The Kenya Women Finance Trust – Deposit Taking Microfinance (KWFT-DTM), a subsidiary microfinance institution (MFI) of Kenya Women Holdings, has partnered with South Korea’s Samsung Electronics to market mobile banking to low-income women in Kenya. This joint venture is expected to reach approximately 600,000 KWFT account holders, all of whom are women. Samsung will offer telephones to these account holders, and it intends to develop mobile banking applications intended to meet the needs of the population.
Robert Ngeru, Business Leader at Samsung Electronics, reportedly stated that, “the partnership with KWFT-DTM is part of Samsung’s strategy to provide a platform for more than eight million mobile subscribers to upgrade from basic mobile handsets functionalities to smart phone capabilities.” KWFT Mobile Banking Services currently provides a range of features including, “balance enquiries, mini statements, funds transfers, M-Pesa, [mobile money], purchase airtime, [automated teller machine] ATM services and utility bill payments.”
KWFT was established in 1982 to provide microfinance services to Kenyan women. As of 2011, KWFT had total assets of USD 201 million, a gross loan portfolio USD 135 million, 279,850 borrowers, deposits of USD 83.3 million to 565,049 depositors, return on assets (ROA) of 1.2 percent and return on equity (ROE) of 12.21 percent. Samsung Group reports total assets of USD 384 billion as of the same period.
By Sarah Benali, Research Associate
About KWFT
Established in 1982, KWFT provides microfinance services exclusively to women. KWFT received a license to accept deposits nationwide in 2010. According to the nonprofit, US-based data provider Microfinance Information Exchange (MIX), KWFT had total assets of USD 201 million, a gross loan portfolio USD 135 million, 279,850 borrowers, return on assets (ROA) of 1.2 percent, return on equity (ROE) of 12.21 percent and deposits of USD 83.3 million to 565,049 deposits as of 2011.
Sources and Additional Resources
Capital FM Business Story: “Samsung, KWFT pact to boost mobile banking,” by Charles Gichane, October 2012, http://www.capitalfm.co.ke/business/2012/10/samsung-kwft-pact-to-boost-mobile-banking/
MicroCapital.org Story: “MICROCAPITAL BRIEF: Central Bank of Kenya (CBK) Licenses Kenya Women Finance Trust (KWFT) as Deposit Taking Microfinance Institution (MFI),” April 22, 2010, https://www.microcapital.org/microcapital-brief-central-bank-of-kenya-cbk-licenses-kenya-women-finance-trust-kwft-as-deposit-taking-microfinance-institution-mfi/
MicroCapital.org Story: “MICROCAPITAL BRIEF: Samsung Group Doubles 2010 Microcredit Loan Commitment to Korean Microfinance Institution (MFI) Smile Microfinance Bank from $26m to $51m,” August 16, 2010, https://www.microcapital.org/microcapital-brief-samsung-group-doubles-2010-microcredit-loan-commitment-to-korean-microfinance-institution-mfi-smile-microfinance-bank-from-26m-to-51m/
MicroCapital Universe Profile: Kenya Women Finance Trust
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Kenya+Women+Finance+Trust+%28KWFT%29
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/
Similar Posts:
- MICROCAPITAL BRIEF: Moniepoint Microfinance Bank Launches Mobile Banking App, Debit Card in Nigeria
- SPECIAL REPORT: Leveraging Financial Inclusion to Get Food Security Back on the Increase #EMW2023
- MICROCAPITAL BRIEF: EBRD Loans $4.4m to KEP Trust of Kosovo with Focus on Rural, Women-led MSMEs
- MICROCAPITAL BRIEF: Liberation Community Finance Expanding Branch Network, Product Lineup for Farmers, Women, Youth in Uganda
- MICROCAPITAL BRIEF: Araratbank of Armenia, FMO Ink $10m Risk-sharing Facility to Boost MSMEs
