Jamii Bora sheds micro-finance tag

Jamii Bora Bank has announced that it is now targeting Small and Medium Enterprises (SMEs), in major change of strategy that has seen it shed the microfinance tag.

The shift comes four years after the buyout of the lender once associated with social entrepreneur Ingrid Munro, whose focus was credit facilities to people in the informal sector such as kiosk operators commonly referred to as mama mbogas. Other investors have since come on board. They include private equity fund Catalyst that acquired minority stake last year.