Catalyst Fund 12
NSE RWA Tokenization Platform
Keep up to date with our progress in delivering a Cardano based
RWA tokenization platform for the Nairobi Securities Exchange
Milestone 1: Project Scoping
Due end of September
Status: Completed
This project milestone involves initial stakeholder engagement, market analysis, and a legal and regulatory review to establish the foundation for blockchain implementation in Kenya’s housing and capital markets. Key activities include conducting meetings with stakeholders like the Nairobi Securities Exchange (NSE), preparing a governance structure, identifying additional partners, and analyzing Kenya's housing market and global blockchain case studies. Legal and regulatory requirements will also be reviewed with discussions initiated with relevant authorities. Success will be measured through stakeholder participation, detailed reports, and the delivery of a consolidated project scoping document to guide future phases.
Milestone 2: Project Scoping Continued
Due end of October
Status: Completed
This project milestone focuses on finalizing stakeholder engagement, assessing technical feasibility, and reviewing legal and regulatory challenges for implementing blockchain solutions in Kenya’s capital markets via the Nairobi Securities Exchange (NSE). Key activities include finalizing the project governance structure, identifying a use case for Cardano blockchain, evaluating technical requirements, and determining the need for Kenya's legislative sandbox. A comprehensive report will compile these assessments, offering recommendations for blockchain adoption. Success will be measured through finalized governance, detailed feasibility and legal reports, and the delivery of a consolidated document to guide the next project phase.
Milestone 3: RTO Pricing Model Calculator
Due end of January 2025
Status: Completed
This milestone focuses on developing a comprehensive Rent-to-Own (RTO) pricing model and calculator for real estate tokenization, integrating financial principles, tokenization frameworks, and NSE metrics to ensure investor confidence. The model will enable accurate asset pricing before and after tokenization, with real-time data from Empowa Pay supporting project repricing. Key activities include finalizing the RTO Pricing Model Specification, building and validating the RTO Pricing Model Calculator, and creating a Knowledge Centre for stakeholders. Success is measured through the operational calculator, thorough testing, and the launch of accessible educational resources. The milestone will be shared with the Cardano community via reports, workshops, and webinars to foster transparency and collaboration.
Milestone 4: Pilot launch
Due end of March 2025
This milestone centers on delivering a Minimum Viable Product (MVP) for the tokenization of Rent-to-Own (RTO) assets. The MVP will include the development of smart contracts, the issuance of tokens, and integration with the RTO Pricing Model Calculator. Key activities include blockchain integration and testing, security audits, and the creation of a user-friendly tokenization dashboard with wallet integration. Additionally, legal and regulatory compliance will be ensured, and a pilot program will be conducted with stakeholders identified by the Nairobi Securities Exchange (NSE).
The milestone will involve detailed testing, auditing, and engagement activities, including user guides and stakeholder workshops. The project will share outputs with the Cardano community through reports, webinars, and interactive sessions to demonstrate the potential of using blockchain technology for real estate finance.
Success is measured by the secure and functional deployment of the MVP on the Cardano blockchain, the development of a comprehensive dashboard, and the execution of the pilot program. Feedback from stakeholders, as well as legal and regulatory documentation, will be used to ensure compliance and further refinement of the product.
Milestone 5: Sharing Outputs and Opportunities
Due end of June 2025
This milestone focuses on documenting the project's progress, sharing knowledge, and fostering collaboration around Cardano's blockchain technology. It includes several key outputs. First, comprehensive impact reports will be produced, detailing project milestones and Cardano’s role in affordable housing finance. These will be shared with stakeholders through periodic updates and a final report. Knowledge dissemination will be facilitated through workshops, webinars, and conference presentations that highlight project insights, blockchain applications, and Cardano’s contributions. Additionally, the project will participate in at least two financial technology conferences, positioning Cardano as a leader in blockchain technology for financial markets. Collaborative partnerships will be established with financial institutions and other entities, with formalized agreements and joint ventures aimed at expanding the use of Cardano's technology. Marketing and media campaigns will promote the project through traditional and social media, with engaging video content and articles to drive interest. Educational resources and best practice guides will also be developed, sharing the project's insights and methodologies for future applications of blockchain in financial sectors, particularly affordable housing finance.
Success will be measured by the publication of progress and impact reports, the execution of at least two workshops and webinars with positive feedback, the formation of at least two partnerships and initiation of one joint venture, media coverage in at least three outlets, the production of two promotional videos, and the release of at least two educational resources. Completion will be evidenced by the publication of reports, event agendas and recordings, signed partnership agreements, media coverage, and educational content that is accessible and engaged with by the community.
February 2025
Empowa CEO Glen and COO Greg recently visited Kenya to advance our collaboration with the Nairobi Securities Exchange (NSE) and key stakeholders in the affordable housing sector. As we move closer to the launch of the Catalyst-funded platform, this visit was instrumental in reinforcing partnerships, exploring pilot opportunities, and engaging regulators to pave the way for our innovative rent-to-own model.
Mi Vida
One of the key meetings was with Mi Vida, a leading real estate developer in Kenya focused on sustainable and affordable housing solutions. A joint venture between ACTIS, one of the largest private equity investors in emerging markets, and Shapoorji Pallonji, a global construction powerhouse, Mi Vida has a strong presence in the Kenyan housing market. In discussions with Solomon, Mi Vida’s CFO, we explored how Empowa’s rent-to-own model could be integrated into their latest affordable housing developments. The next step will be formalizing an MOU to pilot this approach and provide more accessible homeownership options for Kenyan families.

KMRC
We also met with the Kenya Mortgage Refinance Company (KMRC) and their CEO to discuss expanding their mortgage-backed financing to include rent-to-own solutions. KMRC is a government-backed institution that plays a crucial role in enhancing access to affordable mortgages by providing long-term, low-interest refinancing to banks and SACCOs. Our conversation focused on how Empowa’s model could complement KMRC’s existing framework, offering an alternative pathway to homeownership for those who may not yet qualify for traditional mortgages. We are excited to explore a potential pilot with KMRC in the coming months.
Shelter Afrique
We also had the opportunity to meet with Shelter Afrique, a pan-African housing finance institution dedicated to supporting affordable housing development across the continent. As a partnership between 44 African governments, the African Development Bank (AfDB), and the Africa Reinsurance Corporation, Shelter Afrique provides project finance, technical assistance, and policy advisory services to scale housing solutions. In our meeting with Gibson, their Chief Business Officer, we explored the possibility of Shelter Afrique funding a pilot project in Kenya that leverages Empowa’s rent-to-own model. This collaboration could be a significant step in unlocking new sources of institutional funding for blockchain-powered affordable housing initiatives.

NACHU
Another significant engagement was with the National Cooperative Housing Union (NACHU), where we met with their CEO, Mary. NACHU is a key player in Kenya’s cooperative housing sector, helping low- and middle-income earners save and access affordable housing solutions. During our meeting, we demonstrated the Empowa Pay solution, which could revolutionize how NACHU manages member savings and facilitate rent-to-own offerings. Following the demo, we agreed to explore how we might collaborate on rolling out EmpowaPay to support NACHU’s affordable housing initiatives.

REIT Sector Forum
At the invitation of the NSE, we participated in the REIT Sector Forum, where we had the opportunity to connect with key members of Kenya’s real estate investment trust (REIT) industry. This event provided valuable networking opportunities and allowed us to present our tokenization approach to institutional investors and policymakers. Importantly, we engaged with the Capital Markets Authority (CMA) of Kenya, continuing discussions on the regulatory framework required to support our blockchain-powered housing finance model.
Empowa Calculator
As part of Milestone 3 of our Catalyst-funded project, we successfully delivered the Empowa Calculator, a key tool for assessing rent-to-own affordability and structuring housing finance products. The Empowa Calculator is designed to help stakeholders, including developers, financial institutions, and policymakers, model different financing scenarios and ensure that rent-to-own structures are both accessible and sustainable. This tool plays a vital role in the NSE platform by providing transparency in pricing, aligning financing structures with real-world affordability, and ensuring that investors and tenants alike have a clear understanding of financial commitments.
In line with our commitment to openness and collaboration, the underlying formulas powering the Empowa Calculator have been open-sourced and can be accessed here. By making this data publicly available, we aim to foster innovation in affordable housing finance and enable broader adoption of rent-to-own solutions across emerging markets.
Live Walkthrough
We concluded the week with a live walkthrough of our most recent affordable housing project, delivered in partnership with BrownCap. This on-the-ground showcase highlighted the real-world impact of Empowa’s model and the potential for scaling rent-to-own solutions across Kenya. You can watch the full walkthrough in the video below.
🚀 Stay tuned as we build towards the launch of our Catalyst-funded platform and continue driving impact in Kenya’s affordable housing sector!
October 2024
In October 2024, Glen and Greg visited Nairobi to meet with the NSE, update them on our progress, connect with potential funders for the pilot NSE project, and engage with local developers who form the pipeline of homes needed for investment. Below is an update from this trip.
BrownCap
BrownCap is one of the local developers who have been vetted and included in the Empowa ecosystem. Allan and his team have made impressive strides in the affordable housing space in Nairobi, having successfully delivered two developments and with plans underway for a third.
During our meeting with Allan, we had the opportunity to inspect the apartments, which are nearing completion. We collected feedback on his experience with Empowa Pay and explored the possibility of tokenizing his next project on Empowa Trade. We look forward to strengthening our partnership with BrownCap and will update the community on our next project together.


Zima Homes
To ensure we have enough homes to fund future investments, it’s essential to partner with multiple local developers. By spreading our support across a diverse range of developers, we can create a robust pipeline that meets the growing demand for affordable housing.
Among our key partners are Zima Homes run by Etta Madete Mukuba. Etta is a licensed architect, housing developer, and sustainable development expert with both local and international experience across the housing development life cycle. She is passionate about creating sustainable, affordable, and gender-inclusive housing solutions. With an undergraduate degree in architecture, a Master’s in Sustainable Architecture from the University of Nairobi, and a Master’s in Real Estate from Harvard University, Etta brings invaluable expertise to the table.
Zima Homes, are an award-winning, green-certified affordable housing project in Nairobi, further exemplifies our commitment to sustainable, high-impact housing solutions.
FSD Kenya and Reall
While in Nairobi we also were able to meet with both FSD Kenya and connect with the local Reall team.
Reall, has over 30 years of experience in the affordable housing space having made significant strides in improving the lives of vulnerable communities. In the last five years, they have housed over 107,000 people, provided water to 107,000 individuals, and enhanced sanitation for 795,000 people. These projects have also generated employment for 83,000 individuals and provided housing for 77,000 women and children. With a total investment of $75,900,000, Reall has successfully completed 170 projects, each with an average basic home completion cost of $15,110. This demonstrates the organization’s commitment to sustainable and impactful solutions that address the critical needs of marginalized communities.
Back in Q1 Empowa announced a Memorandum of Understanding (MOU) with Reall and our meeting in October was to further explore how together we could unlock value in Kenya.
At the same time, we met with FSD Kenya. FSD Kenya works closely with the public sector, the financial services industry, and other partners to develop financial solutions that address the real-world challenges faced by low-income households and underserved groups such as women and youth.
FSD Kenya is just one example of a potential local institutional investment partner.


The Nairobi Securities Exchange
During our time in Nairobi, we had the opportunity to engage with the Nairobi Securities Exchange (NSE), meeting with key figures like Bryan Nthiga, who oversees Real Estate and Fintech initiatives. Bryan’s insights into the local market and his experience in bridging real estate with innovative financial solutions provided valuable perspectives that align well with Empowa’s mission.
In addition to the NSE, we were introduced to the Kenyan Capital Markets Authority (CMA), Kenya’s equivalent of the SEC, which plays a crucial role in regulating and promoting capital market growth. Establishing a relationship with the CMA is an important step as we work to ensure our activities align with Kenya’s regulatory environment and long-term economic goals.
Empowa will also be joining the NSE’s Ibuka program, a platform designed to connect promising businesses with capital providers and other resources for growth. Through this program, we’ll gain access to a network of local investors, further strengthening our ability to build partnerships that support affordable housing initiatives across Kenya.
How to get involved
Join the Empowa community and contribute to our mission to connect the financially excluded with affordable and climate resilient housing.
Here are some ways you can get involved:
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