Kenya: Caritas Microfinance Bank Using Coop Bank to Increase Footprint

Oct 2018
Kenya, October, 08 2018 - Caritas Microfinance Bank, owned by various institutions in the Catholic Church, has embarked on an agency banking plan to increase its footprint from the current 16 agents to 50 by the end of the year.

Caritas has also partnered with the Cooperative Bank of Kenya for ATM and point-of-sale (POS) services, enabling its customers to have nation-wide access to their accounts.

This means that customers can make withdrawals at all Visa-branded ATMs and purchase goods and services at all Visa-branded outlets.

As per its Strategic Plan, Caritas envisions to have 12 branches and 200 agency outlets by the year 2020.

Currently, the bank has 5 branches in Nairobi and Thika, with plans to open one more branch in Kiambu by the end of the year.

And due to its innovations, Caritas Microfinance Bank has been awarded for its use of technology in delivering services to its customers.

Caritas scooped two awards – the Best Microfinance Bank in the Use of Digital Solutions to Enhance Customer Experience and Best Microfinance institution in e-services in Kenya during the 2nd Digital Inclusion Awards held last month.

The recognition comes barely six months after the micro lender was feted as the best microfinance Bank in Kenya during the Think Business Awards ceremony.

The MFB was granted a nationwide license by the Central Bank of Kenya (CBK) in June 2015 becoming the twelfth microfinance bank in Kenya.

Currently, about 80% of customers’ transactions are done on the mobile banking platform and other Alternative Business Channels i.e. agency and internet banking.

“These awards are an affirmation of our concerted efforts to ensure we continuously improve the customer journey whenever they interact with us at any of our outlets’, said George Maina, Caritas CEO.

The awards come at a time when technology and banking are converging to facilitate the provision of ever convenient services to consumers.

“Caritas continues to leverage on this convergence hence contributing towards the financial inclusion agenda and promoting economic growth in Kenya in line with the country’s economic blue print, Vision 2030’, said Maina.

Caritas Microfinance Bank is incorporated in Kenya under the Companies Act having received its operating license from the Central Bank of Kenya in June 2015.

Caritas MFB wants to use the power of technology to promote affordable, convenient and accessible financial inclusion by tapping the opportunities presented by increased mobile and internet penetration in the country to deliver innovative market-driven financial solutions.

Source : The Exchange

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