Competition Authority clears Credinvest to buy former Chase Bank unit Rafiki Microfinance

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The Competition Authority of Kenya (CAK) has cleared Credinvest International Corporate Finance Limited to buy all the shares in Rafiki Microfinance Bank, the lender that was left behind when its parent, Chase Bank, collapsed in 2016.

The authorisation, issued under section 46(6)(a)(ii) of the Competition Act and signed by Director-General David Kemei, is dated September 21, 2026 and appeared in the Kenya Gazette in the week ended October 23. The notice does not give the price of the deal or say who stands behind Credinvest.

Competition approval is only one step. A change in the ownership of a licensed microfinance bank also has to be cleared by the Central Bank of Kenya (CBK), which checks whether new owners are fit to run a deposit-taking lender. The CBK has not said whether it has approved the sale.

A Chase Bank subsidiary without a home

Rafiki was licensed as a microfinance bank on June 14, 2011, and was set up by Chase Bank to lend to small traders and households. The CBK’s February 2026 directory of licensed microfinance banks lists it with 17 branches and a head office at Rafiki House on Biashara Street, Nairobi.

Its parent ran into trouble in April 2016, when the CBK placed Chase Bank under the receivership of the Kenya Deposit Insurance Corporation (KDIC) after a run on deposits. In August 2018, 75% of Chase’s deposits and assets were moved to Mauritius-owned SBM Bank Kenya. Rafiki was not part of that transfer. What remained of Chase was put into liquidation in April 2021, leaving the microfinance bank waiting for a long-term owner.

The sale to Credinvest would end that wait, provided the CBK agrees.

Tax bill and a tougher market

The buyer will inherit some open issues. In April this year the Tax Appeals Tribunal upheld a Kenya Revenue Authority (KRA) demand for KSh47.8m in income tax and KSh159.7m in penalties, a total of KSh207.6m, linked to interest the bank had suspended on loans it classed as non-performing. The tribunal found Rafiki had not shown documents proving those loans met the non-performing threshold. The wider dispute had started at more than KSh1.37bn across several taxes for 2015 and 2018 before most of it was settled.

Microfinance banks also face hard competition from mobile lenders and digital credit apps, which have taken a large share of small, short-term borrowing. Rafiki has moved part of its service onto a mobile banking app in response.

Part of a wave of lender deals

The Rafiki approval was gazetted alongside the CAK’s clearance for healthcare businessman Jayesh Saini to take sole control of ABC Bank, which we covered in Competition Authority clears Jayesh Saini to take full control of ABC Bank. That deal also awaits the CBK.

Smaller lenders have been looking for new owners and fresh capital as tougher capital rules for commercial banks take effect. For a list of the lenders most exposed, see our full list of small (tier 3) banks in Kenya. Borrowers comparing small-loan options can also read our Tala vs Branch comparison and our guide on how to improve your credit score in Kenya.

For Rafiki’s customers, nothing changes for now. Accounts, loans and branches carry on as normal until the deal is completed, and any change in ownership would not by itself alter the terms of existing deposits or loans.