Photo: SMEP

SMEP microfinance bank seeks Sh2.6 billion for expansion

Church-owned SMEP microfinance bank seeks Sh2.6 billion for its expansion drive.

SMEP microfinance bank announced plans to raise Sh2.6 billion as it eyes expansion. The funds will be raised from its shareholders. The Microfinance bank seeks to increase its branches to 50 as part of its plan to become a fully fledged bank.

Board chairman, Nelson Kuria said that SMEP’s growth strategy needed more funds sunk by shareholders to be realised. More of these plans include; upgrading facilities, hiring more personnel and launching a membership drive. SMEP microfinance banks on church members to fulfill its membership ambitions. SMEP microfinance bank is a Christian institution with a nationwide presence.

The majority shareholder, NCCK, agreed to cede some of its shares as part of this growth strategy. National Council of Churches of Kenya General Secretary Canon, Peter Karanja, revealed this. This will be in line with the Central Bank of Kenya’s conditions towards becoming a fully fledged bank.

SMEP microfinance bank offers savings and loan services. Its loans are available to groups, SMEs, Agribusiness and individuals.