Choice Microfinance Bank is set to roll out a wide range of services including ATM Cards, Debit Cards, Mobile Banking up among other services as it seeks to leverage its services in the Kenyan banking sector.
Choice Microfinance Bank is a community-based microfinance bank headquartered in Rongai, Kajiado County, Kenya started operations two years ago after a go-ahead from the Central Bank of Kenya (CBK) officially joining more than 40 lenders who were already in the Kenyan market.
Different from other players in the sector, Choice Microfinance focuses more on Small Medium Enterprises (SMEs) who are the majority in the country.
“Choice has been silent but efficient and effective. As they say, it is better to have a meaningful silence than a meaningless noise,” said Annette Nandwa, a Banker.
“I feel the institution would have done better if it focused more on millennials,” she added.
“Choice Microfinance Bank started as a diaspora story that has evolved to become a local story as well. It is a link of Kenyan Diaspora Investments to the local people’s need for small credit facilities to improve their livelihood and break the poverty cycles. The idea traces its roots to the mid-1990’s & 2000’s when Kenyans migrated in masses to the U.S in search of opportunity. After years of being in the land of opportunity there was a strong desire to create opportunities for Kenyans back home,” reads a post on their website.
According to Cytonn Investments, Kenya is among the countries that are overbanked, with 40 financial institutions serving about 20 million customers.