Rafiki Deposit Taking Microfinance, a microfinance institution in Kenya, has introduced a mortgage product in an effort to address the demand for housing among low- and middle-income Kenyans.
Rafiki Chief Executive Daniel Mavindu reportedly said, “There is need to empower the middle and low income earners through tailor made products to increase availability and access to decent and affordable homes and this is what we are out to offer.”
As of December 31, 2011, Rafiki had assets totaling KES 441 million (USD 5.2 million), a gross loan portfolio of KES 104 million (USD 1.2 million), and customer deposits totaling KES 102 million (USD 1.2 million).
By: Webster Hughes, Research Associate
About Rafiki Deposit Taking Microfinance: Rafiki Deposit Taking Microfinance (Rafiki DTM) is a Kenya-based microfinance institution (MFI). Rafiki DTM was established in 2011 and has one branch each in Nairobi and Mumbasa. ITS Products offered include savings, loans, banker’s checks and access to the M-pesa retail payment and money transfer service. The MFI plans to open seven more branches in 2012. Rafiki DTM is a wholly owned subsidiary of Kenya’s Chase Bank, a private bank with 19 branches across the country and an undisclosed number of automated teller machines (ATMs). As of December 31, 2011, Rafiki had assets totaling KES 441 million (USD 5.2 million), a gross loan portfolio of KES 104 million (USD 1.2 million), and customer deposits totaling KES 102 million (USD 1.2 million).
Sources and Additional Resources:
The Star story, “Rafiki microfinance unveils mortgage plan”, http://www.the-star.co.ke/business/local/83981-rafiki-microfinance-now-r…
MicroCapital.org story, April 17, 2012, “MICROCAPITAL BRIEF: Kenya’s Rafiki Deposit-Taking Microfinance Institution Touts Microcredit for Youth”, https://www.microcapital.org/microcapital-brief-kenyas-rafiki-deposit-tak…
MicroCapital.org story, January 10, 2012, “MICROCAPITAL BRIEF: Central Bank of Kenya to Allow Deposit-Taking Microfinance Institutions (DTMs) to Use Agents to Provide Financial Services”, https://www.microcapital.org/microcapital-brief-central-bank-of-kenya-to-…
MicroCapital Universe Profile: Rafiki Deposit Taking Microfinance, http://microcapital.org/microfinanceuniverse/tiki-index.php?page=Rafiki+…
Browse the MicroCapital Universe and add your entry to the wiki at: http://microcapital.org/microfinanceuniverse/tiki-index.php
Similar Posts:
- MICROCAPITAL BRIEF: Agents for Impact Disburses $8m from Invest in Visions (IIV) to Microfinance Institutions Digamber of India, Imon of Tajikistan
- MICROCAPITAL BRIEF: Araratbank of Armenia, FMO Ink $10m Risk-sharing Facility to Boost MSMEs
- SPECIAL REPORT: Fintechs vs MFIs – a Debate at European Microfinance Week
- MICROCAPITAL BRIEF: Hamkorbank of Uzbekistan Borrows $50m from FMO to Fund SMEs Owned by Women, Youth; Microenterprise; Climate Projects
- MICROCAPITAL BRIEF: Bank of Africa, Sanad Fund Deploying $27m for SME Finance in Morocco
