, NAIROBI, Kenya, Apr 11 – Jamii Bora Bank has raised Sh1.2 billion through investment by two private equity funds.
The two equity funds include Equator Capital Partners LLC through its managed fund, ShoreCap II Limited and Progression Capital Africa Ltd through its managed fund Progression Eastern African Microfinance Equity Fund.
“We are excited about our investment in Jamii Bora Bank, one of the fastest growing banks in Kenya. Jamii Bora Bank is a strong and innovative Enterprise Bank, and a leader in serving Kenya’s vibrant SME sector. The bank is managed by dedicated executives backed by a competent team. We look forward to growing with this high impact institution,” said Frank Kennedy, CEO of Equator Capital Partners.
ShoreCap II Limited is a Mauritius-based private equity fund focused on small business banks and microfinance institutions with this investment marking fund’s 5th investment in Africa; its portfolio now covers 11 sub-Saharan African countries.
Progression Capital Africa on the other hand is a Private Equity fund incorporated in Mauritius, making equity investments in East and Southern African financial institutions and financial technology companies engaged in financial inclusion deepening.
Jamii Bora Bank is the sixth partner institution in their current fund’s portfolio which spreads across Kenya, Tanzania, Uganda, Rwanda and Zimbabwe among others.
“Many businesses have had difficulty getting adequate financing, hence the need to come up with tailor-made solutions suitable for the SME market. Jamii Bora Bank’s recent repositioning as an Enterprise Bank in the Kenyan market makes it ideally positioned for supporting the growth of the local SME sector,” said Progression Capital’s Managing Partner Lydia Koros.
Jamii Bora Bank Chief Executive Samuel Kimani says the bank has grown its total capital consistently over the last five years to stand at Sh4.4 billion placing the bank among the top 20 highest capitalised banks in the country with 43 banks and multiple other financial services companies.
“Equator Capital Partners has decades of commercial and small business banking experience all over Africa, which is complemented well by the depth of Progression’s knowledge of the regional banking operating environment as well as its wealth of experience in fintech in the region. Their investment will support our vision – to become the leading Enterprise Bank in Africa as we further expand our reach to underserved SME’s and communities, both rural and urban, all across the country,” Kimani added.
Jamii Bora Bank has a customer base of over 400,000, served by 26 branches located across the country.