Markets & Finance

Remu Microfinance to change name


REMU Microfinance Bank chief executive David Gachui. PHOTO | SALATON NJAU

Remu Microfinance Bank is set to change its name to Ideal Microfinance Bank soon after appointing a new chief executive.

The micro-lender has called its shareholders to an extra-ordinary general meeting on December 3, 2016 to approve the name change.

Remu is one of the 12 licensed microfinance banks with some of its shareholders including private equity and fund management company Fusion Capital, which has a 25 per cent stake.

The bank which hired its fourth CEO in as many years in October is looking to grow its presence in the financial market.

The bank, licensed in 2011, is currently headed by David Gachui who was poached from Equity Bank. Mr Gachui has disclosed he will be leading the lender towards real estate and SME financing.

Remu controls 0.87 per cent of the microfinance market with four branches in Nairobi, Meru and Maua but it has made public it plans to expand the network to 30 in the country.

It has a loan book of Sh192 million and a deposit base of Sh158 million held in 3,000 savings account.