Faulu Microfinance Bank Joins Kenya Bankers Association Membership
Nairobi, 8th April 2015 - Kenya Bankers Association (KBA), the banking industry's umbrella body and financial sector's leading advocacy group representing total assets in excess of Ksh3.3 trillion (USD 36.2 million), has announced that Faulu Micro finance Bank has joined its membership base.
The Association in 2013 amended its constitution to broaden its base to incorporate other institutions that are licenced by the Central Bank of Kenya, including deposit taking micro finance institutions (DTMs) and the representative offices of foreign-based banks. Since then Kenya Post Office Savings Bank (Post Bank) and Kenya Women Micro finance Bank (KWFT) have joined KBA. With Faulu, the Association now has 46 member banks. "We are very pleased to welcome on board Faulu Micro finance Bank," said KBA Chief Executive Officer, Mr. Habil Olaka. "Through the years, the Association has aligned the industry in an effort to increase efficiency, spur innovation, and enhance the financial service experience for all Kenyans. As we grow, we will continue collaborating to enhance the sector's ability to be a driver of the economy's development aspirations," he said. Mr. Olaka added that KBA works through collaboration within the industry and in conjunction with external stakeholders, including the Central Bank, National Treasury and other industry regulators and public and private sector organisations.
About Kenya Bankers Association
Founded on 16th July 1962, KBA has evolved and broadened its function to include advocacy on behalf of the banking industry, and championing financial sector development through strategic projects. KBA has undertaken major industrywide initiatives, including aligning standards on payments; promoting pricing transparency through the introduction of the Annual Percentage Rate framework (costofcredit.co.ke); and the modernization of the National Payments System through the Automated Clearing House, which KBA owns and operates. In line with the Government's policy on public-private partnerships, the Association and CBK have implemented key milestone projects such as the Real Time Gross Settlement System (RTGS), and the Kenya Credit Information Sharing Initiative, which introduced the use of information collateral provided by credit reference bureaus to enhance credit access for borrowers.