Unwrapping K-Rep Bank: Sidian Aspect

A week ago K-Rep Bank was re-born as Sidian Bank in a strategic move that is expected to shake and shape the financial sector especially in the area of supporting existing entrepreneurs as well as upcoming entrepreneurs. Sidian Bank has now surfaces with products and services that are tailored toward growing the entrepreneurial world as it looks forward to becoming the leading lender in the few years to come.

Upon rebranding, Centum Investments successfully acquired a controlling stake in the bank raising its shareholding capacity from 7.54 percent to 67.54 percent. The bank got Sh1.2 billion financing from Centum Investments to support its expansion plans in a way that will suite the current financial market. The bank plans to refurbish of the branch network as well as upgrading of the core banking system. Sidian Bank is also seeking to recruit over 3,000 agents and open five more branches throughout the country in a way to try and expand its wings.

And according to Mr. James Mworia, Centum investment chief executive officer and the bank’s chair, ”Sidian is a bank for entrepreneurs by entrepreneurs.” Simply put, this means that Sidian Bank is a bank built and molded towards bettering and enhancing the lives of entrepreneurs, for the entrepreneurs and by the entrepreneurs.

Sidian Bank then known as K-rep, started off as a project in 1984 that supported the development of small and micro enterprises through Non-Governmental Organizations managed programs. In 1999, it was transformed into a bank and has since grown and currently has 37 branches spread across the country. This is a bank that has a true story of growth, growing from nothing to something, from the ground to the skies and now planning spend Ksh 1 Billion in the next three years to enhance its investment plan, a move that will see it remain at the top and ahead of other peers in the same field.

The bank’s Managing Director, Mr. Titus Karanja, on the other hand says the name is inspired by the Obsidian rock, which is formed from volcanoes and they are ready to deliver. The 32-year old bank whose new tagline is “Own Tomorrow” will target the microfinance sector but also provides a wide range of banking service in living up to its mission of empowering entrepreneurs to create wealth through provision of transformational financial solutions.

Sidian Bank now has a customer base of 236,000 and aims at increasing the customer base to 1.5 million in the next three years.

Article by Juma Fred.