Competition Authority of Kenya Approves Maltese Firm’s Full Takeover of 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.
The deal still requires final approval from the Central Bank of Kenya (CBK). Under Kenya’s Microfinance Act, any transfer of shares exceeding 10% must receive prior clearance from the central bank.
Credinvest International, a boutique investment banking and corporate finance firm founded in 1993 and headquartered in Valletta, Malta, specializes in complex transactions rather than traditional retail banking.
Its services include mergers and acquisitions, corporate restructurings, sovereign debt trading, discounting of non-performing inter-country debts in emerging markets, project and trade finance, factoring, and forfaiting.
The firm maintains a network spanning the United Kingdom, Austria, Italy, and several emerging markets in Central and Eastern Europe as well as Africa.
By taking full ownership of Rafiki Microfinance Bank, Credinvest aims to apply its emerging-market expertise to localized financial services in East Africa and inject capital into the institution, which has faced significant shortfalls.
Rafiki Microfinance Bank, established in 2011 as a subsidiary of the now-defunct Chase Bank Kenya, ranks as the third-largest microfinance bank in the country.
It employs between 200 and 500 staff, serves more than 150,000 customers, and operates 19 branches across 11 Kenyan counties, supported by digital platforms including Rafiki Mkononi mobile banking.
The lender focuses on the “missing middle”, businesses larger than typical micro-enterprises but smaller than major corporations, offering products such as chama and SACCO banking, agricultural credit facilities, youth entrepreneurship financing, trade finance, and asset financing.
Rafiki was excluded from Mauritius-based SBM Bank’s 2018 acquisition of selected assets and liabilities of Chase Bank following the latter’s receivership. The microfinance institution has sought a strategic investor to address capital needs since at least 2021.
Financial data for the year ended 2025 shows Rafiki under significant pressure. Total assets stood at KSh 4.87 billion and customer deposits at KSh 3.89 billion. The bank recorded a net loss of KSh 147 million.
Its core capital ratio was 3.7%, well below the regulatory minimum of 10%, while the total capital ratio also stood at 3.7% against a required 12%.
The proposed acquisition is expected to provide the capital injection needed to restore compliance with statutory capital adequacy requirements and support the bank’s recovery.
Further details on the transaction value and post-acquisition plans have not been disclosed. The deal remains contingent on CBK approval.
