Kenya Licences 2nd Microfinance Deposit Trust

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Apr 2010
Nairobi, Kenya, April, 12 2010 - The Central Bank of Kenya (CBK) has granted a licence to a women finance trust authorising it to carry out nationwide deposit-taking microfinance business.

The Kenya Women Finance Trust (KWFT) becomes the second nationwide deposit-taking microfinance organisation in the country after Faulu Kenya Deposit Taking Microfinance Ltd which was licensed in May 2009.

The licensing of Kenya Women Finance Trust marks a major milestone in the microfinance sector and the financial sector at large and is particularly a major achievement for the women given that KWFT currently provides credit to over 334,000 women clients.

The transformation to a deposit-taking microfinance institution will enable KWFT to diversify and increase its products range to offer savings products to its clients in addition to the loan products.

Depositors of licensed deposit taking microfinance institutions are protected by the Deposit Protection Fund Board which is an important safety net for depositors and it enhances their confidence in the licensed firms. The Central Bank has pledged to continue developing policies, procedures, as well as innovative solutions that will benefit the financially underserved segments of the Kenyan populace. "Central Bank takes this opportunity to underscore, the important role of the microfinance industry and assures the industry and all players of its continued support in the development of the microfinance industry," the statement further said.



 

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