In the microfinance industry, Dr. Jennifer Riria is internationally known first, as the chief executive officer (CEO) of Kenya Women Finance Trust (KWFT), the largest microfinance institution (MFI) in Kenya, and second, as a board member of Women’s World Banking, a global microfinance network consisting of over 53 MFIs from 30 countries.

In 1979, Riria obtained a Master of Arts degree in Education Administration from the University of Leeds in England. Before joining KWFT in 1992, she completed her PhD in Women, Education, and Economic Development while working as a lecturer at Kenyatta University. From 1992 until 2000, Riria also became the first female board member of the Nairobi Stock Exchange (NSE). In addition, she has served on the boards of several microfinance institutions (MFIs), including Jitegemee Trust, Ltd., National Bank, and Kenya Post Office Savings Bank, the largest savings bank in Kenya. Her most recent endeavor was speaking in France on behalf of Morocco, who was vying to host the 2012 Business International Exhibition.  

As reported in a previous MicroCapital story, KWFT is a Kenyan microfinance institution (MFI) based in Nairobi, Kenya that provides financial and non-financial services for women in business. After its founding in 1982, it was handed ten years later to Dr. Riria for rehabilitation, in partnership with the United Nations Development Program (UNDP). KWFT offers capital and consumer loans for groups of borrowers, with a repayment schedule of nine to twelve months. According to 2006 year-end data from the Microfinance Information eXchange (MIX), KWFT has 85,555 active borrowers and a total loan portfolio of USD 32.7 million. In addition, it has assets of USD 52.1 million, a debt to equity ratio of 273 percent and return on assets (ROA) of 4.37 percent. Its primary network is Women’s World Banking (WWB), an international microfinance network. It received a grade of B+ in MicroRate’s February 2007 evaluation.

According to Riria, KWFT plans to increase its field officers from 84 to 110 and its staff to over 800 in January 2008. Because KWFT cannot receive member deposits, it borrows from other local and international banks to fund their loans. It reports limited funding as its biggest drawback because it tends to lead to higher lending rates.

Previous MicroCapital stories on KWFT:

1/7/2008: “Kenya: Microfinance Institutions Fear Defaults Amid Political Violence”

12/18/2007: “Women’s Enterprise Fund Launched by Kenyan Government to Support Women’s Microfinance Institutions”

12/14/2007: “Kenya: Government Launches $16m Fund For Women, Majority To Be Distributed Via Kenya Women Finance Trust And Other Microfinance Institutions”

11/27/2007: “Kenya Women Finance Trust (KWFT) to Transform from Microfinance Institution (MFI) into Commercial Bank”

11/15/2007: “Microfinance Institution Kenya Women Finance Trust (KWFT) Officially Launches Kinga Ya Jamii, a Last-Expense Insurance Product” 

10/24/2006: “Microfinance Institution Kenya Women Finance Trust Receives $600,000 Line of Credit from Incofin”

By Mary Fu

Additional Resources:  

Business Daily Africa: “Microfinance ‘iron lady’ raises bar for women”

Financial Post, Issue 81, Pg. 5: “On Call for Kenyan Business-Women”