Choice Microfinance Bank

Choice Microfinance Bank, whose full name is Choice Microfinance Bank Kenya Limited or CMBKL, is a deposit-taking microfinance bank in Kenya, licensed by the Central Bank of Kenya, the national banking regulator.[1]

Choice Microfinance Bank
TypePrivate
IndustryFinancial Services
Founded13 May 2015 (2015-05-13)
HeadquartersSiron Place, Magadi Road, Ongata Rongai, Kenya
Key people
Bernard Kamiri
Chairman
ProductsLoans, Savings, Investments, Debit Cards
Revenue:Aftertax
WebsiteHomepage

Location

The headquarters and main office of CMBKL are located at Siron Place, along Magadi Road, in Ongata Rongai, approximately 20 kilometres (12 mi), by road, south-west of the city of Nairobi, Kenya's capital city.[2] The geographical coordinates of the headquarters of the microfinance bank are: 01°23'52.0"S, 36°45'28.0"E (Latitude:-1.397778; Longitude:36.757778).[3]

Overview

CMBKL is a private financial services provider in Kenya. It was awarded a microfinance banking license by the Central Bank of Kenya, on 13 May 2015.[1][4] The institution was licensed as a community-microfinance bank, authorized to provide services in Kajiado North Constituency in Kajiado County. As of June 2017, the institution was in the process of raising fresh capital, in order to qualify for a national licence that authorizes the company to conduct business in all the counties of the country.[5] A regional microfinance company requires KSh20 million (US$200,000) in capital to obtain a licence, while a national microfince bank requires a minimum capital investment of KSh60 (US$600,000).[6] In May 2017, the institution announced its intention to introduce internet banking and mobile banking services.[7]

Ownership

The institution is majority owned by Kenyans in the Diaspora, especially the United States, the United Kingdom, Germany, China and South Africa.[5][8]

Branches

As of March 2018, the microfinance bank has one branch at Siron Place, along Magadi Road, in Ongata Rongai, Kajiado North Constituency, in Kajiado County, Kenya.[9]

See also

References
  1. CBK (30 June 2016). "Central Bank of Bank of Kenya: Directory of Licenced Microfinance Banks" (PDF). Nairobi: Central Bank of Kenya (CBK). Retrieved 29 March 2018.
  2. Globefeed.com (29 March 2018). "Distance between Nairobi Central, Nairobi, Kenya and Choice Microfinance Bank, Magadi Road, Ongata Rongai, Kenya". Globefeed.com. Retrieved 29 March 2018.
  3. Google (29 March 2018). "Lcation of the Headquarters of Choice Microfinance Bank" (Map). Google Maps. Google. Retrieved 29 March 2018.
  4. Standard Reporter (24 May 2015). "CBK Licenses Choice Mcrofinance Bank". The Standard (Kenya). Nairobi. Retrieved 29 March 2018.
  5. Alushula, Patrick (26 June 2017). "Choice Microfinance Bank ups quest for more capital". The Standard (Kenya). Nairobi. Retrieved 29 March 2018.
  6. Ngugi, Brian (29 December 2016). "Choice Microfinance Bank in drive to raise Sh60 million for expansion". Business Daily Africa. Retrieved 29 March 2018.
  7. Ngunjiri, James (23 May 2017). "Choice Bank to launch mobile, Web services". Business Daily Africa. Nairobi. Retrieved 29 March 2018.
  8. African Leadership UK (11 March 2016). "Kenya: Diaspora-Owned Choice Microfinance Bank to Spend Sh60 Million in Branch Expansion". London: Africanleadership.co.uk. Retrieved 29 March 2018.
  9. Choice Microfinance Bank (29 March 2018). "Choice Microfinance Bank Limited: Contact Us". Ongata Rongai: Choice Microfinance Bank Limited. Retrieved 29 March 2018.

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