We are happy to announce that Spark+ Africa Fund has made its second investment in Sumac Microfinance Bank Ltd, a fast-growing and profitable microfinance institution with branches throughout Kenya that take deposits and provide consumer credit.
Sumac offers its energy-focused Kawi Loan product which can be used to finance the purchase of improved cookstoves, biogas digesters, and solar systems. For clean cooking solutions, Sumac has partnered with Kenyan cookstove company BURN Manufacturing, the first company to join the Spark+ portfolio, and Sistema Biobolsa / Sistema.bio, a biogas company with operations in Kenya and across multiple continents.
Our USD 2 million loan facility will enable Sumac to meaningfully increase its Kawi Loan portfolio, which can be used to finance the purchase of improved cookstoves, biogas digesters, and solar systems. This loan will enable thousands of new customers to acquire life-improving cooking solutions.