiki
For years Credinvest functioned primarily as an arranger and advisor. The proposed full takeover of Rafiki Microfinance Bank represents a structural move toward owning a localized banking pipeline in East Africa.
If cleared by the Central Bank of Kenya, required under the Microfinance Act for any share transfer exceeding 10%, the acquisition would give the Maltese firm a direct operational foothold in Kenya’s microfinance sector while complementing its existing regional credit facilities.
