This archive report was first published on 24 August 2020.
On August 24, 2020, Kenya Bankers Association (KBA) announced the addition of Caritas Microfinance Bank to its membership, bringing the total number of member banks to 47.
Caritas Microfinance Bank, licensed and regulated by the Central Bank of Kenya, was founded by the Catholic Archdiocese of Nairobi and launched in June 2015 as a deposit-taking microfinance institution.
According to KBA CEO Dr. Habil Olaka, Caritas has grown to become a leading microfinance bank, offering a range of services including current and savings accounts, term loans, asset finance, LPO finance, and foreign exchange solutions.
“We are delighted to have Caritas join the Association and confident that the bank will contribute to our long-term vision of advancing Kenya’s sustainable economic development,” Dr. Olaka said.
Caritas’ membership is a result of KBA’s 2013 constitutional amendment, which broadened its base to include deposit-taking microfinance institutions and representative offices of foreign-based banks.
Since the amendment, several institutions, including Kenya Post Office Savings Bank, KWFT, Faulu, and Rafiki microfinance banks, have joined the Association.
