{"id":106144,"date":"2023-11-03T18:22:14","date_gmt":"2023-11-03T18:22:14","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance"},"modified":"2023-11-03T18:52:47","modified_gmt":"2023-11-03T18:52:47","slug":"us-firm-acquires-majority-stake-in-smep-microfinance","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance","title":{"rendered":"US firm acquires majority stake in SMEP Microfinance"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>The Central Bank of Kenya has approved the acquisition of 51 per cent shares in SMEP Microfinance Bank by the US faith-based organisation Hope Advancement Inc.<\/p>\n

CBK in a statement says this is after approval on July 27, this year under Section 19 (4) of the Microfinance Act, and a further approval by the the National Treasury CS on August 4, pursuant to Section 19(3)(b) of the Microfinance Act.<\/p>\n

The US based christian organisation was set to acquire the stake in SMEP Microfinance Bank by $4.65 million (Sh702.6 million), approved by the Competition Authority of Kenya (CAK), deepening acquisitions in the Microfinance sector.<\/p>\n

Prior to the acquisition, the National Council of Churches of Kenya (NCCK) held 71 per cent of SMEP\u2019s shares.<\/p>\n

The acquisition will see NCCK\u2019s majority stake diluted from 71 per cent to 34.8 per cent, while the minority shareholder\u2019s stake will drop to 14.2 per cent from 28.9 per cent.<\/p>\n

The institution controls a market share of 5.09 per cent of the microfinance banking sector in the country, and is considered a large tier microfinance bank.<\/p>\n

SMEP has faced capital and liquidity challenges for over a decade, making it difficult to invest in new business models to meet the changing customer preferences.<\/p>\n

The acquisition therefore, is expected to strengthen the firm through injection of additional capital to fund business expansion, upgrade of information technology infrastructure, as well as reconstitution of the board to bolster governance, CBK says in part.<\/p>\n

The acquiring firm Hope Advancement Inc, was incorporated on November 1, 2011, in the State of Delaware, USA, and is a wholly owned subsidiary of Hope International Inc.<\/p>\n

It acts as the holding company for investments and microfinance activities of the group.<\/p>\n

On the other hand, SMEP Microfinance was founded by NCCK in 1975, and received a deposit taking microfinance licence from CBK in 2010.<\/p>\n

The acquisition comes at a time Microfinance banks (MFBs) in the country are banking on the sale of controlling stakes to foreign firms to end a run of over six years in losses and shore up their businesses.<\/p>\n

They have been grappling with a streak of financial losses, eroded capital and shrinking market share which have given large banks and digital lenders an easier task to beat them at the game.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. The Central Bank of Kenya has approved the acquisition of 51 per cent shares in SMEP Microfinance Bank by the US faith-based organisation Hope Advancement Inc. CBK in a statement says this is after approval on July 27, this year under Section 19 (4) of the Microfinance Act, and a further approval […]<\/p>\n","protected":false},"author":84,"featured_media":106143,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-106144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nUS firm acquires majority stake in SMEP Microfinance - kenya<\/title>\n<meta name=\"description\" content=\"The Central Bank of Kenya has approved the acquisition of 51 per cent shares in SMEP Microfinance Bank by the US faith-b ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US firm acquires majority stake in SMEP Microfinance\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Kenya has approved the acquisition of 51 per cent shares in SMEP Microfinance Bank by the US faith-b ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-03T18:22:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-03T18:52:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/11\/sm_1699024773.964801.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"479\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"US firm acquires majority stake in SMEP Microfinance\",\"datePublished\":\"2023-11-03T18:22:14+00:00\",\"dateModified\":\"2023-11-03T18:52:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance\"},\"wordCount\":385,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/11\/sm_1699024773.964801.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance\",\"name\":\"US firm acquires majority stake in SMEP Microfinance - kenya\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/11\/sm_1699024773.964801.jpg\",\"datePublished\":\"2023-11-03T18:22:14+00:00\",\"dateModified\":\"2023-11-03T18:52:47+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"The Central Bank of Kenya has approved the acquisition of 51 per cent shares in SMEP Microfinance Bank by the US faith-b ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/11\/sm_1699024773.964801.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/11\/sm_1699024773.964801.jpg\",\"width\":720,\"height\":479,\"caption\":\"US firm acquires majority stake in SMEP Microfinance\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/kenya\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"US firm acquires majority stake in SMEP Microfinance\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#website\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/\",\"name\":\"kenya\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/kenya\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"US firm acquires majority stake in SMEP Microfinance - kenya","description":"The Central Bank of Kenya has approved the acquisition of 51 per cent shares in SMEP Microfinance Bank by the US faith-b ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance","og_locale":"en_US","og_type":"article","og_title":"US firm acquires majority stake in SMEP Microfinance","og_description":"The Central Bank of Kenya has approved the acquisition of 51 per cent shares in SMEP Microfinance Bank by the US faith-b ...","og_url":"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance","og_site_name":"kenya","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2023-11-03T18:22:14+00:00","article_modified_time":"2023-11-03T18:52:47+00:00","og_image":[{"width":720,"height":479,"url":"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/11\/sm_1699024773.964801.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"US firm acquires majority stake in SMEP Microfinance","datePublished":"2023-11-03T18:22:14+00:00","dateModified":"2023-11-03T18:52:47+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance"},"wordCount":385,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/11\/sm_1699024773.964801.jpg","keywords":["Africa Press","Africa Press-Kenya","Kenya"],"articleSection":["all news","economy"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance","url":"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance","name":"US firm acquires majority stake in SMEP Microfinance - kenya","isPartOf":{"@id":"https:\/\/www.africa-press.net\/kenya\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/11\/sm_1699024773.964801.jpg","datePublished":"2023-11-03T18:22:14+00:00","dateModified":"2023-11-03T18:52:47+00:00","author":{"@id":"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"The Central Bank of Kenya has approved the acquisition of 51 per cent shares in SMEP Microfinance Bank by the US faith-b ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance#primaryimage","url":"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/11\/sm_1699024773.964801.jpg","contentUrl":"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/11\/sm_1699024773.964801.jpg","width":720,"height":479,"caption":"US firm acquires majority stake in SMEP Microfinance"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/us-firm-acquires-majority-stake-in-smep-microfinance#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/kenya\/"},{"@type":"ListItem","position":2,"name":"US firm acquires majority stake in SMEP Microfinance"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/kenya\/#website","url":"https:\/\/www.africa-press.net\/kenya\/","name":"kenya","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/kenya\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/posts\/106144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/comments?post=106144"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/posts\/106144\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/media\/106143"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/media?parent=106144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/categories?post=106144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/tags?post=106144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}