The Jamii Bora Bank of Kenya announced recently that it has shifted its focus to serving small and medium- sized enterprises (SMEs) from advancing microfinance. Samuel Kimani, the bank’s CEO, said that, “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… SMEs are the key drivers of the Kenyan economy and by enabling them to access financial products and services we are ensuring that the bank realizes growth in the key market segment.” The bank, which recently opened a new branch in the city of Nakuru, Kenya, also introduced Business Bora Current and Savings Accounts which are intended to suit the needs of SMEs [1].
As of 2013, the Jamii Bora Bank reported assets worth USD 81.1 million and deposits worth USD 40.8 million. As of May 2015, the bank has a customer base of 300,000 and 24 branches across Kenya.
By Arpita Sarkar
About Jamii Bora Bank
Jamii Bora Bank began in 1999 as a charitable trust and microfinance institution founded by 50 impoverished families in Nairobi. On January 1, 2007, Jamii Bora Kenya Limited took over the microfinance operations of the trust. In 2010, Jamii Bora Kenya Limited merged with City Finance Bank, a commercial bank that had been established in 1985, to become Jamii Bora Bank. As of May 2015, the bank has 24 branches across Kenya with a customer base of 300,000. As of 2013, the bank reported assets worth USD 81.1 million and deposits worth USD 40.8 million.
Sources and Additional Resources:
[1] Standard Media: “Jamii Bora sheds micro-finance tag,” http://www.standardmedia.co.ke/business/article/2000163547/jamii-bora-sheds-micro-finance-tag
MicroCapital.org story, February 20, 2012, “MICROCAPITAL BRIEF: Women Enterprise Fund Loans $2m to Jamii Bora Microfinance Bank in Kenya,” https://www.microcapital.org/microcapital-brief-women-enterprise-fund-loans-2m-to-jamii-bora-microfinance-bank-in-kenya/
MicroCapital.org story, May 18, 2009, “MICROCAPITAL STORY: Jamii Bora Trust, Microfinance Institution Based in Kenya, Reaches $38m in Loans; Backers Acquire City Finance Bank,” https://www.microcapital.org/microcapital-story-jamii-bora-trust-microfinance-institution-based-in-kenya-reaches-38m-in-loans-possible-acquisition-by-city-finance-bank/
MicroCapital.org story, December 9, 2008, “MICROCAPITAL STORY: Unitus, Inc. and Whole Planet Foundation Announce Partnership with Jamii Bora Trust, a Kenyan MFI,” https://www.microcapital.org/microcapital-story-unitus-inc-and-whole-planet-foundation-announce-partnership-with-jamii-bora-trust-a-kenyan-mfi/
MicroCapital Universe Profile: Jamii Bora Bank,
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Jamii+Bora+Bank
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