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Jamii Bora Bank targets mid-tier status in upgrade
The founder of Jamii Bora microfinace, Ingrid Munro (left), joins dancers during the official opening of the Nyeri branch in 2009. The bank converted from a microfinance institution last year.
Jamii Bora Bank will upgrade 11 of its outlets to Central Bank’s specifications for full branches next year in a bid to achieve mid-tier lender status.
The bank-—which converted from a microfinance institution last year—will be making a Sh200 million cash call on its shareholders to finance the upgrade and also meet Central Bank of Kenya (CBK’s) minimum capital requirement of Sh1 billion. Chief executive Samuel Kimani said in an interview yesterday the upgrade of 11 out of its 45 outlets will cost Sh55 million.
