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State gets nod to recover Sh176m from Rafiki Microfinance Bank

Rafiki Bank along Biashara Street, Nairobi. The lender has 21 days to repay the cash or face liquidation. [Jonah Onyango, Standard]

The Youth Enterprise Development Fund has been given a go-ahead to recover over Sh100 million from a microfinance institution that it tasked to lend to beneficiaries.

The lender breached the contract by failing to issue the funds. Already, the Youth Fund board has notified Rafiki Microfinance Bank of possible forceful acquisition of its assets if it fails to pay the Sh176.5 million.

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