Kenya: Microfinance Craving for Bank Status
Nairobi, Kenya, November, 23 2007 -
The Kenya Women Finance Trust (KWFT) is planning to convert into a commercial bank.
The trust, which has over the years operated as a micro-finance for women, says it hopes to get the banking licence before the end of next year.
This process has started though there are many hurdles along the way before we can become a one-stop-shop finance institution," KWFT CEO Ms Jennifer Riria said on Thursday.
"KWFT has disbursed over Sh4.3 billion within the last nine months to a client base of over 160,000 but we feel that we have barely scratched the surface," she said
She said KWFT had triggered a process of due diligence that will be followed by the actual application being lodged with the Central Bank of Kenya (CBK)
Riria was speaking in Nairobi where the organisation announced that it was hosting the President and Chief Executive Officer of Women's World banking, Ms Mary Iskerderian.
Iskenderian is on four-day visit in the country and she will meet key officials of the Ministry of Finance and CBK.