Church-backed micro finance bank joins KBA
Lewis Njoka @LewisNjoka
Caritas Micro Finance Bank, owned by the Catholic Church, has joined Kenya Bankers Association (KBA), bringing to 47 the number of banks under the industry’s umbrella body.
KBA Chief executive officer Habil Olaka said the association is delighted to have Caritas join it and is confident the bank will contribute to its long-term vision of reinforcing the industry’s role in advancing Kenya’s sustainable economic development.
Financial inclusion
The institution also expressed delight at joining the association, saying it hoped to help in advancing financial inclusion in the country.
“We are pleased to be joining the Kenya Bankers Association, an organization that has championed industry development since 1962,” said Caritas CEO, Titus Muchiri.
“Our bank is rooted in the highest level of ethical practice, guided by our vision that is to create value for all our stakeholders.
We look forward to contributing to the industry, particularly in advancing financial inclusion through sustainable banking practices and shared value,” he added.
Broaden base
In 2013, the Association amended its constitution to broaden its base by incorporating other institutions, including deposit taking microfinance institutions and the representative offices of foreign based banks.
Since then, Kenya Post Office Savings Bank (Post Bank), Kenya Women Finance Trust, Faulu and Rafiki microfinance banks have joined the association.
Founded by the Catholic Archdiocese of Nairobi and launched in June 2015 as a deposit taking microfinance institution, Caritas now operates six branches and 60 banking agents across the country with headquarters in Nairobi.
Caritas Microfinance Bank is licensed and regulated by Central Bank.
