Project detail - SIDIAN BANK LIMITED NASIRA PORTFOLI

SIDIAN BANK LIMITED NASIRA PORTFOLI

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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. In early 2016 the bank rebranded to Sidian Bank.

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 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 (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.

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 portfolio is mainly focused on SME financing.

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Date Total FMO financing
12/23/2021 KES 1529.55 MLN
Website client
https://www.sidianbank.co.ke/
Region
Africa
Country
Kenya
Sector
Financial Institutions
Signing date
12/23/2021
Total FMO financing
KES 21.45 MLN
Fund
MASSIF
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)