Rafiki Microfinance is a subsidiary of Chase Bank. It is also one of Kenya’s 9 listed deposit taking microfinance institutions. It was licenced by the Central Bank of Kenya on 14th June 2011 although it was registered in 2010.
In February 2014, Rafiki DTM announced that it had set aside Ksh 800 million for mortgage financing. Borrowers can take a minimum of Ksh 20000 for home repairs and a maximum of Ksh 5million for first time home builders.
The mortgage will be issued at a fixed rate of 18% unlike the banks in the mortgage market that provide mortgage financing at fluctuating interest rates.
Previously, in 2012, Rafiki DTM had partnered with Zenith Steel Fabricators in providing low-cost housing solutions in a project dubbed Zenhouse.
For more information, read the article in the Business Daily.