Mwalimu sacco to pump Sh375m into Spire Bank

Kenyan teachers are set to inject another Sh375 million as capital in loss-making Spire Bank through a shareholder loan meant to help the lender boost its capital ratios.

Mwalimu National Sacco, which owns 75 per cent of Spire, will fork out the cash in a deal where the troubled tier III bank is seeking to raise a total of Sh500 million from shareholders to shore up its thinning capital base.