Banking, Finance & Fintech


The Firm’s Banking, Finance & Fintech Department is renowned for its wide range exemplary work in banking and finance sector ranging from debt restructuring, syndicated facilities, project finance, construction finance and advising various leading Banks in Kenya and the greater East African region on transactional, regulatory and operational practice. We also pride ourselves as being the market leaders in Islamic Finance.

One of its most significant work in the banking industry is the development of the Compliance Manual for banking institutions which provides a compliance structure on the operations, processes and documentation required in the industry. 

We have been instrumental in assisting financial institutions, corporate and individual clients in navigating through the constant legal developments in the sector including the rapid changes in use of technology in the finance sector and as part of the Firm’s value addition, we offer strategic training to clients in the Banking and Finance sector on various emerging issues including new legislation, landmark court decisions with impact in the sector, legal and regulatory framework in land use and planning, REITS, securities perfection processes, recoveries of non-performing loans and other emerging issues in the sector such as mortgage and asset backed securities.

The Department is known for its quality and speed in execution of various assignments on behalf of major clients in the sector in addition to providing thought leadership on various issues confronting the industry. The Department has been highly innovative through implementation of technology in managing the clients’ assignment to ensure global standards in services delivery which is cost effective to the clients. 

Further, our Lawyers have a deep understanding of the financial industry, coupled with strong analytical and problem-solving skills and keeping up-to-date with emerging trends and developments in the field.

The Firm has been recognized by Chambers Global as “The lawyers at MMC ASAFO are very interactive.” Our clients have over-time appreciated our client-oriented approach to provision of legal services.

Select Banking, Finance & FinTech Experience


  • Advising Equity (Bank) Kenya Limited, on advances syndicated with its Tanzanian subsidiary, to a leading mining company incorporated and trading in the Republic of Tanzania and duly licenced to mine and trade in Tanzanite gemstone, via term loan of approximately USD40M.
  • Advised ABSA Kenya PLC in a multi-option facility of USD.8M issued to one of the leading paper manufacturing companies in Kenya, for trade finance, syndicated with a leading Africa-focused financial services organization.

Public Finance

  • Acted for Equity Bank (Kenya) Limited on a credit facility of KES500.4M advanced to a university in Kenya for the construction of student hostels and a tuition block at its main campus.
  • Advised a Pan African lender on a KES4B facility to a public entity governed by the Constitution of Kenya, 2010, the Public Finance Management Act, 2012, and the County Government Act, 2012.
  • Undertook financial due diligence on Kenya Aviation Authority, a parastatal in the aviation sector in Kenya pursuant to a Privately Initiated Investment Proposal under the Public Private Partnerships Act, 2013.

Trade and Corporate Finance

  • Advised Equity Bank (Kenya) Limited in the financing of a company for the importation, installation and commissioning of physical unclonable function (PUF) panels, racks, ammonia refrigeration systems, doors and accessories for a cold store in Nairobi, Kenya from India.
  • Acted for Absa Bank Kenya PLC in the issuance of credit facilities of KES1.7B to one of the leading poultry operators in Kenya, for trade finance, specifically for the issuance of bonds, guarantees and indemnities in the normal course of trading.
  • Acted for KCB Bank Kenya Limited in aggregate composite and asset-based loan facilities of KES600M and advanced to a communication technologies solution provider involved in civil and military air traffic control, public transport, public safety, maritime and aeronautical information/data management.
  • Advised Equity Bank (Kenya) Limited on a facility of KES150M to a company with majority shareholding from the Democratic Republic of Congo that deals in the distribution of petroleum products in Kenya.

Islamic Finance

  • Advised Gulf African Bank Kenya Limited, on a KES200M on a diminishing musharakah sale and lease-back facility advanced to an established pharmaceutical company; the purpose of the facility was to finance a residential project by an affiliated company, for the construction of apartments on a 0.5-acre plot.
  • Advising Dubai Islamic bank on a KES55M commodity muharaba (construction finance) facility.
  • Advised Gulf African Bank (the leading fully-fledged Islamic bank in Kenya) about its launch of the first Shari’ah-compliant credit card in East and Central Africa.
  • Advised DIB Bank Kenya Limited (hereafter “DIB”), a subsidiary of Dubai Islamic Bank and a full shariah-compliant bank, in a USD2.45M ijara sale and leaseback facility advanced to a privately owned airline in Kenya licensed by the Kenya Civil Aviation Authority with an air operator’s certificate, for the purchase of spare parts and aircraft repair.

Debt Restructuring

  • Currently advising Shelter Afrique (The Company for Habitat and Housing in Africa), a Pan-African real estate and housing finance institution comprising 44 African Governments, the African Development Bank (AfDB) and the Africa Reinsurance Company, in restructuring a non-performing project finance facility of KES242M advanced to a private developer to fund the construction of 30 maisonettes.
  • Currently advising Equity Bank (Kenya) Limited in the restructuring of non-performing banking facilities in the sum of KES350M advanced to a pan-African religious missionary order of priests and brothers.
  • Currently advising HFC Limited in the exercise of the statutory power of sale through purchase by chargee, of prime property along Thika Road, by way of a public auction for the sum of KES118.2M; the restructuring is to enable the lender to dispose of the property to realize its security on a non-performing loan while circumventing an uncooperative borrower.
  • Currently advising African Banking Corporation Limited, an indigenous Kenyan commercial bank, in restructuring a non-performing project finance facility advanced to a private developer to fund the construction of apartments. 7.M&A, Private Equity & Funds
  • Acted as the Legal Team Leader in advising National Oil Corporation (NOCK) in the acquisition transaction in respect of part of BP Kenya Limited’s retails service station outlets by National Oil Corporation.
  • Served as the transaction legal advisor to NOCK in the USD10M acquisition of certain assets of Total – Chevron Kenya.
  • Advising the Privatization Commission of Kenya as part of a Consortium led by Ernst & Young in the proposed privatization of five sugar companies in Western Kenya, that is, Sony Sugar Company Limited, Nzoia Sugar Company Limited, Muhoroni Sugar Company Limited, Miwani Sugar Company Limited and Chemilil Sugar Company Limited.
  • Acted as Team Leader in the legal advisory team to the Privatization Commission on two on-going Privatization transactions; the privatization of the five government owned sugar companies and the sale of 25% shareholding by the Government of Kenya in East Africa Portland cement.
  • Acting as Legal Team Leader in the largest privatization project in East and Central Africa on the sale of 25% of the Government of Kenya’s shareholding to the public and subsequent listing of Safaricom Limited on the Nairobi Stock Exchange. This was one of the largest Initial Public Offerings in Africa.
  • Acted as Legal Team Leader in advising on the acquisition of business and assets of former Kenya Co-operative Creameries (KCC) by Government of Kenya and transfer to New KCC.
  • Advised and assisted several multinational companies in setting up a presence in Kenya or enter into partnership, joint venture or other arrangements that allow them to have a presence and conduct business in Kenya. These include Orana A/S (a Danish company), Invest in Africa (a company registered in Gunsey and a subsidiary of Tullow), EnviroServ Waste Management Limited (a company with presence in several African and Middle East countries).
  • Legal Team Leader of the legal advisory team in the first Initial Public Offering in Rwanda, of Bralirwa Limited on the Rwanda Stock Exchange.
  • Legal Advisor to Kingdom Zephyr Africa Management Company on a proposed USD 200M securitization of corporate debt in Kenya including undertaking a detailed legal review of the Kenyan legal, regulatory and taxation regime with respect to the securitization of corporate debt and other receivables, advising on the structure and drafting the various transactional documents required.
  • Advised Investeq Capital Limited, a financial advisory firm licenced by the Capital Markets Authority and focused on providing capital to SMEs in structuring a debt issue of corporate bonds to be placed privately for a real estate development.
  • Currently advising Zoscales Partners, a private equity firm, in an equity and debt investment of USD 10 Million in Premier Hospital Limited which role includes undertaking a detailed legal review of the Kenyan legal, regulatory regime with respect to the medical sector, advising on the structure and drafting the various transactional documents required.
  • Advising Universal Corporation Limited, a local pharmaceutical manufacturer in two rounds of equity and debt fundraising from FINNFUND: the first, a USD 8 million investment structured as part ordinary equity and part preference shares; and the second, a €10 million investment structures as part preference shares, part share purchase and part debt.
  • Advising Kingdom Zephyr, a New York based private equity fund, on the structure of a proposed USD 202 million securitization of a corporate debt in Kenya, the first transaction of such nature in Sub-Saharan Africa.
  • Advising Interconsumer Products Limited, a local manufacturer of personal care and beauty products, in its acquisition by L’Oreal.
  • Advising Meridian Medical Limited, a local company that runs medical clinics, in four rounds of investment by TBL Mirror and Acumen Fund, a private equity firm.

Awards & Recognition

MMC Asafo