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.