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," said Olaka. "We are confident that the bank will contribute to our long-term vision of reinforcing the industry's role in advancing Kenya's sustainable economic development."
Notably, KBA amended its constitution in 2013 to broaden its base and incorporate other institutions, including deposit-taking microfinance institutions and representative offices of foreign-based banks.
