The Central Bank of Kenya has greenlit Choice Bank’s transition from a community microfinance bank to a nationwide microfinance institution.
The CBK approved the bank’s application on 4th November 2024… “to convert from a community microfinance ank to a nationwide microfinance bank and therefore permitting the institution to carry out microfinance banking business throughout Kenya,” said Kamau Thugge, Governor, CBK.
Choice Bank’s innovative Banking-as-a-Service (BaaS) platform positions it as a leading force in Africa’s burgeoning BaaS revolution.
The BaaS platform empowers non-bank partners to seamlessly integrate financial services into their offerings. This enables them to reach underserved populations without the need for physical branches.
The bank handles all Know Your Customer (KYC) compliance, ensuring that accounts are insured by the Kenya Deposit Insurance Corporation and earn interest.
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