SIDIAN BANK LIMITED NASIRA PORTFOLIStatus: Approved investment
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Who is our customer
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. In early 2016 the bank rebranded to Sidian Bank.
What is our funding objective?
FMO has provided a revolving unfunded (NASIRA) portfolio guarantee covering loans provided to MSMEs affected by the COVID-19 crisis including female and young entrepreneurs.
Why do we fund this investment?
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 (including Young, Female and COVID-19 affected entrepreneurs), thereby enabling those companies to invest in their businesses, create jobs and contribute to the overall economic development and growth of the economy.
What is the Environmental and Social categorization 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 portfolio is mainly focused on SME financing.
|Date||Total FMO financing|
|12/23/2021||KES 1529.55 MLN|
- Website customer/investment
- Financial Institutions
- Publication date
- Effective date
- Total FMO financing
- KES 21.45 MLN