NAIROBI, Kenya March 1-Digital financial solutions provider Branch International has outlined plans to roll out a Pan-African digital bank with Kenya as the launch pad following its latest acquisition of Century Microfinance Bank.
Branch will spearhead the rollout of digital banking services across key markets in Africa once the local operation crystallizes before the end of the year.
Speaking in Nairobi at the formal signing ceremony for the acquisition Branch International Founder Matt Flannery said the Pan-African digital bank is long overdue in the market and will be a game-changer in deepening financial inclusivity.
The firm, he said, had settled on the acquisition of Century Microfinance Bank to jumpstart the rollout of a digital bank in Kenya.
“With the recent acquisition, we will soon be making a landmark transition as the first digital lender to expand into the microfinance banking market, allowing for deposit-taking financial services and enhanced lending for individuals and SME clients,” said Flannery.
Plans for the corporate rebranding of Century Microfinance to the Branch corporate livery, he disclosed are also underway.
Last month, the Central Bank of Kenya (CBK) announced the acquisition of a majority stake in Century Microfinance Bank Limited (Century MFB) by Branch International Limited (Branch) effective January 1, 2022.
On his part, Century Microfinance Bank Chairman, Peterson Mwangi, while welcoming Branch International on its corporate roll, confirmed that the Microfinance Bank had made strategic steps to support its evolution into a fully-fledged digital bank.
Century Microfinance Bank CEO Florence Muchiri said once the acquisition is complete, all their customers will now be onboarded digitally as they were formally a traditional bank.
