Cactus Cantina Investments Limited (Cactus Cantina), associated with Twiga Foods founder Peter Njonjo, has acquired a 55.8 per cent shareholding of the Maisha Microfinance Bank (Maisha MFB).
This is after receiving regulatory approval from the Central Bank of Kenya (CBK).
Cactus Cantina is incorporated in Kenya and is wholly owned by Shara Inc. (Shara).
Shara, incorporated in Delaware, USA, and co-founded by Grant Brooke and Njonjo, offers affordable financing to small and medium enterprises (SMEs) and their value chains in Nigeria and Kenya.
“The Central Bank of Kenya (CBK) announces the acquisition of 55.8 percent shareholding of Maisha Microfinance Bank Limited (Maisha MFB) by Cactus Cantina Investments Limited (Cactus Cantina) effective May 1, 2023,” CBK said in a statement.
Did you read this?
It comes after the CBK approved the transaction on March 16, 2023, under Section 19 (4) of the Microfinance Act, and it was approved by the Cabinet Secretary for the National Treasury and Planning on April 4, 2023, under Section 19(3)(b) of the Microfinance Act.
Brooke and Njonjo also founded the B2B food and grocery distribution business Twiga Foods.
On May 21, 2016, Maisha MFB was authorised to operate as a national microfinance bank.
At Chester House in Nairobi, there is a branch and the main office of the MFB.
Insurance policyholders, agents, micro, small, and medium-sized businesses, and ordinary salaried individuals are among the institution's target market segments.
As of December 31, 2022, it had a market share of 1.4 per cent in the microfinance banking industry and was categorised as a medium-sized microfinance bank.
“The investment by Cactus Cantina will transform Maisha MFB business model in line with CBK’s vision for the microfinance banking sector and provide adequate resources to support business growth,” CBK added.
