- Maisha Microfinance Bank’s admission raises KBA’s membership to 47 institutions.
- The bank prides itself as a frontrunner in provision of digital- banking solutions
Thursday 30th March 2023…Maisha Microfinance Bank has joined the Kenya Bankers Association (KBA) membership, increasing the banking industry umbrella body and financial sector advocacy group’s membership to 39 commercial banks and 8 microfinance banks. Currently, KBA’s membership represents a total asset base of more than KES 6 Trillion (USD 60 billion).
During a forum held to welcome Maisha Microfinance Bank to the Association’s membership, KBA Chief Executive Officer, Dr. Habil Olaka, highlighted the Association’s commitment to continue creating value for its member banks in line with the Association’s 2019-2023 Strategic Plan.
‘’We are pleased to welcome Maisha Microfinance Bank to the Association’s membership. I have no doubt that going forward, KBA will work closely with the bank and indeed all our other member banks to enhance the industry’s contribution to the national development agenda,’’ said Dr. Olaka, adding that the lender’s admission reinforces the industry’s activities towards creating a positive impact in the economy.
Maisha Microfinance Bank Chief Executive Officer, Mr. Ireneus Gichana highlighted the importance of financial institutions in driving economic growth and the welfare of the banking public, noting that the bank was delighted to join other KBA member banks in supporting inclusive growth.
‘’In line with our mission, we remain committed to positively transforming enterprises and communities through provision of digital-based financial inclusion products and services that are responsive to financial needs of individuals and businesses. We are committed to leveraging cutting-edge technology to provide customer centric financial solutions and ensure our customers receive the best experience possible,’’ said Mr. Gichana, adding that the institution continues to leverage technology to offer innovative products and services that bolster customer experience.
In 2013, KBA amended its constitution to allow admission of microfinance banks and representative offices of foreign-based banks. Since then, Kenya Post Office Savings Bank (Postbank), KWFT, Faulu, Caritas, Rafiki, Salaam, Choice and Maisha microfinance banks have joined the Association.
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.
Media Contacts:
Christine Onyango
Director, Communications and Public Affairs
Email: conyango@kba.co.ke
Phone: 0711562910
About Maisha Microfinance Bank
Maisha Microfinance Bank is the 13th licensed microfinance bank in Kenya with a mission to support the aspirations of economically active members of the society. Maisha is the first microfinance bank to roll out a telco-backed mobile based lending and savings solution dubbed M-Fanisi, a product that has been designed with an aim of reaching to the unbanked and underbanked in society. In addition, the bank has variously received recognition and awards such as the Best Microfinance Bank in Product Innovation in Kenya, the Best Microfinance Bank in Digital Banking in Kenya and Fastest Growing Microfinance Bank at the various annual Think Business Banking Awards ceremonies held in the recent past. Also, the bank has scooped various awards at CIO100 for excellence in adoption of technology.
