The Central Bank of Kenya (CBK) has licenced Maisha Microfinance Bank Ltd (Maisha MFB) to carry out microfinance banking business across the country. CBK said in a statement that the licence was issued pursuant to Section 6 (1) of the Microfinance Act, 2006 and Regulation 5 (3) of the Microfinance Regulations, 2008.
Maisha MFB becomes the 13th microfinance bank (MFB) to be licensed. This follows the licensing of eight nationwide MFBs (Faulu Kenya MFB, Kenya Women MFB, SMEP MFB, REMU MFB, Rafiki MFB, Century MFB, SUMAC MFB and Caritas MFB) and four community-based MFB (Uwezo MFB, U&I MFB, Daraja MFB and Choice MFB).
“Maisha MFB is intends to commence operations in Nairobi County with an objective of expanding across the country with time. It has set up its head office and branch at Chester House, Koinange Street within Nairobi Central Business District,” CBK noted.
The bank of last resort said Maisha MFB will offer comprehensive Insurance Premium Financing (IPF) products as value-add alongside other Micro Small and Medium Enterprises (MSMEs) financing products. “The MFB is looking to provide a one-stop financial services shop for MSMEs,” it said.
Kenya’s insurance sector was expected to grow at six per cent in 2015, which is likely to continue in the next years given the innovations taking place in the economy according to the latest World Bank economic analysis for the country.