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SUMAC MICROFINANCE BANK
Fast-growing and profitable microfinance institution in Kenya that offers consumer credit for clean cooking solutions
TECHNOLOGY AND BUSINESS MODEL
Consumer finance provider for clean cooking solutions
COUNTRIES OF OPERATION
Kenya
E&S RISK CLASSIFICATION
FI-3 - Low Risk
SPARK+ INVESTMENT
$2 million senior unsecured debt investment
USE OF PROCEEDS
Capital for on-lending to consumers for the purchase of clean cooking solutions
WEBSITE
Sumac is a fully licensed bank regulated by the Central Bank of Kenya. Sumac serves approximately 14,000 customers, and manages a portfolio of approximately 3,000 loans totaling USD 13 million. Since its founding in 2004, Sumac has grown to employ 56 staff, 12 of which are loan officers responsible for generating leads for the Kawi Loan product across its 5 retail branches. In May, Sumac received four awards at the Think Business Banking Awards 2022 including Best Agriculture & Livestock Financing, Best Microfinance Bank in Kenya (2nd runner up), and Most Efficient Microfinance Bank category (runner up) and the Fastest Growing Microfinance Bank in Kenya (runner up).
