Home » Led by Kenya’s richest families, NCBA secures $50-million loan from Proparco

Led by Kenya’s richest families, NCBA secures $50-million loan from Proparco

NCBA Group and Proparco join forces for sustainable development in Kenya

by Yusuf Abdulfatai
Uhuru Kenyatta

NCBA Group, a leading financial services conglomerate controlled by some of Kenya’s wealthiest families, has successfully obtained a $50-million loan from French financier Proparco. The loan is earmarked for on-lending to small and medium-sized enterprises (SMEs) as well as businesses committed to combating climate change risks.

According to sources within the Nairobi-based lender, 60 percent of the loan will be allocated to SMEs, while the remaining 40 percent will be directed towards businesses dedicated to addressing climate change challenges. This strategic allocation reflects NCBA’s commitment to fostering sustainable economic development and promoting green finance initiatives.

NCBA Group and Proparco join forces for sustainable development in Kenya

John Gachora, CEO of NCBA Group, emphasized the significance of the financing in line with the institution’s sustainability agenda. “Collaborative efforts and strategic partnerships are integral to the value we deliver to our stakeholders,” stated Gachora. “This partnership with Proparco will deepen our shared goals of advancing sustainable economic development, green finance, and empowering women and youth.”

Audrey Maignan, East Africa head of Proparco, expressed confidence in the partnership, highlighting its potential to benefit at least 1,600 SMEs. Maignan underscored Proparco’s commitment to climate change mitigation and adaptation, noting that the funding aligns with NCBA’s objective of expanding lending to small businesses and women-led entities.

The funding marks a renewed collaboration between NCBA Group and Proparco, following previous successful engagements. Proparco has channeled significant investments into the Kenyan economy between 2022 and 2023, primarily through banks, with plans to announce additional funding shortly.

NCBA Group: East Africa’s financial powerhouse born from merger

Headquartered in Nairobi, NCBA Group operates as a non-operating holding company with a vast network of subsidiaries across Africa, including Tanzania, Rwanda, Uganda, and Côte d’Ivoire. Established in 2019 through the merger of NIC Bank Group and Commercial Bank of Africa Group, NCBA Group has emerged as a key player in the East African financial landscape.

Partially owned by prominent Kenyan families such as Kenyatta, Merali, and Ndegwa, the conglomerate remains committed to strengthening operations within Kenya while expanding its footprint across the region.

The $50 million loan from Proparco represents a significant milestone for NCBA Group as it continues to drive sustainable economic growth and support SMEs in Kenya. With a focus on green finance and inclusive development, the partnership underscores the importance of collaboration in addressing pressing global challenges.

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