The Capital Markets Authority (CMA) has licensed Kweli Capital for its fund Amaka Umbrella Fund.
The new fund has its eyes set on prospective home buyers, stepping in the shoes of the National Housing Development Fund (NHDF), which is no longer operative.
“The CMA has finally licensed Amaka Umbrella Fund to operate a Collective Investment Scheme (CIS) in the market,” said Kweli Capital Wednesday.
Amaka will be funded by high-net-worth investors, institutions, pension funds and the current investors in the BomaYangu portal.
The move comes as a new dawn for the more than 300, 000 registered investors in the Boma Yangu portal.
Home buyers will benefit from the Tenant Purchase Scheme mooted to be highly affordable. This will be available through Amaka Home Ownership Saving Plan (HOSP), where the buyers will save towards buying homes as the savings earn compound interest.
Another option under the Amaka Fund is Amaka Qualified Investor Tenant Purchase Schemes Fund, set to offer developers offtake guarantees.
The licensure is a culmination of a request made by Kweli Capital in May seeking permission to proceed with the filing of details with the market regulator.
Kweli Capital is responsible for the technological logistics of the BomaYangu Portal.
BomaYangu portal is a platform where Kenyans are allowed to register and begin their contributions towards securing a house under the government’s affordable housing project.