Microlender is looking for offshore clients :: Kenya

Sumac Microfinance Bank is now targeting offshore banking online as it seeks an expansion strategy to expand its loan portfolio.

The local microfinance lender sold a 15 percent stake to Badoer Investment Ltd's Ricardo Badoer for 100 million shillings in hopes of taking advantage of his offshore portfolio and his digital experience.

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"We hope to be the offshore bank of choice in the next five years and the home of digital finance.I have up to 10,000 customers and the One of the oldest customers of the group, so there is a huge potential, "said Mr. Badoer in Nairobi yesterday.

He stated that Sumac hoped to capitalize on the European banking turn of a driving service for retail customers and build on the Internet banking that "allows anyone to open a bank of n & rsquo; Anywhere in the world. "

Sumac boss John Njihia said they would go to the clearing house to process the checks rather than doing it through other lenders, as well as d & # 39; Quickly acquire an offshore banking service on its platform.

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Currently, the micro-lender has invested 25 million shillings in a central banking system and has also established a partnership with the national provider of payment switches, Kenswitch, to allow customers to access their money on a network of more than 300 ATMs. agents and branches.

Sumac, which has gone from a loan portfolio of 458 million shillings to 900 million shillings in progress, hopes that the investment and additional financing will help lower the rates of ready to stimulate business.

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The microfinance balance sheet now stands at 1.3 billion shillings, with deposits of up to 500 million shillings, compared with 135 million shillings three years ago.

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In the last three years it has mobilized about 600 million shillings from different long-term investors.

With a customer base of 10,000, the bank has four branches – two in Nairobi, one in Githunguri Kiambu, in the county and one in Nakuru. Plans are underway to open more branches.

As part of its growth ambitions, Sumac Micro-finance Bank has applied for a forex license to diversify its product offering