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, to provide micro-finance solutions to Kenya’s low income earners.
On January 1, 2007, Jamii Bora Kenya Limited 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 Limited, 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.