Jamii Bora Bank Ltd.
Country of Operation
Target income level
- Bottom 20%
SummaryJamii Bora Bank Ltd. is one of the largest and fastest growing Micro Finance Institutions in Kenya with over 170,000 members. It offers various services to members, including loans to cover health costs and an affordable insurance scheme.
The mission of Jamii Bora is to assist its members to get out of poverty and build a better life for their families. The Trust believes that any family, however poor, is capable of lifting themselves out of poverty.
Key program components
Jamii Bora Finance is the main programme of Jamii Bora Bank Ltd. Their members can open savings accounts and can borrow twice as much as they have saved. It offers several types of loans for micro-businesses, school fees, health and housing. It has been experimenting with mobile point-of-sale devices, magnetic-stripe cards and fingerprint authentication to take its remote branches online. The organization offers a number number of products to its members, including the Jamii Bora Health Insurance (JBHI), a self-sustaining scheme which has been in operation since 2001. The features of the scheme include: * _Cost:_ An adult and a maximum of four children contribute 1,200 Kenyan shillings per year, which is paid in Ksh.30 per week installments over a 50 week period. * _Coverage:_ Covers all in-patient costs including maternity care; does not exclude members affected by HIV and AIDS. JBHI is the insurer and it has contracts with over 70 hospitals all over Kenya to provide inpatient services. All JBHI partner hospitals are either public or faith-based. JBHI covers only inpatient treatment costs and it has no co-payments, exclusions, nor cost restrictions. All members of JBT are eligible to join the health insurance on voluntary basis. However, it is compulsory for all members of JBT who have loans to pay health insurance.
On 1st January 2007 Jamii Bora Kenya Ltd. took over the micro-finance operations from the Jamii Bora Trust, managing them until March 2010, when City Finance Bank acquired the assets, business and liabilities of Jamii Bora Kenya Ltd and changed its name to Jamii Bora Bank Ltd.
Scale: The bank has over 366,000 saving customers and approximately 20,000 borrowing customers. 40 bank outlets nationwide, over 50 partner hospitals serving members nationwide