AMFI Kenya
Association of Microfinance
Institutions - Kenya

CHOICE MICROFINANCE BANK ACHIEVES NATIONAL STATUS, LEADING THE WAY IN DIGITAL BANKING INNOVATION

The Association of Microfinance Institutions Kenya (AMFI-K) is proud to announce an important achievement by Choice Microfinance Bank, one of our esteemed members. The bank’s conversion from a community microfinance bank to a national microfinance institution has been authorized by the Central Bank of Kenya (CBK). This remarkable achievement is a turning point for Kenya’s financial services industry as well as an indication of the bank’s expansion.

Customers, business partners, staff, and shareholders all gain from Choice Bank’s increased potential and improved services as a result of this transition. The foundation of the bank is its advanced Banking-as-a-Service (BaaS) technology, which establishes Choice Bank as a leader in Africa’s rapidly developing financial sector. Even in places without actual bank branches, the platform makes underserved people accessible by integrating financial services within the offers of non-bank partners.

The smooth integration of KYC compliance, which guarantees safe and effective customer onboarding, is one of the transformation’s most notable features. Additionally, the Kenya Deposit Insurance Corporation (KDIC) provides protection and peace of mind by insuring customer accounts. The platform further demonstrates Choice Bank’s dedication to financial empowerment by enabling users to increase their savings through interest-earning accounts.

Choice Bank has recently been granted direct access to Kenya’s National Payment System as a national microfinance bank. Real-time settlement in less than 20 minutes and a notable 40% decrease in transaction costs are made possible by this advancement, which makes transactions quicker and more efficient. Improved liquidity management strengthens the bank’s financial operations further, thereby allowing improved client and partner service.

This milestone’s timing is remarkable, noting that the fintech industry in Africa has been growing rapidly, with over 1,260 companies operating as of 2024, a rise from 450 in 2020. During this expansion, Choice Bank distinguishes itself by combining the latest technologies with the advantages that come with traditional banking. This integration is best illustrated by its BaaS platform, which shows how technology can transform financial services and provide access for marginalized groups.

Choice Bank has a clear plan for the future. The bank is in a strong position to spearhead Africa’s digital banking revolution thanks to its excellent technical solutions, strategic alliances, and strong foreign investment backing by Wakanda. This accomplishment not only strengthens Choice Bank’s position as a leader in the sector, but it also demonstrates how Kenyan microfinance organizations can grow and innovate globally.

We at AMFI-K are honored to commemorate this remarkable accomplishment. The growth of Choice Microfinance Bank serves as an effective reminder of the critical role microfinance organizations play in promoting innovation and financial inclusion. We would like to express our sincere congratulations to Choice Bank and anticipate seeing how it continues to influence the financial industry.

For Choice Bank and the microfinance industry as a whole, this achievement is a source of pride since it demonstrates how innovation and strategic expansion can change economies and lives.

Facebook
Twitter
LinkedIn
WhatsApp

Related News

Scroll to Top
Search