Jamii Bora Bank began its operations as the Jamii Bora Trust in 1999, an initiative of 50 street families who came together to find a solution to their financial problems. With the help of Ingrid Munro and a number of Swedish investors, the Jamii Bora Trust was founded as a charitable trust and registered on November 22, 1999, providing micro-finance solutions to Kenya’s low income earners.
On January 1, 2007 Jamii Bora Kenya Ltd. took over the micro-finance operations of the Trust, managing them until March 2010, when City Finance Bank acquired the assets, business and liabilities of Jamii Bora Kenya Ltd and changed its name to Jamii Bora Bank Ltd.
Path to Progress.
In December 2011 the Board of Directors successfully concluded a rights issue that shored up the Bank’s capital base by raising Kshs. 270 million from the shareholders while also bringing in a strategic investor, Asterisk Holdings Ltd., who injected a further Kshs. 320 million into the business. Asterisk Holdings Ltd also took up the responsibility of proposing management for a five-year period, to oversee the Bank’s turnaround strategy.
Jamii Bora Bank Ltd raised an additional Kshs. 520 million through a rights issue that was concluded in December 2012 increasing the Bank’s core capital to Kshs. 1.3 billion. This means that the Bank has raised over Kshs. 1 billion in additional capital since October 2011, thereby positioning itself appropriately for sustained growth. Shareholders also mandated the Board during the 2014 annual general meeting, to raise a further Kshs. 1 billion in additional capital over the next one year.
As Kenya’s fastest growing Bank we have set ourselves an ambitious target to become a middle tier bank by the end of 2015. Our goal is to eventually become a pan-African micro financier and to grow with our customers towards financial prosperity.
We want to leverage on technology to enable our customers have access to a truly robust financial service that will transform their lifestyles and enable them to access their accounts anywhere, anytime. We expect that this will significantly reduce the cost of access to financial services and enable the Bank to take its services closer to Kenyans, East Africans and Africans at large.
We also plan to transform some of our sales outlets into fully-fledged bank branches, to invest in new strategically located outlets and to roll out a unique agency banking proposition thereby reaching more customers with not only our flagship micro-finance products, but also with newer tailor-made products and services.
We are committed to ensuring that all our customers and members achieve and exceed their own measures of success in every aspect of their lives and turn their dreams into reality!