Djibouti s Salaam African Bank acquires 100% stake in Uwezo Microfinance Bank Limited Friday, 21 May 2021 17:35
(Ecofin Agency) - The Central bank of Kenya (CBK) has announced the acquisition of Uwezo Microfinance Bank Limited by Salaam African Bank (SAB). The acquisition earned the Djibouti-based bank a 100% stake for undisclosed cash consideration.
“CBK welcomes this transaction which will strengthen the business model of Uwezo MFB and enhance the resilience of Kenya’s microfinance banking sector,” stated in the press release.
Uwezo Microfinance Bank Limited was licensed by the Central Bank of Kenya on November 8, 2010, and approved in 2015 to upgrade to a nationwide microfinance bank. The bank has one branch in Nairobi with a market share of 0.45 percent of the microfinance banking sector.