Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The MFB has set up its head office and branch at Chester House, Koinange Street within Nairobi's Central Business District/FILE

Kenya

CBK licenses Maisha Microfinance Bank

The MFB has set up its head office and branch at Chester House, Koinange Street within Nairobi's Central Business District/FILE

The MFB has set up its head office and branch at Chester House, Koinange Street within Nairobi’s Central Business District/FILE

NAIROBI, Kenya, Jun 27 – The Central Bank of Kenya (CBK) has granted a licence to Maisha Microfinance Bank Limited to carry out nationwide microfinance banking business.

The licence has been issued pursuant to Section 6 (1) of the Microfinance Act, 2006 and Regulation 5 (3) of the Microfinance Regulations, 2008.

Maisha MFB is a Kenyan owned company limited by shares and intends to commence operations in Nairobi County with an objective of expanding across the country with time.

The Microfinance Bank will offer comprehensive Insurance Premium Financing (IPF) products as value-add alongside other Micro Small and Medium Enterprises (MSMEs) financing products.

The MFB has set up its head office and branch at Chester House, Koinange Street within Nairobi’s Central Business District.

Maisha MFB becomes the 13th microfinance bank (MFB) to be licensed following the licensing of eight nationwide MFBs (Faulu Kenya MFB, Kenya Women MFB, SMEP MFB, REMU MFB, Rafiki MFB, Century MFB, SUMAC MFB and Caritas MFB) and four community-based MFB (Uwezo MFB, U&I MFB, Daraja MFB and Choice MFB).

The licensing comes even as the CBK Governor Patrick Njoroge halted licensing any new commercial banks until further notice.

Meanwhile about three banks have been put under receivership that include Dubai Bank, Imperial Bank and Chase Bank.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...