NMI along with Incofin Rural Impulse Fund II announce a significant equity boost through a Ksh 1.37 Billion (approximately USD 16 million) capital infusion in Kenya Women Finance Trust (KWFT) DTM. The new development strongly propels KWFT DTM in its growth path to seal its position as the preferred financial partner for women entrepreneurs in the East African region. KWFT has the ambition to continue its strong growth path, aiming at reaching over 1 million new clients over the next 4 years. The capital increase thereto is an important first milestone. This is the largest single NMI investment to date.
Knut Frigaard on behalf of NMI said: ?The investment into KWFT underscores NMI?s belief in the company`s ability to increase the welfare of its client base through its product offering. This investment is expected to have strong Social Performance and Developmental Impact, as the Company is operating in an under-penetrated market which will increase financial inclusion. We look forward to develop new, innovative product solutions that will further positively impact the quality of life for the clients.?
Welcoming the new shareholders, Mr. Mwangi Githaiga, the Managing Director of KWFT said: ?The new capital injection will enable more women and their families have access to financial services through an expanded infrastructure. The synergies created through entry of Rural Impulse Fund II, NMI Frontier Fund and NMI Fund III will enable KWFT to develop more innovative products and services that will meet the needs of its clients while at the same time enabling them to improve their standard of living. We look forward to partnering and working with the new shareholders.?
Dominiek Deconinck, on behalf of RIF II, said: ?We are extremely pleased to be in position to contribute to the further sustainable growth of KWFT. Its unique commercial positioning, deep rural outreach and track record combined with the size of its operations as well as genuine triple bottom line commitment make KWFT the flag ship investment of the RIF II fund.?
KWFT DTM has grown tremendously over the last 30 years. From its humble beginnings in 1982, it now has over 600,000 customers spread out in 45 out of the 47 counties in Kenya. Over 2400 staff are employed by the institution in its 234 offices in addition to its Nairobi based head office. Total gross loan portfolio surpassed KES 14.9 billion by the end of 2013. It has over 1 million accounts with deposits valued at KES 13.1 billion.
For more information on KWFT please visit http://www.kwft.org.
The Norwegian Microfinance Initiative (NMI) is an innovative strategic partnership between the Norwegian public and private sectors that will invest in microfinance institutions (MFIs) in developing countries and provide professional assistance and technical support for these institutions. The mission of NMI is to contribute to the empowerment of poor people and to the creation of jobs, wealth, and economic and social sustainability in developing countries by investing in and supporting MFIs.