- Salaam Microfinance Bank Was Formally Known As Uwezo Microfinance
- The Lender Was Recently Acquired By Djibouti’s Islamic Lender, Salaam African Bank
- Salaam Microfinance Intends To Attract 30,000 Active Customers By End Of Q4, 2022
Nairobi 5th April 2022 – Kenya Bankers Association (KBA), the banking industry’s umbrella body and the financial sector’s leading advocacy group representing total assets in excess of Ksh 6 trillion (USD 60 billion) has announced that Salaam Microfinance Bank has joined its membership, bringing its total membership to 47 banks.
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, and Rafiki microfinance banks have joined the Association.
“KBA is honoured to welcome on board Salaam Microfinance Bank into its membership. The Association is looking forward to the bank’s contribution in advancing our long-term vision of reinforcing the industry’s role in championing Kenya’s sustainable economic development,” said KBA CEO Dr. Habil Olaka. “We are profoundly privileged to have an institution like Salaam in our fold to sustain our activities to positively impact the banking public,” he added.
Salaam, formally known as Uwezo Microfinance Bank, is licensed and regulated by the Central Bank of Kenya. The bank was recently acquired by Djibouti’s Islamic lender, Salaam African Bank. “We at Salaam Microfinance Bank are delighted to join the Kenya Bankers Association,” said Salaam Executive Director, Mr. Jaafar S. Abdulkadiri. “Our bank is a trusted financial service provider and specializes in lending to Micro, Small and Medium-sized Enterprises. We are keen to contribute to advancing financial inclusion through responsible lending,” he said.
Headquartered in Nairobi, Salaam intends to attract 30,000 active customers by end of Q4, 2022.
About the Kenya Bankers Association:
KBA 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 40 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. For more information, visit www.kba.co.ke.
Senior Communication and Public Affairs Officer