This archive report was first published on 22 November 2019.
Published on November 22, 2019, Kenyan lender Sidian Bank has secured a $20 million loan from the Dutch Entrepreneurial Development Bank (FMO) to support its growth strategy and break into tier 2 status by 2022.
The 5-year loan is intended to support the bank's growth plans, including increasing lending to SME clients and private-owned business enterprises.
With the loan, Sidian Bank aims to expand its SME clientele, having carved a niche in trade finance solutions over the past three years.
The funds will also be used to further the bank's mission of empowering entrepreneurs through growing the loan book with a focus on SME, trade finance, and mobile lending.
"This is yet another positive direction that will see the bank propel to greater heights in achieving its strategic initiative to be the preferred bank for SMEs and entrepreneurs," said James Mworia, Sidian Bank chairman.
As of June 2019, Sidian Bank's assets stood at $237.9 million, and it has ambitions to become a tier 2 lender over the next three years.
The bank has also invested in enhancing its digital banking channels, including the upgrade of its mobile banking and mobile lending segments, which will be launched later this month.
"This funding comes at a time when the bank has full turnaround to profitability and increased asset growth, which brings us closer to achieving our 5-year strategic goals," said Chege Thumbi, Sidian Bank chief executive.
