Kenya: New microfinance bank focusing on SMEs
It will also offer Insurance Premium Financing products.The Central Bank of Kenya (CBK) has granted a licence to a new microfinance bank, which will provide financial products across the country.
Maisha Microfinance Bank - the 13th microfinance bank in Kenya - will begin operations in the Nairobi County, with plans to expand nationwide, Capital FM reports.
It will offer financing products tailored to small and medium-sized enterprises (SMEs), alongside comprehensive Insurance Premium Financing (IPF) products.
The county's insurance sector is developing fast, and is expected to have a growth rate of six per cent in 2015, according to the World Bank Group economic analysis for the country.
"Tapping into this potential and opportunities is the best way of reaching the largely uninsured Kenyan population on board with services to facilitate the access and penetration of the insurance sub-sector," the CBK said in a statement.
The announcement comes after CBK Governor Patrick Njoroge halted licensing any new commercial banks until further notice to drive consolidation of the banking industry.