The Catholic Church-owned deposit-taking micro-lender, Caritas Microfinance Bank, is looking to grow market share through increased alternative banking channels and agency banking. The micro-financier officially launched yesterday after getting a nationwide license by the Central Bank of Kenya in June 2015. “Currently, about 70 per cent of our customers’ transactions are done on the mobile banking platform. Our strategic goal is to have 80 per cent of all transactions on alternative banking channels over the long term,” Caritas MFB chief executive George Maina said during the launch in Nairobi. There are 13 deposit-taking microfinance companies licensed by the CBK under the Microfinance Act (Deposit-Taking Microfinance Institutions) regulations, 2008.

Source: The Star April 20, 2017 21:56 UTC