CThe Competition Authority of Kenya (CAK) has approved the proposed acquisition of 100 percent of Rafiki Microfinance Bank Limited by Credinvest International Corporate Finance Limited, in an authorisation dated September 21, 2026, published in the Kenya Gazette in the week ended October 23.
The approval was issued by CAK Director-General David Kemei under Section 46(6) of the Competition Act, which governs the authority’s decisions on mergers and acquisitions. The notice did not disclose the value of the transaction, and it does not say when the deal is expected to close or give any details about Credinvest’s plans for the bank.
Rafiki Microfinance Bank is a deposit-taking microfinance institution that began operations in 2011. It offers business loans and mobile-based top-up facilities to micro, small and medium enterprises and describes itself as a relationship-based lender. Microfinance banks form a distinct tier of the financial sector, serving customers who may not be reached by commercial banks, and ownership changes generally need regulatory sign-off beyond the competition clearance.
In a separate Gazette notice dated September 21, 2026, the CAK also authorised Jayesh Umesh Saini’s proposed acquisition of sole control of Africa Business Corporation and Development Limited. The Standard reported the clearance as a step towards Saini’s takeover of African Banking Corporation (ABC Bank), a small-tier lender licensed in 1984 with 12 branches and total assets of about Sh50 billion, though the deal still awaits approval from the Central Bank of Kenya. Saini is a healthcare businessman linked to Lifecare Hospitals and Bliss Healthcare.
Both notices were signed by Mr Kemei, and neither gives the financial value of the transactions. The authority’s role in such deals is to assess whether a transaction is likely to substantially lessen competition in the relevant market. A competition approval is one of several clearances required, and each transaction remains subject to any other regulatory and legal steps before it is completed.
The approvals add to a series of acquisitions in Kenya’s financial sector this year, as investors look to take advantage of consolidation among smaller lenders.
