Business

Master of Science in Development Finance

The Master of Science in Development Finance is a postgraduate programme that trains graduates in development finance, focusing on financing development, financial inclusion, and development investment. The programme prepares graduates for advanced careers in development finance, microfinance, development banking, and financial sector development.

Core areas include development finance theory, financial inclusion, microfinance, development banking, project finance, investment analysis, financial markets, development economics, financial policy, and research methods. Students engage with theoretical foundations and practical development finance applications.

The programme is offered by KCA University and Strathmore University, with KCA University also listed as a college. KCA University, established by ICPAK, is a leading business and finance training institution in Nairobi. Strathmore University offers the programme through its Strathmore Business School with established finance and development programmes.

Students develop competencies in development finance analysis, financial inclusion design, microfinance management, project finance, investment analysis, financial policy development, and research. The programme includes coursework, case studies, examinations, supervised research, and thesis or project work.

The programme is delivered over two years with full-time and part-time study modes. KCA University requires a bachelor's degree with at least lower second class. KCA international master's tuition ranges KES 252,000–308,880 per year. Strathmore postgraduate tuition ranges KES 300,000–350,000 total.

Graduates pursue careers as development finance specialists, microfinance managers, investment analysts, development bankers, financial inclusion officers, researchers, and lecturers in development banks, microfinance institutions, NGOs, government agencies, financial institutions, and universities.

Skills Required

Development Finance Analysis
Financial Inclusion and Microfinance Design
Project Finance and Investment Appraisal
Development Banking Operations
Financial Markets and Instruments
Development Economics and Policy
Financial Sector Development
Impact Investment Analysis
Development Project Evaluation
Development Finance Research Methods

Key Subjects

Development Finance Theory
Financial Inclusion
Microfinance
Development Banking
Project Finance
Investment Analysis
Financial Markets
Development Economics
Financial Policy
Development Finance Research Methods

Certifications

KBA Professional Certification
AMF Kenya Membership

Specializations

Financial Inclusion

Focuses on financial inclusion, expanding access to financial services, digital financial services, agent banking, and designing financial inclusion strategies and programmes.

Microfinance

Examines microfinance, microfinance institutions, microcredit, group lending, microfinance management, and managing and evaluating microfinance programmes.

Development Banking

Covers development banking, development finance institutions, development lending, and managing and operating development banks and development finance institutions.

Project Finance

Focuses on project finance, infrastructure finance, PPP financing, project appraisal, and financing development projects and infrastructure.

Investment Analysis

Examines investment analysis, development investment, impact investment, financial modelling, and analysing and evaluating development investments.

Financial Policy

Covers financial policy, financial sector reform, financial regulation, development finance policy, and developing and implementing financial sector policies.

Duration: 2 years
Public, up to: Ksh 256,200
Private, up to: Ksh 732,365
Job market: Moderate

The programme

What you study, how long it takes, and how it is delivered.

Practicalities

Study mode: Full-time, Part-time
Attachment: 0 months
Average class: 20 students
Award: Masters

What you study

10 subjects

Development Finance Theory
Financial Inclusion
Microfinance
Development Banking
Project Finance
Investment Analysis
Financial Markets
Development Economics
Financial Policy
Development Finance Research Methods

Modules

12 in the programme

Development Finance Theory and Practice
Year 1Semester 13 creditsCore
Examines development finance theory, development finance institutions, financing development, and understanding development finance frameworks and practice.
Financial Inclusion and Access
Year 1Semester 13 creditsCore
Covers financial inclusion, unbanked populations, digital financial services, agent banking, and designing financial inclusion strategies and programmes.
Microfinance Management
Year 1Semester 13 creditsCore
Examines microfinance, microfinance institutions, microcredit, group lending, savings, microinsurance, and managing and evaluating microfinance programmes.
Development Banking and Institutions
Year 1Semester 23 creditsCore
Covers development banking, development finance institutions, development lending, and managing and operating development banks and development finance institutions.
Project Finance and Appraisal
Year 1Semester 23 creditsCore
Examines project finance, infrastructure finance, PPP financing, project appraisal, financial modelling, and financing development projects and infrastructure.
Investment Analysis for Development
Year 1Semester 23 creditsCore
Covers investment analysis, development investment, impact investment, financial analysis, and analysing and evaluating development investments.
Financial Markets and Development
Year 2Semester 13 creditsCore
Examines financial markets, capital markets, bond markets, equity markets, and understanding and developing financial markets for development.
Development Economics and Policy
Year 2Semester 13 creditsCore
Covers development economics, economic development, poverty, inequality, and understanding economic development and its financing.
Financial Sector Policy and Regulation
Year 2Semester 13 creditsCore
Examines financial sector reform, financial regulation, development finance policy, and developing and implementing financial sector policies.
Development Finance Research Methods
Year 2Semester 13 creditsCore
Covers research methods for development finance, experimental design, data analysis, and conducting development finance research, preparing students for their thesis.
Impact Evaluation and Measurement
Year 2Semester 23 creditsCore
Examines impact evaluation, measuring development impact, randomised controlled trials, and evaluating the impact of development finance interventions.
Research Thesis
Year 2Semester 26 creditsCore
Original research thesis on a development finance topic, demonstrating mastery of research methods and development finance knowledge, assessed through written submission and oral defence.

Specialisations

Financial Inclusion
Focuses on financial inclusion, expanding access to financial services, digital financial services, agent banking, and designing financial inclusion strategies and programmes.
Microfinance
Examines microfinance, microfinance institutions, microcredit, group lending, microfinance management, and managing and evaluating microfinance programmes.
Development Banking
Covers development banking, development finance institutions, development lending, and managing and operating development banks and development finance institutions.
Project Finance
Focuses on project finance, infrastructure finance, PPP financing, project appraisal, and financing development projects and infrastructure.
Investment Analysis
Examines investment analysis, development investment, impact investment, financial modelling, and analysing and evaluating development investments.
Financial Policy
Covers financial policy, financial sector reform, financial regulation, development finance policy, and developing and implementing financial sector policies.

A day as a student

A typical day during the MSc Development Finance programme begins with morning lectures on development finance theory, financial inclusion, or microfinance. Students engage in theoretical discussions on development finance, financial sector development, and investment for development. Development finance sessions cover development finance theory, development finance institutions, financing development, and understanding development finance frameworks. Financial inclusion sessions examine financial inclusion, unbanked populations, digital financial services, agent banking, and designing financial inclusion strategies. Microfinance sessions cover microfinance institutions, microcredit, group lending, savings, microinsurance, and managing and evaluating microfinance programmes. Development banking sessions examine development banks, development finance institutions, development lending, and managing and operating development banks. Project finance sessions cover infrastructure finance, PPP financing, project appraisal, financial modelling, and financing development projects. Investment analysis sessions involve development investment, impact investment, financial analysis, and analysing and evaluating development investments. Financial markets sessions cover financial markets, capital markets, bond markets, and understanding financial markets for development. Development economics sessions examine development economics, economic development, poverty, inequality, and understanding economic development and its financing. Financial policy sessions cover financial sector reform, financial regulation, development finance policy, and developing and implementing financial sector policies. Case studies provide real-world analysis of development finance projects, microfinance institutions, and financial inclusion initiatives. Research methodology sessions prepare students for their thesis, covering development finance research methods, experimental design, and data analysis. Guest lectures from development bank officials, microfinance practitioners, AfDB and IFC representatives, and finance industry professionals provide real-world insights. The two-year programme culminates in a research thesis or project.

The trade offs

In its favour

KCA University, established by ICPAK, has strong finance and accounting heritage with established industry connections in the financial sector.
Strathmore Business School offers the programme with established finance and development programmes and industry partnerships.
Kenya's financial inclusion agenda, microfinance sector growth, devolution, and development financing needs create moderate demand for qualified development finance professionals.
Career opportunities with development banks, microfinance institutions, AfDB, IFC, World Bank, NGOs, and government agencies.

Against it

Programme is offered only at private universities, which may be more expensive than public university alternatives.
Programme requires finance, economics, or business background, which may exclude some graduates.
Career opportunities may be limited compared to mainstream finance, with many positions in the NGO and development sector.
Limited number of institutions offering the programme may restrict geographic access for prospective students.

What it costs

Tuition at both ends of the market, and how to pay for it.

What it costs, and where

Against 331 business courses

Public171k to 256k

171k at Maseno University256k at University of Nairobi

Private290k to 732k

290k at KCA University732k at Strathmore University

Annual tuition in Kenyan shillings, rounded. The upright tick is the median for this field, so a bar sitting entirely to its right is an expensive programme by the standards of its own subject.

The fine print

Strathmore ~732,365/yr (SBS website). KCA ~289,935/yr (KCA PDF). Maseno, UoN unverified.

HELB postgraduate loans are available for Kenyan students. AfDB supports development finance training and capacity building. IFC provides capacity building for finance professionals. The programme's development focus attracts donor and international organisation funding.

Funding options

HELB Postgraduate Loan
AfDB Development Finance Training
IFC Capacity Building

Scholarships

3 recorded

HELB Postgraduate Loan
LoanKsh 200,000Kenyan
Kenyan students pursuing postgraduate development finance studies at recognised universities.
AfDB Development Finance Training
GrantKsh 400,000
African Development Bank supports development finance training and capacity building, providing funding for postgraduate training in development finance.
IFC Capacity Building
GrantKsh 400,000
IFC supports capacity building for finance professionals, providing funding for development finance training and research.

Getting in

The grades, the alternatives, and who accredits the award.

What you need

KCSE mean grade: N/A (Postgraduate)
Alternative entry: The programme accepts graduates from finance, economics, accounting, business, development studies, and related fields. Two-year programme with full-time and part-time options. KCA requires bachelor's degree with at least lower second class. Strathmore requires KCSE minimum C and entrance exam. KCA application fee KES 3,000. Strathmore entrance exam fee KES 2,000.

How you are assessed

4 components

Coursework and Assignments
Coursework30% of the mark
Continuous assessment through coursework assignments, case studies, financial modelling projects, development finance analysis, and class participation.
Written Examinations
Examination30% of the mark
Written examinations covering development finance theory, microfinance, project finance, and financial policy, conducted at end of each semester.
Case Studies and Projects
Practical40% of the mark
Assessment of case studies, financial modelling projects, development finance project design, impact evaluation, and project presentations.
Research Thesis
Research100% of the mark
Original research thesis on a development finance topic, demonstrating mastery of research methods and development finance knowledge, assessed through written submission and oral defence.

Accreditation

The programme is accredited by the Commission for University Education (CUE). KCA University offers MSc in Development Finance, established by ICPAK with strong finance heritage. Strathmore University offers MSc Development Finance (MDF) through Strathmore Business School. The programme meets CUE standards for postgraduate development finance training.

Accredited by

Commission for University Education (CUE)
Academic accreditationRequired
Programme accredited by CUE. KCA University offers MSc in Development Finance, established by ICPAK. Strathmore University offers MSc Development Finance (MDF) through Strathmore Business School. The programme meets CUE standards for postgraduate development finance training.
Kenya Bankers Association (KBA)
Professional accreditation
KBA supports banking excellence and financial sector development in Kenya. Graduates working in banking and finance may benefit from KBA professional development and certification.

Where it leads

The roles it opens, and what you leave with.

Where graduates go

6 roles

Development Finance Specialist
Moderate demandKsh 130,000 to Ksh 550,000
Designs and manages development finance programmes, analysing development finance needs, and supporting financial sector development in development institutions.
Microfinance Manager
Moderate demandKsh 120,000 to Ksh 500,000
Manages microfinance institutions, overseeing microfinance operations, lending, savings, and ensuring effective and sustainable microfinance services.
Investment Analyst
Moderate demandKsh 130,000 to Ksh 550,000
Analyses development investments, conducting financial analysis, evaluating impact investments, and supporting investment decisions in development finance.
Development Banker
Moderate demandKsh 140,000 to Ksh 600,000
Works in development banks, managing development lending, project finance, and supporting development financing in development finance institutions.
Financial Inclusion Officer
Moderate demandKsh 110,000 to Ksh 450,000
Designs and implements financial inclusion programmes, expanding access to financial services, and supporting digital financial services and inclusion initiatives.
University Lecturer
High demandKsh 130,000 to Ksh 500,000
Teaches development finance and economics in universities, conducting research and training future development finance professionals.

Graduate outcomes

Graduates pursue careers as development finance specialists, microfinance managers, and investment analysts in development banks, microfinance institutions, and NGOs.

Where these fields lead

8 careers

Tools you will learn

Excel Financial Modelling
SoftwarePrimary
Excel for financial modelling, project appraisal, investment analysis, cash flow analysis, and development finance modelling and analysis.
SPSS
SoftwarePrimary
Statistical software for development finance research data analysis, impact evaluation, survey analysis, and statistical modelling.
Stata
Software
Statistical software for econometric analysis, impact evaluation, development research, and data analysis in development finance.
R Statistical Computing
Software
Open-source statistical computing for development finance data analysis, econometric modelling, and research data analysis.

Industry links

Common misconceptions

Development finance is just about giving loans to poor people.
The programme involves financial system design, investment analysis, development banking, financial policy, and research, far beyond microcredit.
Development finance is the same as regular finance or banking.
Development finance focuses on financing development, financial inclusion, and development impact, while regular finance focuses on profit maximisation and commercial banking.
There is limited demand for development finance specialists in Kenya.
Kenya's financial inclusion agenda, microfinance sector growth, devolution, and development financing needs create moderate demand for qualified development finance professionals.
This programme is only for economics or finance graduates.
The programme accepts graduates from economics, finance, business, accounting, development studies, and related fields with finance or development background.
Development finance is charity work, not a real career.
Development finance is a professional field with careers in development banks, microfinance institutions, IFC, AfDB, and government, requiring strong analytical and financial skills.
A master's in development finance is redundant after an MBA or economics degree.
The master's provides specialised development finance knowledge, financial inclusion expertise, research capability, and career progression to senior development finance positions.