Tech & Business

Kenyan fintech startup Alternative Circle appoints new chairman

During his career, Ngumi worked variously for Barclays Bank, Citibank, Grindlays Bank, National Westminster Bank and Standard Bank Group.

Kenya, November 6th – The board of Kenyan fintech startup -Alternative Circle Limited has appointed Mr John Ngumi as the company chairman with immediate effect.

Ngumi has over 35 years corporate and investment banking experience.

He recently retired from the Standard Bank Group in East Africa, where he served as the director of investment banking coverage division for the region.

He also co-founded Loita Capital Partners Group, one of Africa’s first locally owned independent investment banks.

Ngumi has been at the forefront of the development of financial markets product and services, and of the accompanying regulatory frameworks in Kenya and East Africa. He was also critical in the most significant debt and equity transactions.

He has served on the boards of critical government entities among them the Kenya Pipeline Company, where he is the current chairman having served since July 2015.

He previously served as chairman of Konza Technopolis Development Authority until July 17, 2015.

He was also a non- executive director at ARM Cement Limited in 2016. He holds Bachelor of Arts (First Class Honours in Philosophy, Politics and Economics) from St. Peter’s College, University of Oxford, UK.

“The entire board of Alternative Circle is delighted to welcome the new chairman to the board,” the company said in a statement on Monday.

Alternative Circle was founded in 2016 with a dream of revolutionizing financial technology industry.

The company closed a seed round of $1.1 million (about Ksh114 million) from CreditInfo in April this year which has enabled its expansion.

The strategic partnership with CreditInfo gave Alternative Circle access to over 200 developers and 25 data scientists, making it easier for the firm to become a leading financial technology innovator in the country.

Alternative Circle’s first product, Shika is a Kenyan Built Mobile app made for individuals who want to access quick micro-loans, in an easy and fast way.  The application is also built for Financial Institutions that can use the platform to reach potential borrowers. The app is currently available on android.

By Martin Mwita

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