Jamii Bora to raise Sh3.8bn by close of year

Tier III lender Jamii Bora Bank Limited has confirmed plans to raise Sh3.8 billion in additional capital by close of the year.

The SME-focused lender recently raised Sh1.2 billion in form of convertible debt from Equator Capital Partners and Progression Capital Africa Limited, which is expected to be converted before November this year.

The bank said on Tuesday it is looking to raise the amount through a cash call and capital injection from strategic investors.

“Sh3 billion will be injected from strategic investor/s while the rest will be raised through a rights issue.  Management expects this to take place before close of the year,” the bank said in a statement.