This archive report was first published on 18 December 2019.
On December 18, 2019, LOLC Holdings Plc, Sri Lanka's second-largest publicly traded company by revenue, announced plans to expand its operations into Kenya's microfinance market.
The company, which also runs two micro-lenders in Cambodia, aims to tap into the rising demand for microcredit in Kenya.
Deputy Chairman Ishara Nanayakkara stated that the firm plans to sell its stake in one of the units in Cambodia and use the proceeds to fund the acquisition of unnamed micro-financiers in Kenya.
LOLC Holdings also plans to expand into Uganda, Tanzania, Zimbabwe, and Mozambique, with the goal of creating the world's largest microfinance platform.
Kenya's 40-plus bank market has witnessed renewed interest from global banks since the Central Bank of Kenya lifted a licensing moratorium in March 2017.
Other foreign lenders, including JPMorgan Chase & Co and Promsvyazbank, have also expressed interest in entering the Kenyan market.
