Kenya Bankers Association has announced that Caritas Microfinance Bank has joined its membership, bringing its total membership to 47 banks.
Licensed and regulated by the Central Bank of Kenya, Caritas was founded by the Catholic Archdiocese of Nairobi and launched in June 2015 as a deposit-taking microfinance institution.
In describing the bank, KBA CEO Dr. Habil Olaka says the bank has grown to become a leading microfinance bank, offering a range of services, including current and savings accounts, term loans and asset finance, LPO finance and foreign exchange solutions.
In 2013, KBA amended its constitution to broaden its base to incorporate other institutions, including deposit taking microfinance institutions and the representative offices of foreign-based banks.
Since then, Kenya Post Office Savings Bank, KWFT, Faulu and Rafiki microfinance banks have joined the Association.