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Kweli Capital Gains from CMA approval nod

Post by : Ann Njambuya

Kweli Capital has been licensed by the Capital Markets Authority (CMA) for its Amaka Umbrella Fund, which is targeting savers looking to buy homes.

The umbrella fund is coming onto the market to fill the gap that was created by the now defunct National Housing Development Fund (NHDF).

It will be funded by retail investors through the BomaYangu portal, high net worth investors, pension funds and institutions.

More institutions are entering the investment management business, targeting retail investors. Asset managers earn fees, with the operations becoming more lucrative as funds grow.

“The CMA has finally licensed Amaka Umbrella Fund to operate a Collective Investment Scheme (CIS) in the market,” said Kweli Capital yesterday.

“The fund will inject new hope to the over 300,000 registered users on the BomaYangu Portal to finally be allowed to participate in, and own homes through an affordable Tenant Purchase Scheme.”

The new umbrella fund comprises the Amaka Home Ownership Saving Plan (HOSP), which is accessible through the BomaYangu Portal, and the Amaka Qualified Investor Tenant Purchase Schemes Fund.

Amaka Home Ownership Saving Plan allows potential homeowners to save towards home ownership while their savings earn a compounded return.

The Amaka Qualified Investor Tenant Purchase Schemes Fund provides off take guarantees to property developers which then secures their investment in the programme.

The Green light

In May, the CMA had given Kweli Capital the green light to incorporate the funds and file their details with the regulator, paving the way for the issuance of the operating licence.

Photo//Kweli Capital staff members during a staff meeting.

The focus of the umbrella fund is to provide off take to pre-qualified property developers under the Affordable Housing Programme as well as affordable housing projects, thus boosting plans by the government to build more affordable houses. Kweli Capital — a technology solutions provider— is the technical service provider to the BomaYangu Portal.


BomaYangu is an online portal that allows Kenyans to register online, contribute, apply and qualify for homes that are to be developed countrywide under the State-backed affordable housing plan.

More than 33,000 Kenyans have been actively contributing to the BomaYangu Portal, which will allow them to participate and own homes through an affordable Tenant Purchase Scheme.Home application through the portal has three payment options: cash, mortgage or tenant purchase scheme.

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