Jamii Bora Bank
|Key people||James Gacheru
Chief Executive Officer
|Products||Loans, Checking, Savings, Investments, Debit Cards|
|Revenue||Aftertax:US$494,462 (KES:42.7 million) (H1:2013)|
|Total assets||US$54.2 million (KES:4.68 billion) (H1:2013)|
The bank was founded, as a Charitable Trust, by fifty destitute families on the streets of Nairobi, Kenya's capital and largest city. In March 2010, it merged with another financial institution with a banking license and transformed into a fully fledged commercial bank.
In March 2010, Jamii Bora merged with City Finance Bank (CFB), a small private financial services provider which, in the past, had provided services to large corporations and high net-worth individuals. In the merger, CFB acquired JBB and took on the name of its new acquisition. Other investors in the bank include Baraka Africa Fund (BAF), and other individual investors.
As of December 2012[update] the bank's total assets were valued at approximately US$40.3 million (KES:3.48 billion), with shareholders' equity estimated at US$24.3 million (KES:2.1 billion). By 30 June 2013, the bank's total assets had increased to 54.2 million (KES:4.68 billion).
Jamii Bora Bank is privately owned. A rights issue of US$4 to 6 million was successfully executed in the 4th quarter of 2010. In November 2011, a new consortium known as Asterisk Holdings, invested KES:410 million (approx:US$4.6 million) in Jamii Bora Bank. The major shareholders in the stock of the bank, as of December 2011 are listed in the table below:
|Jamii Bora Bank Stock Ownership|