Sumac MFI gets Sh100mn financing

Sumac Microfinance Bank chief executive John Njihia. PHOTO | SALATON NJAU 

By OTIATO GUGUYU
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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.