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Ex-Sidian CEO leads Kenyans’ return to Real People board

Former Sidian Bank CEO Titus Karanja. FILE PHOTO | NMG
Former Sidian Bank CEO Titus Karanja. FILE PHOTO | NMG 

Credit-only subsidiary of South African micro-finance institution Real People has tapped two Kenyans to the board, including ex-Sidian Bank CEO Titus Karanja.

The firm only in September released locals Albert Ruturi and Nthenya Muli and replaced them with directors from South Africa.

Real People Kenya board chair Charles Kocks, in a notice, also announced the appointment of Kenyan banker Elizabeth Ndemo as director. Ms Ndemo has worked with several lenders including Co-op Bank.

Sidian has in recent months faced pressure following the capping of interest rates.

The duo replace Neil Grobbelaar and Arumugam Padachie who have resigned.

The change in guard is just the latest with Mr Padachie having been appointed in September together with Charl H. Kocks.

Real People started Kenyan operations in 2006 and has over the years expanded to cover Uganda and Tanzania. From its head office in Nairobi, it serves the region through a network of branches and satellite offices.

It is currently headed by Ms Yvonne Godo in an acting chief executive capacity.

Former acting CEO Daniel Ohonde quit the agency in 2016 to join the Africa Enterprise Challenge Fund , a private sector fund that provides catalytic funding to enterprises in 24 countries across sub-Saharan Africa as deputy CEO.

Real People has 10 branches in the country and seven satellite offices.

The company reported a loss after tax of Sh232 million in the first half of the year ended September 2017.

The loss was attributable to impairment costs.