Kenyan lender Sidian Bank has received a $20 million loan to support its growth strategy as it seeks to break into tier 2 status by 2022.
The 5-year loan secured from the Dutch Entrepreneurial Development Bank (FMO) is intended to support the bank’s growth plans that includes increasing lending to SME clients and private-owned business enterprises.
The loan will enable Sidian Bank, that is majority owned by Centum, expand its SME clientele having curved a niche in trade finance solutions over the past three years.
The funds will also go to furthering the bank’s mission of empowering entrepreneurs through growing the loan book with a focus on the SME, trade finance and mobile lending.
“This is yet another positive direction that will see the bank propel to greater heights in achieving its strategic initiative to be the preferred bank for SMEs and entrepreneurs,” said James Mworia, Sidian Bank chairman.