Choice Microfinance Bank
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 13 May 2015 |
| Headquarters | Siron Place, Magadi Road, Ongata Rongai, Kenya |
Key people | MIB Africa (chairman) |
| Products | Loans, savings, forex investments, debit cards |
| Revenue |  : Aftertax |
| Website | Homepage |
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]
Location
[edit | edit source]The headquarters and main office of CMBKL are located at Siron Place, along Magadi Road, in Ongata Rongai, approximately 21 kilometres (13 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°23'51.6"S, 36°45'28.0"E (Latitude:-1.397667; Longitude:36.757778).[3]
Overview
[edit | edit source]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[update], 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 microfinance bank requires a minimum capital investment of KSh60 million (US$600,000).[6] In May 2017, the institution announced its intention to introduce internet banking and mobile banking services.[7]
Ownership
[edit | edit source]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
[edit | edit source]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
[edit | edit source]References
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External links
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