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]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]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 (US$600,000).[6] In May 2017, the institution announced its intention to introduce internet banking and mobile banking services.[7]
Ownership
[edit]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]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]References
[edit]- ^ a b 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.
- ^ "Distance between Nairobi Central, Nairobi, Kenya and Choice Microfinance Bank, Magadi Road, Ongata Rongai, Kenya" (Map). Google Maps. Retrieved 24 October 2022.
- ^ "Location of the Headquarters of Choice Microfinance Bank" (Map). Google Maps. Retrieved 24 October 2022.
- ^ The Standard Kenya (24 May 2015). "CBK Licenses Choice Mcrofinance Bank". The Standard (Kenya). Nairobi. Retrieved 29 March 2018.
- ^ a b Patrick Alushula (26 June 2017). "Choice Microfinance Bank ups quest for more capital". The Standard (Kenya). Nairobi. Retrieved 29 March 2018.
- ^ Ngugi, Brian (29 December 2016). "Choice Microfinance Bank in drive to raise Sh60 million for expansion". Business Daily Africa. Retrieved 29 March 2018.
- ^ Ngunjiri, James (23 May 2017). "Choice Bank to launch mobile, Web services". Business Daily Africa. Nairobi. Retrieved 29 March 2018.
- ^ 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.[permanent dead link]
- ^ Choice Microfinance Bank (29 March 2018). "Choice Microfinance Bank Limited: Contact Us". Ongata Rongai: Choice Microfinance Bank Limited. Retrieved 29 March 2018.
External links
[edit]01°23′51.6″S 36°45′28″E / 1.397667°S 36.75778°E
