SMEP Microfinance Bank Ltd has launched its Strategic Plan for the five years, 2016 to 2020.
The Strategic Plan, according to the bank’s new Chief Executive Officer, Mr. Symon Kamore, seeks to steer the institution towards increasing its market share, and augmenting its niche as the Church Banker. “The plan will see the bank increase its asset base dramatically in order to support both its deposits and loan book and make a good return for its investors,” he said.
SMEP plans to leverage on its advanced technological capabilities to increase the number of Agents for enhanced service delivery to its growing customer base.
SMEP also seeks to partner with merchants to offer services that compliment mobile banking platforms. In addition, the bank plans to double its branch network across the country in order to serve the community more effectively.
SMEP, one of the largest microfinance banks in Kenya was started by the National Council of Churches of Kenya in 1975 as a social project, which fulfilled basic needs for the poor. The institution has since evolved to a Microfinance Bank regulated by the Central Bank of Kenya. The bank appreciates the needs and the high potential in the churches that it has committed itself to help unlock by offering relevant financial products and services.
The NCCK majority owned institution also unveiled its new Chief Executive Officer, Mr. Symon Kamore, who takes the helm to steer it to greater profitability.
The move also comes with changes to the bank’s Board of Directors, under the Chairmanship of Mr. Nelson Kuria, a renowned insurance professional who has served as the CEO of CIC Insurance Group Ltd following the retirement of the previous Chairman, Mr. Gabriel Kivuti. He was appointed to the Board in January 2015, alongside Ms. Jane Wangari Ngugi and Mr. Janed Mwaniki Nyaga, who bring in expertise in marketing and human capital management. The trio joins Rev. Canon Peter Karanja who is the General Secretary of NCCK, Mrs. Violet Awori, Mr. Allan Ngugi, Mr. Sam Awuor, and Mr. Thomas Matianyi who continue to serve as directors in the Board.