Kenyan based Victoria Commercial Bank has partnered with Dubai headquartered Nimai Capital to launch a US$ 150 million (Ksh. 15.24 billion) kitty that will be used to finance the improvement of banking and financial services in different parts of the African and Asian continents.
The partnership will see Victoria Commercial Bank manage the fund dubbed Nimai Emerging Financial Services Fund (NESF) in an effort to better serve approximately 1.7 million underserved banking customers from Kenya, Tanzania, Ghana, Bangladesh, Sri Lanka and India.
According to Yogesh Patni, the CEO of Victoria Commercial Bank the partnership will positively impact the lives of banking and financial services customers in the six countries.
“We have firm belief that the fund will make a significant and positive impact in the lives of millions of families in addition to generating appropriate financial returns for investors,” the lender’s CEO said in a press statement published in the local dailies.
Despite the urgency to better financial services in all countries in Africa and Asia, the two firms insisted that the six countries were specifically chosen based on the firms’ past experience in the precise markets.
On his part Pankaj Mundra, the Co-Founder and Managing Director of Nimai Capital expressed enthusiasm in partnering with a capable lender such as Victoria Commercial Bank.
“We are very excited to partner with Victoria Commercial Bank. We will greatly benefit from their business experience and deep understanding of the Kenyan market. After an intensive preparation, we are now commencing the launch of the fund. We look forward to working with Victoria Commercial Bank in sourcing and developing investment opportunities for the fund across East Africa,” Mr. Mundra said in the press statement.
The NESF operations will be regulated by the Cayman Islands Monetary Authority to ensure the pooled money is appropriately used to develop financial services in the aforementioned countries.
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