The Competition Authority of Kenya (CAK) has approved Credinvest International Corporate Finance Limited's proposed acquisition of 100 per cent of the shareholding in Rafiki Microfinance Bank Limited. The approval was announced in a Gazette notice issued under Section 46(6) of the Competition Act.
The approval allows the acquisition to proceed subject to any applicable regulatory requirements and conditions. The notices were signed by CAK Director-General David Kemei but did not disclose the financial value of either transaction covered.
A SEPARATE APPROVAL FOR JAYESH UMESH SAINI
In a separate notice dated 21 September 2026, the authority also approved Jayesh Umesh Saini's proposed acquisition of sole control of Africa Business Corporation Limited. As with the Rafiki Microfinance Bank deal, the notice gave no financial value for that transaction.
WHEN KENYAN DEALS NEED CAK APPROVAL
Under the rules set out by the CAK, merging parties whose combined turnover or assets, whichever is higher, exceed Ksh. 1 Billion must seek approval from the authority before implementing a transaction.
In assessing microfinance institutions, the authority bases market share on a weighted composite index. The index considers an entity's assets, deposits, capital, number of active deposit accounts and active loan accounts.
EARLIER BANK AND MICROFINANCE DECISIONS
The CAK has previously cleared microfinance deals without conditions. It approved the acquisition of 51% of all issued ordinary shares of SMEP Microfinance Bank Public Limited by Hope Advancement Inc. unconditionally.
Other bank approvals have carried conditions. Access Bank Plc's acquisition of National Bank of Kenya was approved on condition that at least 80% of the combined workforce, approximately 1,360 employees, be retained for one year following completion.
MERGER CASELOAD IN 2024/25
The authority processed 128 merger applications in the 2024/25 financial year, with manufacturing, financial services and distribution dominating filings. Nearly half involved cross-border elements, while employment protections emerged as key conditions in major approvals.
Of the 128 applications, 30 met the thresholds for full merger review, and 28 of those were approved. The authority also pursued 75 behavioural antitrust investigations in the year, targeting cartel conduct and abuse of dominance across multiple sectors.