The International Finance Corporation (IFC), a member of the US-based World Bank Group, recently announced an agreement to provide a loan of USD 15 million and 15 months of advisory services to Chase Bank Kenya, a privately owned bank in Kenya [1]. The goal is to boost financial access for small and medium-sized enterprises, especially those owned by women entrepreneurs [1]. USD 7.5 million out of USD 15 million investment will be distributed to women-owned enterprises. The advisory services will include “advice and training to both bank staff and customers on credit analysis, gender awareness and sales, and business management” [1].
As of March 2015, Chase Bank Kenya has assets totaling KES 122 billion (USD 1.13 billion). As of June 2014, IFC reported total assets of USD 84.1 billion, net income of USD 1.4 billion and return on assets of 1.8 percent.
By Caroline Zhu, Research Associate
About Chase Bank Kenya
Chase Bank Kenya is a conventional financial institution with a focus on the small and medium-sized enterprise (SME) market. It reaches out to the lower-income segment through a microfinance institution, Rafiki Deposit Taking Microfinance (Rafiki DTM), which it wholly owns. Rafiki DTM aims to empower youth to achieve social and economic freedom. Chase Bank Kenya has assets totaling KES 122 billion (USD 1.13 billion) as of March 2015.
About International Finance Corporation
The International Finance Corporation (IFC), a US-based multilateral development bank and member of the World Bank Group, offers loans, equity investments, advisory and risk mitigation services, and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2014, IFC has 184 member countries that drive its policies and approve disbursements. In June 2014, IFC reported total assets of USD 84.1 billion.
Sources and Additional Resources:
[1] IFC News, “IFC Helps Chase Bank Kenya Increase Access to Finance for Women,” http://ifcextapps.ifc.org/ifcext/pressroom/ifcpressroom.nsf/0/CFA79B7F29D6F90C85257E440031F542?OpenDocument
MicroCapital Universe Profile: International Finance Corporation
MicroCapital Universe Profile: Chase Bank of Kenya
MicroCapital Universe Profile: Rafiki Deposit Taking Microfinance
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