Sumac Microfinance Bank is celebrating a major win at this year’s Think Business Banking Awards, which was held recently in Nairobi, at the Movenpick Hotel in Westlands.
During a night that was befittingly capped with a second win in as many years, Sumac Microfinance Bank was declared the winner in the Agriculture and Livestock Financing Category, beating close challengers Faulu Kenya.
This comes just one year after Sumac was declared the 2nd Fastest Growing Microfinance Bank in Kenya in 2018. It is a rare and remarkable feat for a bank that is still yet to get to the pinnacle of exceptional financial success. It also comes against the backdrop that Sumac was one of the few profitable microfinance banks in the last financial year.
“This is a great celebration for us,” says Mr. John Njihia who is the firm’s CEO. “It is really exhilarating to know that we are scaling the heights of success, and nothing can stop us. We dedicate this award to every employee who has worked so hard to make Sumac what it is today. To that end, I commend all employees of Sumac Microfinance for a job well done in recently years. We also profoundly dedicate this award to all our clients and customers across the country. They have done us proud indeed.”
It is now emerging that the bank has been working to fulfill the grand plan in a Strategic Plan that was drawn a few years ago, and which is in effect right now. The Strategic Plan has since seen the bank make strides in terms of market outreach, clientele growth and product development.
“One of the key objectives in our strategic plan has been to offer affordable and accessible loans to our clients,” says Mr. John Njihia, the bank’s CEO. “In addition to that, the loans are approved with 48hrs of engagement with the client, apart from ensuring that the same is available in a timely fashion in the client’s account.”
Mr. Njihia says that this has endeared many clients to Sumac because the bank has been able to keep its word in as far as processing of loans is concerned. And that’s not all, clients who might have a rough time in repayment have often had discussions so that their loans could be rescheduled in order for them to meet obligations.
Word has reached the market, and in the last three years, Sumac has grown tremendously from a loan book of Ksh458 million to the current Ksh1.4 Billion. Deposits now stand at Ksh600 million from a mere Ksh135 million three years ago. This perhaps shows the rapid rate at which the firm has grown.
The bank’s expansion from Nairobi has also contributed immensely to its reach to the markets that were previously untapped. For instance, in the last two years, the bank has been able to open a branch in Githunguri and another one in Nakuru. These two are in addition to the branches in Nairobi (Koinange and Ngara), which were the initial entrants into the market. There is a new branch proposed for Thika as well.