Musoni Microfinance Limited, a Kenyan-based company that provides digital financial services has announced the appointment of Barbara Asumadu as its new CEO and Mahmoud Suleiman as the new Chief Risk Officer (CRO).
Musoni, based in Nairobi and established in 2009 is well-known as a first mover in digital lending. Its financial inclusion mission focuses on serving microenterprises, women, and smallholder farmers in urban, semi-urban, and rural areas of Kenya through a country-wide network of 25 branches.
Asumadu has more than 15 years of experience in microfinance, with core expertise in business development, lending operations, credit risk management, training, and capacity building with microfinance institutions in West and East Africa.
Having worked for over 15 years in microfinance, Suleiman developed strong expertise in lending operations with micro and agricultural clients, as well as in credit risk management, with a special emphasis on problem loan management.
Michael Kowalski, Chairman of the Board said, “Asumadu brings with her a wealth of leadership experience, exceptional business development experience, and the ability to build staff and institutional capacity. This will have a strong impact on the future expansion of Musoni operations. Together with Suleiman, they constitute a formidable leadership team, highly motivated to take Musoni forward. The Board stands ready to provide the guidance, expertise, and personal motivation to Musoni’s management and staff in driving its financial inclusion agenda.”
The changes in management follow the acquisition of Musoni’s ownership by Alterfin, I.D. Inspiring Development GmbH (“ID”), Regional MSME Investment Fund for Sub-Saharan Africa S.A. (REGMIFA), and SIMA Off-Grid Solar and Financial Access Senior Debt Fund 1.