- Choice Microfinance Bank Was Founded By Kenyans Living In The Diaspora And Licensed In 2015
Nairobi 28th May 2022 – Choice Microfinance Bank has been admitted to the Kenya Bankers Association (KBA), raising KBA’s membership to 39 commercial banks and seven microfinance banks. Currently, the industry’s umbrella body and financial sector advocacy group – representing total assets more than Ksh 6 trillion (USD 60 billion) – has 46 members.
During a forum held to welcome Choice Microfinance Bank to the Association, KBA Chief Executive Officer Dr. Habil Olaka reiterated KBA’s commitment to continue creating value for its members in line with the Association’s 2019-2023 Strategic Plan. “As an industry Association, we are honoured to have Choice Microfinance Bank as part of our membership. We look forward to working with the bank in our collective efforts towards optimising the industry’s contribution to the national development agenda. Without doubt, Choice Microfinance Bank’s entry reinforces our activities to continue positively impacting the banking public,” said Dr. Olaka.
Choice Microfinance Bank Chief Executive Officer Joseph Ndung’u highlighted the important role players in the financial services sector play in the economy, indicating that the bank was delighted to join other KBA members in supporting inclusive growth. ” We will continue offering personalized financial services with emphasis on digitizing our banking processes in order to reach a wider clientele. We aim to bring services closer to the people and simplify banking. To ensure inclusive growth, we shall continue collaborating with other members in the industry.” said Mr. Ndung’u.
In 2013, the Association amended its constitution to allow admission of microfinance banks and representative offices of foreign-based banks. Since then, Kenya Post Office Savings Bank (Post Bank), KWFT, Faulu, Caritas, Rafiki and Salaam microfinance banks have joined the Association.
Headquartered in Ongata Rongai, Kajiado County, Kenya, Choice Microfinance Bank is a community-based microfinance bank.
About Kenya Bankers Association
KBA (www.kba.co.ke) was founded on 16th July 1962. Today, KBA is the financial sector’s leading advocacy group and banking industry umbrella body that represents total assets in excess of USD 60 billion. KBA has evolved and broadened its function to include advocacy on behalf of the banking industry, and championing financial sector development through strategic projects such as the launch of the industry’s first P2P digital payments platform PesaLink. In line with the Government’s policy on public-private partnerships, KBA and Central Bank of Kenya have implemented key projects such as modernization of the National Payments System through the Automated Clearing House, implementing the Real Time Gross Settlement System (RTGS), and the Kenya Credit Information Sharing Initiative. The KBA members are comprised of commercial banks and deposit taking microfinance banks.
Senior Communication and Public Affairs Officer