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First Catholic bank opened in Kenya

22 June 2015, 12:14 Dannis Omido

Nairobi - Caritas Microfinance Bank, the first bank owned by the Catholic Church in Kenya is now part of the over KES 60 billion micro-lending market, becoming the 12th Microfinance Bank in Kenya and the 3rd to be licensed this year.

Caritas MFB was granted a nation-wide license last week on Thursday and was officially opened Sunday in an event hosted by His Eminence John Cardinal Njue.

In his inaugural speech, Njue said that the opening of Caritas Microfinance Bank was a culmination of the Catholic Church’s belief in the holistic and integral development of all Kenyans.

“The regulator, Central Bank of Kenya, has granted us a nationwide license which means that our dream is not only confined within the Archdiocese of Nairobi but that our influence will be felt throughout the whole country as we seek to promote financial inclusion and the promotion of the Kenyan economic growth,” he said.

Read Also: Ngugi vows to bring lending rates down, reopen Hawalas

The bank projects to have 10 000 retail customers and 200 corporate customers by the end of this year.

In a statement, the Central Bank of Kenya said the bank will adopt a social and competitive pricing approach and a two-pronged distribution strategy-branches and marketing offices.

The Chairman of the management board at Caritas Nairobi, Kinyori, said that the bank arises from the need to cater for Kenyan’s needs through affordable, innovative and customized financial solutions.

“In order for us to achieve our dream of becoming one of the largest financial institutions in this country, we have adopted the use of advanced technology to provide affordable, innovative and customized financial solutions to our customers,” he said.

“We look forward to a bright future full of promise and tremendous growth,” he added.

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- MyNews24

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