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 km, 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. , 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 million (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]
See also
- List of banks in Kenya
- Microfinance in Kenya
External links
References
- CBK. Central Bank of Bank of Kenya: Directory of Licenced Microfinance Banks Central Bank of Kenya (CBK), 30 June 2016, retrieved 29 March 2018^
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- {{google maps| url=https://www.google.com/maps/place/1%C2%B023'51.6%22S+36%C2%B045'28.0%22E/@-1.3976741,36.7579109,25m/data=!3m1!1e3!4m5!3m4!1s0x0:0x3afb5fe790d85872!8m2!3d-1.3976667!4d36.7577778 | title=Location of the Headquarters of Choice Microfinance Bank | access-date=24 October 2022}}^
- The Standard Kenya. CBK Licenses Choice Mcrofinance Bank The Standard (Kenya), 24 May 2015, retrieved 29 March 2018^
- Patrick Alushula. Choice Microfinance Bank ups quest for more capital The Standard (Kenya), 26 June 2017, retrieved 29 March 2018^
- Brian Ngugi. Choice Microfinance Bank in drive to raise Sh60 million for expansion Business Daily Africa, 29 December 2016, retrieved 29 March 2018^
- James Ngunjiri. Choice Bank to launch mobile, Web services Business Daily Africa, 23 May 2017, retrieved 29 March 2018^
- African Leadership UK. Kenya: Diaspora-Owned Choice Microfinance Bank to Spend Sh60 Million in Branch Expansion Africanleadership.co.uk, 11 March 2016, retrieved 29 March 2018^
- Choice Microfinance Bank. Choice Microfinance Bank Limited: Contact Us Choice Microfinance Bank Limited, 29 March 2018, retrieved 29 March 2018^