Home Business Sidian Bank Receives Ksh.1.1 Billion Funding To Support MSME Lending

Sidian Bank Receives Ksh.1.1 Billion Funding To Support MSME Lending

Sidian Bank Receives Ksh.1.1 Billion Funding To Support MSME Lending
Sidian Bank, a mid-tier bank focused on SMEs in Kenya, has received a Ksh.1.1 billion long-term facility from Switzerland-based Impact Investment EMF Microfinance Fund (EMF).

The fund will be channeled towards facilitating on-lending to Micro and SME enterprises as well as boost the bank’s regulatory capital.

According to Sidian Bank CEO, Chege Thumbi said, the capital comes at an opportune time when the bank is expanding and investing in innovative digital and client tailor-made solutions.

“The funds will therefore accelerate realisation of these key business initiatives. The Bank has experienced significant growth with total assets standing at over Ksh.41 billion by close of 2021. The additional capital will enhance the bank’s regulatory capital and further boost its lending capacity to Micro and SMEs,” said Mr. Thumbi.

Sidian Bank has been on a steady growth trajectory attracting the interest of DFIs and international partners keen on growth of the Micro and SME sector.

The Switzerland-based EMF has a track record of providing access to capital and promoting financial inclusion to people in developing economies.

The Fund supports promising, responsible, profitable and sustainable Micro, Small and Medium Enterprises, financing Intermediaries that focus on achieving social impact.

“We are particularly careful in our choice of subordinated debt partners, as we recognize that we will be in that relationship for a long time.  Sidian Bank has exceeded all of our investment criteria for this product,” said Chuck Olson, Managing Partner at Enabling Qapital.

EMF is advised by Enabling Qapital, a Swiss-based Asset Advisor.

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