Trying to fathom how or why Kenya’s smallest commercial bank City Finance would be interested in acquiring micro-financier Jamii Bora which has over 170,000 members.
Nevertheless the Kenya Finance Minister has cleared the way for the deal to go through with Jamii Bora who are in the money, having recently repaid Acumen Fund their $250,000 loan (~Kshs 19 million) and completed a substantial portion of their housing project in Kitengela.
Tuesday, March 09, 2010
Bank to acquire micro-financier
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2 comments:
It's reverse takeover. Technically CFB has taken over JBT but in reality JBT has taken over CFB to access a commercial banking license and bring the largest microfinance membership pool into formal banking. This will be a space well worth watching. Of all microfinance institutions on the African continent, only JBT has remained true to its stated pro-poor focus. That it can build up its position to where it takes over a commercial bank is incredible progress and shows tremendous will and sense of purpose.
nice info, thanks for sharing.
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