Choice Microfinance Bank

Choice Microfinance Bank
Company type	Private
Industry	Financial services
Founded	13 May 2015; 9 years ago (2015-05-13)
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

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

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

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]

References

^ ^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.
^ Google (24 October 2022). "Distance between Nairobi Central, Nairobi, Kenya and Choice Microfinance Bank, Magadi Road, Ongata Rongai, Kenya" (Map). Google Maps. Google. Retrieved 24 October 2022.
^ Google (24 October 2022). "Location of the Headquarters of Choice Microfinance Bank" (Map). Google Maps. Google. 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.