Kenya Women Holding to offload its shares
By Regina Manyara
Kenya Women Holding is set to offload 30 percent of its stake in Kenya Women Micro-Finance Bank to its more than 600,000 members countrywide.
Kenya Women Holding Group CEO Dr. Jennifer Riria says the share sale that is slated before the end of this year, has been approved by regulatory authorities as well as shareholders.
Currently, the firm holds a 50 percent stake in the bank, which has an asset base of Sh23 billion and net worth Sh4 billion in equity.
This move will offer members across the country an opportunity to own the company in a move aimed at complying with the Central Bank of Kenya’s regulation that Kenya Women Holding reduces its shareholding in the bank to at most 25 percent.
Dr. Riria says Kenya Women Holding is yet to determine the share price. Currently, KWFT operates in 45 counties, where 70% of clientele are in rural areas and 25% in slums.
According to Mwangi Githaiga, the MD KWFT, the bank intends to expand its services to Mandera and Garissa and attain its national wide outlook.
Kenya Women Microfinance Bank was started as a wholly-owned subsidiary of Kenya Women Holding, this has been reduced to 55 percent as 25 percent stake is jointly owned by Norwegian Microfinance Initiative and Incofin of Belgium.