Capital Markets Authority (CMA) has granted Kweli Capital operational licences 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). Retail investors will fund it through the BomaYangu portal, high net worth investors, pension funds and institutions.
“The CMA has finally licensed Amaka Umbrella Fund to operate a Collective Investment Scheme (CIS) in the market. 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.” Kweli Capital, as quoted by Business Daily
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, securing their investment in the programme.
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.
The focus of the umbrella fund is to provide offtake 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.
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