Kenya Women Microfinance Bank Explained

Kenya Women Microfinance Bank
Type:	Private
Location:	Nairobi, Kenya
Key People:	Jennifer Riria Group Chief Executive
Revenue:	Aftertax US$4+ million (KSh395.5 million (2013)
Assets:	US$220+ million (KES:21.75 billion) (2013)
Industry:	Financial services
Products:	Loans, Checking, Savings, Investments, Debit Cards

Kenya Women Microfinance Bank, formerly Kenya Women Finance Trust or KWFT, is a deposit-taking microfinance bank in Kenya,^[1] the largest economy in the East African Community.

Overview

KWFT is a medium-tier financial services provider in Kenya., it was the largest deposit-taking microfinance bank in the country, with an asset base valued at about US$220 million (KES:21.75 billion). At that time, the microfinance bank had in excess of 600,000 deposit accounts and a loan book of approximately US$147 million (KSh:14.53 billion), and shareholders' equity valued at US$29.5 million (KShs:2.9 billion).^[2]

History

The company was established in 2008, as Kenya Women Finance Trust (KWFT), a 100% subsidiary Kenya Women's Holding (KWH). In 2010, the institution was authorized to accept customer deposits, thereby becoming a deposit-taking microfinance institution. It changed its name to Kenya Women Microfinance Bank and became regulated by the Central Bank of Kenya (CBK). In order to comply with CBK regulations, KWH began to sell shareholding to the KWFT Board, staff, and foreign institutions. In July 2015 it sold 25% equity to 60,974 KWFT members, thereby reducing its own shareholding to the required 25% maximum.

Future plans

In 2016, print media reported that the lender had plans to expand to Rwanda and South Sudan by the third quarter of 2017.^[3]

Ownership

The shares of stock of Kenya Women Microfinance Bank are held by Kenyan and foreign institutions and individuals, as depicted in the table below:^[4]

Kenya Women Microfinance Bank Stock Ownership! Rank !!Name of Owner!!Percentage Ownership

1	Kenya Women's Holding Limited	25.0
2	Foreign Institutional Investors	25.0
3	60,974 KWFT Members	25.0
4	KWFT Board Members	20.0
5	KWFT Staff	5.0
	Total	100.00

Branches

The microfinance bank has branches in rural and urban areas of Kenya.^[5]

See also

• List of banks in Kenya
• Microfinance in Kenya

External links

• • Grameen-Credit Agricole: Institutions Supported In Kenya - Kenya Women Microfinance Bank Limited
• Kenya Eases Pain of Loan Defaulters, Alters Credit Bureau Rules

Notes and References

1. Web site: List of licensed Microfinance Banks In Kenya. 24 July 2015. 24 July 2015. Nairobi. Central Bank of Kenya. https://web.archive.org/web/20150724164103/https://www.centralbank.go.ke/index.php/bank-supervision/microfinance-institutions/14-bank-supervision/83-list-of-licensed-deposit-taking. 24 July 2015. dead.
2. Web site: Kenya Women Microfinance Bank Limited Audited Financial Statements As At 31 December 2013 . PDF . Kenya Women Microfinance Bank . 24 July 2015 . 19 March 2014 . dead . https://web.archive.org/web/20150724160558/http://kwftdtm.com/documents/Kenya%20Women%20Microfinance%20Bank%20Financial%20Statement%202013%20.pdf . 24 July 2015 .
3. Web site: Firm eyes expatriates with Sh400,000 a month villas. Ciuri . Simon . 16 February 2016 . 17 February 2016. Nairobi. Business Daily Africa.
4. Web site: 24 July 2015. KWFT Members Acquire 25 Percent Stake of Micro-Lender. 23 July 2015. Mugambi . Mutegi. John . Gachiri. Business Daily Africa. Nairobi.
5. Web site: KWFT Branches. 24 July 2015. 24 July 2015. Kenya Loans. Nairobi.