Salaam African Bank Acquires Kenya’s Uwezo Microfinance Bank to Boost East African Banking Market Penetration 

Djibouti’s Islamic lender Salaam African Bank (SAB) has acquired 100% shareholding of Kenya’s Uwezo Microfinance Bank (Uwezo MFB) effective 25th of March 2021, according to a recent statement issued by the Central Bank of Kenya (CBK).

Why it Matters?

The acquisition, which was made at an undisclosed fee, will enable SAB to make inroads into the East African banking market. SAB is one of three Islamic banks in Djibouti, and holds 30% of total bank accounts in the country. The acquisition is slated to strengthen the business model of Uwezo MFB and enhance the resilience of Kenya’s microfinance banking sector.

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