Kenya’s Jamii Bora Bank sheds microfinance tag
Tuesday, May 26, 2015
Jamii Bora Bank has announced that it is now targeting Small and Medium Enterprises (SMEs), in major change of strategy that has seen it shed the microfinance tag. The shift comes four years after the buyout of the lender once associated with social entrepreneur Ingrid Munro, whose focus was credit facilities to people in the informal sector such as kiosk operators commonly referred to as mama mbogas. Other investors have since come on board. They include private equity fund Catalyst that acquired minority stake last year.
Jamii Bora Bank Chief Executive Samuel Kimani said the re-positioning would enable the bank provide flexible, affordable and innovative products and services to this segment. “By repositioning ourselves as the enterprise bank, we are putting ourselves in a position to transform the way businesses obtain and consume banking and financial products and services,” said Kimani.