By Sam Mwaura/Samrack Media
Choice Microfinance Bank targets Kenyans in the diaspora
Choice Microfinance Bank unveils the bank’s attractive wide range of Products to the diaspora market in tour to meet Kenyans living in the U.S.
Choice Microfinance Bank has kicked off a tour to woo Kenyans living in the U.S. to open savings and loans products at the institution with an eye on remittances.
With its roots in the diaspora, Choice executives will this weekend be in Boston, MA showcase its innovative products such as money transfer solutions, Kenya’s emerging market such as Investing in SMEs , IT and Service industries as well as manufacturing as well as savings and loan accounts.
Choice MFB will also be seeking Kenyans in the diaspora to make equity investment in the bank, as part of efforts to raise additional capital for more lending.
The Central Bank of Kenya in May 2015 licensed Choice MFB to carry out community microfinance banking business based in Kajiado North Constituency, Kajiado County.
“The microfinance bank prides itself as one of the first diaspora driven initiatives in the financial services sector in Kenya,” CBK said when licensing Choice MFB on May 22, 2015.
The tour will also cover other cities in the U.S. including other places, Canada,Australia, Japan, Belgium,Germany, Africa, UAE and the U.K, areas where there are high number of Kenyans abroad.
Choice MFB chairman Ben Kamiri said the bank has tailor made products to help Kenyans in the diaspora send money back home, invest in the property market and savings accounts.
There are plans to launch mobile app and internet banking that will facilitate real-time money transfer to Kenya, offering customers the choice to directly remit funds to mobile wallets such as M-Pesa or bank accounts.
Transfers to Choice accounts will be free of charge, the chairman said, asking Kenyans in the diaspora to open accounts for themselves as well as dependents.
Data from the CBK shows microfinance banks saw their asset base grow 38 percent in 2014, faster than the growth recorded by commercial banks.
This therefore means investing in Choice is a sound investment as the sector continues to grow.
With a focus on diaspora; micro, small and mid-size enterprises; and property market, Choice is poised to grow exponentially in the next five years.
Choice also targets the non-governmental organizations (NGOs), higher learning institutions and investment groups (chamas).
About Choice MFB
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 of 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.
Choice was licensed by the CBK in May 2015.
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