|KWFT Receives CBK License to become a Deposit Taking Microfinance|
Date: Tue 18 May 10
KWFT Microfinance will now be able to accept deposits and use its balance sheet to provide financing to its 400,000 clients countrywide.
Kenya Women Finance Trust Limited (KWFT) is now a Deposit Taking Microfinance. This follows the issuance of a license to conduct nationwide deposit taking microfinance business by the Central Bank of Kenya. This means that in addition to giving loans to its clients, KWFT will now be able to mobilize and intermediate savings.
These services are open to all Kenyan girls and women. This new development will enable KWFT expand the range of services it’s offering in the Kenyan financial sector. The license demonstrates KWFT’s long term commitment to eradication of poverty and reinforces its strategy to empower Kenyan families through women.
"It is fulfilling to receive this license that enables KWFT to position itself in the overall financial sector and in particular the Microfinance Industry in service of women and their families. We also believe that this license will enable us maintain stronger relationships with our clients across the whole country as we meet more of their financial needs" says Mr.Mwangi Githaiga, the Managing Director, KWFT.
By accepting deposits KWFT will use its balance sheet to provide financing to clients, and become the first regulated women only serving microfinance institution in the continent.
Already KWFT branches in Eldoret, Kakamega, Nairobi, Nyeri, and Mombasa are ready to commence business. By December 2010, the institution plans to open a total of 20 branches across the country. Mr. Mwangi Githaiga is the Managing Director, KWFT and is supported by KWFT Board of Directors chaired by Mrs. Mary Okello.
Since its inception 29 years ago, KWFT has perfected its core business model that profitably provides both group and individual loans to a core customer base of over 400,000 low income women, through its 202 outlets across the country.
Its total assets have risen from a negative position in 1991 to Kshs.15 billion as at December 2009, with a disbursement of Kshs.14 billion in 2009. In 2010 KWFT plans to increase its clients to 600,000 and disburse to them Kshs.20 billion countrywide. KWFT is a wholly owned subsidiary of the Kenya Women Holding Company Limited (KWHL).
KWHL will continue to be a membership based non-profit organization limited by guarantee. The overall objective of the company will be to empower, position and advocate for women in Kenya.
KWHL activities will run under the leadership of the Group Chief Executive Officer, Dr.Jennifer Riria, a distinguished Microfinance Banker and Practitioner, Researcher, and Gender Specialist who has spent all her adult life building and contributing to systems that empower the majority; and in particular women’s empowerment and development. Dr. Riria is supported by the KWHL Board of Directors chaired by Ms. Grace Madoka.
For more information or to arrange for an interview with the Managing Director KWFT, Mr.Mwangi Githaiga please contact Grace Nzou on 0721154876 or 0736296745 or firstname.lastname@example.org