Kenya Women Microfinance Bank PLC (KWFT) was founded in 1981 and is a Microfinance Bank regulated by the Central Bank of Kenya (CBK).
In 2010, KWFT transformed into a deposit-taking microfinance regulated by CBK.
The name was changed to KWFT back in 2014, and it was completed and launched in 2021.
KWFT is 75 percent Kenyan-owned, while 25 percent is owned by strategic social investors.
Echo Network Africa (ENA), formerly Kenya Women Holding (KWH), owns 25 percent.
ENA is a company limited by guarantee serving development institution that engages in activities that empower, position and advocate for women, youth and Persons with Disabilities (PWDs).
Customer Share Ownership Plan
In 2014, KWFT established a vehicle, the KWFT Customer Share Ownership Plan (CSOP) Trust.
CSOP Trust enables Customers to own shares in KWFT with the sole objective of appreciating the bank’s customers for their loyalty and support over the years.
The Trust has a membership of 60,974 Bank customers and holds 25%
KWFT CSOP Trust members hold units which are traded on the Over the Counter (OTC) platform by eligible members.
Eligible members are KWFT Customers who are in good standing in their membership with Kenya Women Holding.
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Kenya Women Microfinance Bank PLC Employees’ Share Ownership Plan
The Employee’s Share Ownership Plan (ESOP) was established in 2012 as a vehicle to enable employees to own shares of KWFT.
The goal was to motivate and build their loyalty to the Company.
ESOP holds 21.51 percent shares in KWFT, is managed and governed by Trustees in accordance with the Trust Deed and Rules.
The employees hold units in the Trust, whose value has appreciated over the years.
The employees have also been able to enjoy dividends for two consecutive years.
Director’s Share Ownership Plan
The Director’s Share Ownership Plan (DSOP) was established in 2013 as a vehicle to facilitate the acquisition of shares in KWFT.
DSOP Trust holds 3.19% shares in KWFT.
It applies to past and existing directors who have been very instrumental in establishing and building the institution.
DSOP is managed by Trustees and governed by the DSOP Trust Deed and Rules.
Other Strategic Investors
The Rural Impulse Fund II (RIF II) and Nordic Microfinance Initiative (NMI) own the remaining 25 percent.
RIFII focuses on rural and agricultural microfinance, serving a niche that is less served by the mainstream microfinance investment funds.
It primarily targets urban and peri-urban microfinance institutions, with a focus on investing in rural and agricultural microfinance that serves the poor — the majority of whom live in rural economies.
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The RIF II investment fund is managed by Incofin Investment Management (“Incofin IM”).
Incofin IM is an investment manager specialised in investing in financial institutions that focus on financial inclusion and microfinance.
It currently has USD 700 million (Ksh90 billion) funds under management, split over various funds and facilities.
Nordic Microfinance Initiative
The Nordic Microfinance Initiative was established in 2008 as a cooperation between the public authorities and private investors in Norway.
NMI’s mission is to contribute to the empowerment of poor people and to the creation of jobs, wealth and economic social sustainability in developing countries by investing in and supporting Microfinance Institutions.
It also seeks to build institutional and human capacity in young and emerging MFIs in which the NMI Funds invest.
The shareholders of NMI Fund III and NMI Frontier Fund include Norfund, Ferd AS, DNB Livsforsikring ASA, Storebrand Livsforsikring AS and KLP.
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