Project detail - SIDIAN BANK LIMITED

SIDIAN BANK LIMITED

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Who is our client

Sidian Bank Limited ("Sidian") is a full-service commercial bank based in Nairobi, Kenya with majority shareholder Centum Investment Company Limited. It was originally established in 1984 as an MFI NGO under the name K-Rep. Per late 2014, Centum became the majority shareholder of the bank driving its strategy towards a full-fledge SME focused bank.

Funding objective

The proceeds of the loan will be used by Sidian to finance the SME portfolio growth.

Why we fund this project

FMO aspires to build a strong relationship with Sidian along the mutual strategy of sustainable commercial development through financing MSMEs in Kenya's real economy, thereby enabling those companies to invest in their businesses, create jobs and contribute to the overall economic development and growth.

Environmental and social rationale

The bank is classified as E&S Category B in accordance with FMO’s Policy. There are no IFC PS Triggered Transactions in the client's portfolio and the high-risk sectors represent less than 5% of the total portfolio. The average loan size is USD 30k, which confirms the bank’s exposure is mostly related to the small SME segment.

Website client
http://sidianbank.co.ke/
Region
Africa
Country
Kenya
Sector
Financial Institutions
Signing date
11/7/2019
Total FMO financing
USD 10.00 MLN
Fund
FMO
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)
B