Choice Microfinance Bank Limited has received approval from the Central Bank of Kenya (CBK) to upgrade its status from a community microfinance bank to a nationwide microfinance bank. The approval, granted on November 4, 2024, under section 7 of the Microfinance Act, paves the way for the institution to extend its operations across Kenya, marking a significant milestone in its growth.
Founded in 2015 by Kenyans in the diaspora, Choice Microfinance Bank began as a community-focused institution in Kajiado North Constituency, providing remittance and investment services to diaspora communities. This niche approach allowed the bank to establish a unique market presence, catering to the needs of Kenyans abroad who sought easier ways to send money back home.
A pivotal moment in the bank’s evolution came in 2021, when The Wakanda Network, a UK-based fintech company, acquired an 84.89% stake in the bank. This infusion of capital and expertise has been instrumental in enhancing the bank’s technological infrastructure and expanding its range of products, enabling it to better serve a wider customer base.
Under the leadership of CEO Bonface Isinta Ombui, Choice Microfinance Bank has made remarkable strides in digital transformation. The introduction of a Global Payment System, which processes international transactions in under five minutes, has enhanced the bank’s capability to serve diaspora customers. Additionally, the bank’s integration with Kenya’s National Payment System has ensured that it can offer efficient Real-Time Gross Settlement (RTGS) transactions to clients.
The bank’s growth is a testament to its commitment to innovation, customer service, and the use of technology to meet evolving market demands. With the recent approval from CBK, Choice Microfinance Bank is set to broaden its reach, offering its services to customers across the entire country, including those in underserved regions.
This transformation highlights the potential of microfinance institutions in driving financial inclusion and supporting economic growth in Kenya. As Choice Microfinance Bank continues to scale its operations, it remains focused on leveraging technology to deliver faster, more accessible financial services to a diverse range of customers.
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