KENYA: Nairobi Archdiocese Officially Launches Caritas Microfinance Bank

NAIROBI APRIL 21, 2017(CISA)-The Archdiocese of Nairobi has officially launched its Caritas Microfinance bank.

Speaking during the launch at the Cardinal Otunga Plaza Annexe on April 20, John Cardinal Njue Archbishop of the Catholic Archdiocese of Nairobi said that the bank aims to economically empower the local communities.

“Through caritas microfinance bank, we seek to empower our local communities economically while ensuring that those who live in poverty, particularly vulnerable women and children are served in body, mind and spirit,” said Cardinal Njue.

He said the launch was an initiative that begun three decades ago when the first Self-Help Group was started in the Archdiocese of Nairobi led by the Servant of God, Maurice Michael Cardinal Otunga.

Caritas Microfinance Bank CEO, George Maina said that the bank was dedicated to developing innovative products that will address financial needs with an aim of, “Improving livelihoods and growing our shareholder value.”

“We will endeavour to meet and exceed your expectations by building on gains that we have already established through strategic partners,” he said.

Caritas MFB currently has two branches in Nairobi’s Central Business District and has so far registered close to 10,000 clients who have current and saving accounts.

The bank plans to open 12 more branches in the next three years, with five of the branches lined up across Kenya for this year. The bank will also capitalize on mobile and agency banking platforms.

In June 2015, Central bank of Kenya (CBK) granted the bank a license to carry out  microfinance business, hence becoming the 12th microfinance bank in Kenya.

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