The Central Bank of Kenya (CBK) has granted a licence to Choice Microfinance Bank Limited
to carry out community microfinance banking business.
Choice MFB becomes the eleventh microfinance bank (MFB) to be licensed following the licensing of seven nationwide MFBs (Faulu Kenya MFB, Kenya Women MFB, SMEP MFB, REMU MFB, Rafiki MFB, Century MFB and SUMAC MFB) and three community-based MFBs (Uwezo MFB, U&I MFB and Daraja MFB).
Choice MFB is wholly-owned Kenyan company limited by shares.
The microfinance bank prides itself as one of the first diaspora driven initiatives in the financial services sector in Kenya.
Choice MFB intends to operate in Kajiado North Constituency, Kajiado County.
Choice MFB’s target market will be the pastoralist communities, flower farm workers and the micro, small and medium enterprises (MSMEs) resident and operating in Kajiado North Constituency.
The microfinance bank shall also target the non-governmental organizations (NGOs) and higher learning institutions within its administrative operational area.
Marginalised communities and institutions, including pastoralist communities and micro, small and
medium enterprises (MSMEs) respectively, still represent a large percentage of the unbanked
population in Kenya.