Kenya Women Microfinance Bank

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.

"KWFT" redirects here. For other uses, see KWFT (disambiguation).
Kenya Women Microfinance Bank
TypePrivate
IndustryFinancial services
Founded2008 (2008)
HeadquartersNairobi, Kenya
Key people
Jennifer Riria
Group Chief Executive
ProductsLoans, Checking, Savings, Investments, Debit Cards
RevenueIncrease:Aftertax US$4+ million (KSh395.5 million (2013)
Total assetsUS$220+ million (KES:21.75 billion) (2013)
Websitewww.kwftbank.com

Overview

KWFT is a medium-tier financial services provider in Kenya. As of December 2013, 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.[3]

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.[4]

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:[3]

Kenya Women Microfinance Bank Stock Ownership
RankName of OwnerPercentage Ownership
1Kenya Women's Holding Limited25.0
2Foreign Institutional Investors25.0
360,974 KWFT Members25.0
4KWFT Board Members20.0
5KWFT Staff5.0
Total100.00

Branches

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

See also

References
  1. "List of licensed Microfinance Banks In Kenya". Nairobi: Central Bank of Kenya. 24 July 2015. Archived from the original on 24 July 2015. Retrieved 24 July 2015.
  2. "Kenya Women Microfinance Bank Limited Audited Financial Statements As At 31 December 2013" (PDF). Kenya Women Microfinance Bank. 19 March 2014. Archived from the original (PDF) on 24 July 2015. Retrieved 24 July 2015.
  3. Mutegi, Mugambi; Gachiri, John (23 July 2015). "KWFT Members Acquire 25 Percent Stake of Micro-Lender". Business Daily Africa. Nairobi. Retrieved 24 July 2015.
  4. Ciuri, Simon (16 February 2016). "Firm eyes expatriates with Sh400,000 a month villas". Business Daily Africa. Nairobi. Retrieved 17 February 2016.
  5. "KWFT Branches". Nairobi: Kenya Loans. 24 July 2015. Retrieved 24 July 2015.
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