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Fintech Firm Shara Inc. Acquires Maisha Microfinance
Fintech Firm Shara Inc. Acquires Maisha Microfinance

Shara Inc., a Delaware-based fintech firm co-founded by Grant Brooke and Peter Njonjo, has acquired a controlling stake in Maisha Microfinance Bank Limited (Maisha MFB) in Kenya. The Central Bank of Kenya (CBK) has confirmed the acquisition of 55.8% of Maisha MFB by Cactus Cantina Investments Limited, a Kenyan entity fully owned by Shara, effective May 1, 2023.

The move comes after approval from the Cabinet Secretary for the National Treasury and Planning on April 4, 2023. The CBK statement revealed that the investment by Cactus Cantina will provide the necessary resources for Maisha MFB to support its business growth and transform its business model in line with CBK’s vision for the microfinance banking sector. The CBK statement revealed that the investment by Cactus Cantina will provide the necessary resources for Maisha MFB to support its business growth and transform its business model in line with CBK’s vision for the microfinance banking sector.

Shara was founded to offer affordable financing to small and medium enterprises and their value chains. It currently operates in Nigeria and Kenya, with Brooke and Njonjo also serving as co-founders of Twiga Foods, a B2B food and grocery distribution company.