Juhudi Kilimo, a for-profit microfinance institution (MFI) in Kenya, recently sold an ownership stake of unspecified size for EUR 2.2 million (USD 2.4 million) to Incofin CVSO, a cooperative fund managed by Belgium-based Incofin Investment Management. Juhudi, which mainly serves rural areas, intends to use the new funding to expand its geographic range, grow its menu of products, strengthen its social performance management and “improve employee welfare.”
Juhudi is a for-profit Kenyan microlender that started operations in 2004 within the Kenyan nonprofit K-Rep Development Agency. The MFI operates 34 branches and has a loan portfolio of EUR 20 million (USD 22 million) deployed for purchases of livestock, seeds, fertilizer and farming equipment. The loans are 90-percent disbursed via mobile phone, and 60 percent of its 45,000 customers repay their loans via mobile phones. These customers include 67 percent women and 39 percent youth. Juhudi’s other investors are the following US-based entities: Acumen Fund, the Grameen Foundation and Soros Economic Development Fund.
Incofin Investment Management is a for-profit firm that was founded in 2001 and seeks “to promote inclusive progress.” It has about 325 investments in 65 countries as of January 2019. This portfolio, valued at USD 1 billion, comprises the following funds: agRIF, BRS Microfinance Coop Fund, Fairtrade Access Fund, Fonds pour l’Inclusion Financière en République Démocratique Congo (FPM), Incofin CVSO, Invest in Visions, Rural Impulse Fund (RIF) II, Volksvermogen and a loan portfolio of vdk Bank.
Sources and Additional Resources
“Incofin CVSO Invests EUR 2.2 million in Juhudi Kilimo,” Daily Nation (Kenya), July 2019
Juhudi Kilimo homepage
https://juhudikilimo.com/
Incofin Investment Management homepage
https://www.incofin.com/
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