The fast growing SME bank, Jamii Bora Bank Limited (JBBL) has this month closed a joint investment of 12 million dollars through two Private Equity funds; Equator Capital Partners LLC through its managed fund, ShoreCap II Limited and Progression Capital Africa Ltd through its managed fund Progression Eastern African Microfinance Equity Fund.
ShoreCap II Limited is a Mauritius-based private equity fund focused on small business banks and microfinance institutions. The ShoreCap II Limited investment in Jamii Bora Bank marks the fund’s 5th investment in Africa; its portfolio now covers 11 sub-Saharan African countries. Equator’s previous managed fund, ShoreCap International Limited, also had 5 investments in Africa.
Frank Kennedy, CEO of Equator Capital Partners, said, “We are excited about our investment in Jamii Bora Bank, one of the fastest growing banks in Kenya. Jamii Bora Bank is a strong and innovative Enterprise Bank, and a leader in serving Kenya’s vibrant SME sector. The bank is managed by dedicated executives backed by a competent team. We look forward to growing with this high impact institution.”
Progression Capital Africa is a Private Equity fund incorporated in Mauritius, making equity and quasi equity investments in East and Southern African financial institutions and financial technology companies engaged in financial inclusion deepening. Jamii Bora Bank is the sixth partner institution in their current fund’s portfolio which spreads across Kenya, Tanzania, Uganda, Rwanda, Zimbabwe as well as further afield.
“Many businesses have had difficulty getting adequate financing, hence the need to come up with tailor-made solutions suitable for the SME market. Jamii Bora Bank’s recent repositioning as an Enterprise Bank in the Kenyan market makes it ideally positioned for supporting the growth of the local SME sector.”, said Lydia Koros, Progression Capital’s Managing Partner.