Caritas Microfinance Bank chief executive George Maina.
The Catholic Church has unveiled a micro finance institution to tap into a large unbanked Kenyan population.
Caritas Microfinance Bank (Caritas MFB), which was licensed to operate as an MFI by the Central Bank of Kenya (CBK) in June 2015, joins several other faith based financial services providers.
Caritas MFB Chairman Patrick Kinyori said the bank would target ‘unbanked and under-banked’ sectors which account for about 25 per cent of the population.
Since it started operations, Caritas MFB which has two branches in Nairobi, has registered close to 10,000 customers who have opened current and saving accounts.
The bank has mobilised close to Sh400 million in deposits and disbursed over Sh250 million in loans.