The Kenya Bankers Association (KBA), the banking industry’s umbrella body and financial sector’s lead advocacy group representing total assets in excess of Ksh 4.8 trillion (USD 48 billion) has announced that Caritas Microfinance Bank has joined its membership, bringing its total membership to 47 banks.
The Association in 2013 amended its constitution to broaden its base to incorporate other institutions, including Deposit Taking Microfinance institutions (DTMs) and the representative offices of foreign based banks.
Since then, Kenya Post Office Savings Bank (Post Bank), KWFT, Faulu and Rafiki microfinance banks have joined the Association.
“KBA is delighted to have Caritas join the Association and we are confident the bank will contribute to our long-term vision of reinforcing the industry’s role in advancing Kenya’s sustainable economic development,” said KBA CEO Dr. Habil Olaka.
“We are honoured to have a purpose driven institution like Caritas help inform and champion our activities,” he added.
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.
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.
“We are pleased to be joining the Kenya Bankers Association, an organization that has championed industry development since 1962,” said Caritas Chief Executive Officer Mr. Titus Muchiri. “Our bank is rooted in the highest level of ethical practice, guided by our vision that is to create value for all our stakeholders. We look forward to contributing to the industry, particularly in advancing financial inclusion through sustainable banking practices and shared value,” he said.
Headquartered in Nairobi, Caritas operates six branches and 60 banking agents across the country.