Djibouti lender Salaam African Bank (SAB) has acquired a 100% stake in Kenya’s Uwezo Microfinance Bank in a transaction completed on March 25, 2021. The regulator, however, did not disclose the amount of investment made by Salaam Africa Bank.
The Islamic lender, which controls 30% of the total bank accounts in Djibouti, has a representative office in Ethiopia and an investment bank authorized by the Capital Markets Authority in Kenya (CMA). The acquisition is set to help strengthen the business model of Uwezo Microfinance.
Uwezo microfinance was founded in 2008 and licensed by the Central Bank of Kenya on November 8, 2010, as a community microfinance bank carrying out business in Starehe Division of Nairobi County.