The Standard Group Plc is a multi-media organization with investments in media platforms spanning newspaper print operations, television, radio broadcasting, digital and online services. The Standard Group is recognized as a leading multi-media house in Kenya with a key influence in matters of national and international interest.

Standard Group Plc HQ Office,
The Standard Group Center,Mombasa Road.
P.O Box 30080-00100,Nairobi, Kenya.
Telephone number: 0203222111, 0719012111
Email: [email protected]

NEWS & CURRENT AFFAIRS

The Nairobian

Kenya Women Bank gears up to offload shares to members

Business

By Nicholas Waitathu | Jul 29, 2014

More than 600,000 shareholders of the Kenya Women Micro-Finance Bank (KWFT) will offload their stake in the bank amounting Sh3.1 billion before the end of the year.

Shareholders of the bank approved a resolution to sell 25 per cent of its stake last week during the institution's Annual general Meeting.

Jennifer Riria, the Group Chief Executive Officer of KWFT the sale is part of the strategy to enhance ownership of the women-owned financial institution.

"This is also in fulfillment of a promise that we made to our members in 1992 that if we work hard and grow, then they will have an opportunity to own the company. Kenya women will continue to deliver on it promises for the benefit of all its members. We urge you to seize the opportunity of this great offer," said Dr Riria.

Keep Reading business

The divestiture programme, she said has been approved by the authorities and is in compliance with Central Bank of Kenya's (CBK) regulations. Kenya Women Holding currently holds a 55 per cent stake in the bank, which has an asset base of Sh23 billion and net worth Sh4 billion in equity.

Riria said explained even though the value per share is yet to be determined, members will be able to enjoy a stake of the shareholding before the end of the year.

KWFT was started as a wholly-owned subsidiary of Kenya Women Holding but over the years, the KWH has been reduced to 55 per cent.

Another 25 per cent stake is jointly owned by Norwegian Microfinance Initiative (NMI) and Incofin of Belgium.

The staff has a stake through the Employee Share Ownership Programme (ESOP) vehicle while past directors have a small stake too.

According to Mwangi Githaiga, the Managing Director of KWFT, the bank has a presence in 45 counties and is in the process of setting shop in the remaining two – Mandera and Garissa.

"Our mission is to ensure the financial deepening concept in the country is realised," said Githaiga, adding that as a bank, KWFT is aggressively reaching out to all Kenyans without banking services.