Our History
The bank was founded, as a Charitable Trust, by fifty destitute families on the streets of Nairobi, Kenya’s capital and largest city. In March 2010, it merged with another financial institution with a banking license and transformed into a fully fledged commercial bank.
In March 2010, Kingdom Bank merged with City Finance Bank (CFB), a small private financial services provider which, in the past, had provided services to large corporations and high-net-worth individuals. In the merger, CFB acquired JBB and took on the name of its new acquisition. Other investors in the bank include Baraka Africa Fund (BAF), and other individual investors.[4] In March 2020, Co-operative Bank of Kenya proposed an acquisition of Kingdom Bank.
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2011 - Rights Issue
In December 2011 the Bank’s Board of Directors successfully concluded a rights issue that shored the Bank’s capital base by raising Kshs. 270 million from the shareholders and introduced a strategic investor, Asterisk Holdings Ltd., who injected a further Kshs. 320 million. Asterisk Holdings Ltd also took up the responsibility of proposing management for the next five years, to oversee the Bank’s turnaround strategy. -
2012 - Ksh 1 Billion Capital
The Bank raised an additional Kshs. 520 million via a rights issue concluded in December 2012, bringing the Bank’s core capital to Kshs. 1.3 billion. This means that the Bank raised over Kshs. 1 billion in capital since October 2011, thereby positioning itself for sustained growth and demonstrates the confidence shareholders and investors at large have in the Bank’s new direction. -
2013 - Corporate Bond
In a move to diversify funding and stabilize its balance sheet, the Bank, in August 2013, issued a Corporate Bond via a private placement of Kshs. 1 billion with a 5-year tenure, priced at 13.3% per annum. Within a month, the bond had been oversubscribed by 2%. This enabled the Bank to finance its continued penetration into the micro-enterprise & housing sector and the underserved SME market. -
2014 - Rights Issue
In 2014, shareholders of the bank approved a resolution to raise an additional KShs. 1 billion through a combination of a rights issue and conversion of debt into equity.. -
2017 - Full Steam Ahead
We have set ourselves an ambitious target of becoming one of Kenya’s middle-tier banks by the end of 2018. Our goal is to eventually become a Pan-African micro financier and to grow with our customers towards financial prosperity. Our main focus will be leveraging on technology to enable our customers and all our stakeholders to have access to a truly robust financial service that will enhance and transform their lifestyles anywhere, anytime. We expect that this will significantly reduce the cost of access to financial services and enable the Bank to bring its services to Kenyans, East Africans and Africans all over the continent. We also plan to transform all of our sales outlets into full-fledged bank branches, to invest in new strategically located outlets and to roll out a unique agency banking proposition thereby reaching more customers with not only our flagship enterprise products but with newer products and services to match their financial needs. We are committed to ensuring that all our customers and members achieve and exceed their own measures of success in every aspect of their lives and turn their dreams into reality!
