The Central Bank of Kenya (CBK) has released a list of licensed Microfinance Banks in Kenya.
In a notice dated April 24, CBK stated that the publication of licensed banks is pursuant to section 8 (2) of the Microfinance (Deposit-Taking Microfinance Institutions) Regulations, 2008.
Licenses are issued in accordance with Section 6 (1) of the Microfinance Act, 2006, and Regulation 5 (3) of the Microfinance Regulations, 2008, which legally authorize the applicant to commence microfinance bank business.
The Act empowers microfinance banks (MFBs) licensed by the Central Bank of Kenya to gather deposits from the general public, thus fostering savings, competition, efficiency, and financial inclusion.
“The Central Bank of Kenya (CBK) hereby notifies the general public of the following institutions duly licensed to carry out the deposit-taking microfinance business in Kenya,” the notice reads in part.
CBK has licensed 14 Microfinance Banks. Among them are Faulu Microfinance Bank Limited, Kenya Women Microfinance Bank PLC, Salaam Microfinance Bank Limited, and SMEP Microfinance Bank PLC.
Additionally, LOLC Kenya Microfinance PLC, Rafiki Microfinance Bank Limited, Branch Microfinance Bank Limited, Sumac Microfinance Bank Limited, and U&I Microfinance Bank Limited are among the licensed institutions.
The list also includes Umba Microfinance Bank Limited, Choice Microfinance Bank Limited, Caritas Microfinance Bank Limited, On It Microfinance Bank Limited, and Muungano Microfinance Bank Limited.
