Mauritian firm cleared to acquire Kenya’s Key Microfinance

A Mauritian investment company will reportedly pay Sh237.4 million (Rs91.4million) to acquire a controlling stake in Kenya’s Key Microfinance Bank (formerly Remu Microfinance).

According to the country’s Standard newspaper, the transaction follows the clearance from the National Treasury Cabinet Secretary Ukur Yatani’s for LOLC Mauritius to acquire 73.29% stake in the microfinance lender.

LOLC Mauritius, a firm organised under Mauritius laws, is 100% owned by LOLC Holdings – a Sri Lankan firm.

Key Microfinance Bank hopes to ride on the expertise from this new shareholder given that LOLC Holdings is a microfinance operator with presence in eight countries.

The Standard said details of the transaction show that LOLC Mauritius can upgrade Key core banking platform and other operational systems. 

Original article at The Standard