Remu Microfinance Bank is set to change its name to Key Microfinance Bank, following shareholders’ proposal in May, 2017.
A notice to shareholders on the upcoming annual general meeting (AGM) to be held on May 19 in Nairobi, signed by company secretary Anne Otunga, indicates the board will give an update on the change of name and seek approval.
The meeting will see the retirement of directors John Nthuki and Jacob Mwirigi. Charles Mutuma will be seeking to be elected while Suzane Gacheri Muthaura will join the board, subject to central bank approval.
Central Bank of Kenya (CBK) licensed Remu as a deposit-taking microfinance in 2011, and its shareholders include private equity and fund management firm Fusion Capital, which took a 25 per cent stake in 2014.
Remu has branches in Nairobi, Meru and Maua and targets small and medium sized enterprises (SMEs) and individuals.
There are 13 microfinance banks registered by the Cental Bank.
A CBK report shows that as at December 31, 2016, there were three large micro-lenders (KWFT, Faulu, and Rafiki) with an aggregate market share of 90 per cent, three medium microfinance banks (SMEP, Century, and Sumac) with a market share of 6.6 per cent, and another seven small microfinance banks (Remu, Uwezo, U&I, Caritas, Choice, Daraja, and Maisha) with a market share of 3.4 per cent.
During the period, the gross loan portfolio of the 13 micro-lenders amounted to Sh48.7 billion while deposits amounted to Sh40.2 billion.