Remu Microfinance Bank has appointed Equity Bank senior business growth and development manager David Gachui as its new chief executive officer.
Mr Gachui, 40, will take over the helm of the micro lender from Nancy Waweru, the head of service delivery who has been acting CEO, pending approval of the Central Bank of Kenya (CBK).
Mr Gachui has also served at Consolidated Bank, Housing Finance and Co-operative Bank in different capacities. Following his appointment, he said he will focus Remu towards real estate financing.
“We are eager to see Remu grow into a leading SME microfinance bank offering affordable and sustainable financial solutions leveraging on technology and other alternative business channels. We will also look into offering affordable mortgage and housing products to this sector that has been largely overlooked by the industry,” said Mr Gachui.
He takes over from Ms Waweru who has been acting CEO since last December following the departure of Peter Mugendi who had held the position from October 2014.
CBK licensed Remu as a deposit taking microfinance bank in 2011. It is significantly owned by private equity and fund management firm Fusion Capital, which took up a 25 per cent stake in 2014.
Although the size of the deal was undisclosed, Fusion’s investment criteria sees it invest between $1 million (Sh101 million) and $5 million (Sh506 million) in ventures, which in 2014 was the equivalent of Sh87 million to Sh435 million.
The lender currently has four branches in Nairobi, Meru and Maua but says it plans to expand the network to 30 in other regions of the country.