Sumac Microfinance Bank chief executive John Njihia. PHOTO | SALATON NJAU
Sumac Microfinance Bank has received Sh100 million financing for onward lending
The
loan from the German Development Bank Sub-Saharan Investment arm has
will see the Small and Medium Enterprise grow its working capital.
The
Regional MSME Investment Fund for Sub-Saharan Africa (Regmifa) aims to
foster economic growth, employment creation, income generation and
poverty alleviation in sub-Saharan Africa through the provision of
innovative financial products.
Sumac said the loan will
go into financing Sumac’s working capital and will be lent out to SME’s
and individuals at competitive interest rates.
“We
want to aggressively penetrate the market and the funds from Regmifa
will help us lend to more MSMEs,” Sumac Managing Director John Njihia
said.
He added that the Regmifa board approved the funding after thorough due diligence of the bank.
Regmifa
was developed and established by the German Development Bank in close
collaboration with development finance institutions and donors.
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