Nairobi, Kenya/Lancaster, PA, U.S. 18 th October 2023
SMEP Microfinance Bank (“SMEP”) has completed a new shares purchase agreement with HOPE
International (“HOPE”), a global network of Christ-centered microfinance institutions and savings group
programs operating in more than 20 countries. The transaction will give HOPE a 51% controlling stake in
SMEP and has been approved by the Central Bank of Kenya. The transaction was advised by Raisin
Capital (www.raisin.co.ke).
SMEP operates 38 service branches around Kenya that offer a variety of financial products and
insurance, serving more than 38,000 borrowers. SMEP has experienced significant growth over the past
several years and is seeking to serve more families by increasing its number of branch offices, products,
and overall portfolio, which was more than $14 million (U.S.) at the end of 2022.
As part of the agreement, SMEP will join the HOPE International network. Dr. Nelson Kuria will continue
to serve as chair of SMEP’s board, and Symon Kamore will continue to serve as CEO.
Recognizing the immense potential for growth and expanded impact, SMEP, under the guidance of the
NCCK, embarked on a thorough search for a suitable strategic investor. The NCCK's involvement and
discernment in the process led to the partnership with HOPE International, a perfect fit for SMEP's vision
and values. This collaboration reinforces our commitment to providing inclusive financial services to all
individuals, regardless of their religious beliefs. With this arrangement NCCK will remain a significant
Shareholder a critical player in the growth and future of the Bank.
“With HOPE International’s experience in the microfinance sector, we are strengthening SMEP’s current
position as a competitive and growing institution. Furthermore, because of HOPE’s Christ-centered
values, this change allows us to deliver well on our core mission to help Kenyan families address material
and spiritual poverty,” shares Symon.
HOPE has more than 25 years of experience in spiritually integrated microfinance work and operates
financial institutions in other African Countries such as Burundi, the Republic of Congo, and Rwanda.
HOPE’s savings group model also empowers local churches and church networks to integrate savings-
based financial ministries into rural and urban communities, including those in Kenya, Uganda, Tanzania.
With this experience, HOPE will be able to offer SMEP technical expertise, strategic leadership, and other
benefits of their broader network.
“We have the highest respect for the NCCK (the founder), SMEP Board and Management and all other
stakeholders. SMEP are missionally aligned, committed to excellence, and eager to serve many more
families in Kenya,”
shares HOPE’s president and CEO, Peter Greer.
While Kenya has the most developed financial market in East Africa, 16% of the population—some 8
million people—remains unbanked, with about 16% live in extreme poverty. Additionally, Kenya’s
population is incredibly young, with 73% of the country’s 50 million under the age of 30 and facing a lack
of available jobs. Most SMEP bank branches are located in urban areas, with three more rural counties
having no microfinance branches. This represents an opportunity for HOPE and SMEP to reach more
underserved entrepreneurs, especially rural farmers.
Both HOPE and SMEP share a commitment to Christ-centered financial services and actively partner with
local churches. Having been founded as the development arm of the National Council of Churches in
Kenya (NCCK), SMEP serves more than 30 denominations of the NCCK and seeks to offer spiritually
integrated services to all the people they serve, regardless of religion.
About HOPE International
HOPE International is a network of microfinance institutions and savings group programs operating in
more than 20 countries in Africa, Asia, Latin America, and Eastern Europe. Its mission is to invest in the
dreams of families in the world’s underserved communities as they proclaim and live the Gospel. HOPE
works to empower men and women to break the cycles of material and spiritual poverty through
discipleship, biblically based training, savings services, and loans. In 2022, microfinance institutions in the
HOPE network had a loan portfolio of more than $63.7 million. In addition to microfinance programs,
HOPE partners with thousands of local church denominations and Christ-centered partners worldwide to
form savings groups. Learn more at hopeinternational.org.
About SMEP Microfinance Bank
SMEP MFB is a regulated deposit-taking Christian microfinance bank in Kenya Started by the National
Council of Churches of Kenya (NCCK) and currently the fourth largest microfinance bank in Kenya. As of
2021 SMEP had an estimated market share of 5% of the Kenyan microfinance market. In addition to
typical microfinance offerings, the firm has achieved a robust third-party agent network, an insurance
agency, mobile phone banking, and connectivity to the Visa payment network. SMEP offers a one-stop
shop, providing a variety of financial solutions to its customers.
