Money Markets
By CHARLES MWANIKI, cmwaniki@ke.nationmedia.com
In Summary
- Choice Microfinance Bank says it will seek to facilitate investment of diaspora funds into small and medium size enterprises (SMEs) in marginalised areas of Kenya.
Central Bank of Kenya (CBK) has issued Choice Microfinance Bank with conditional approval to conduct business.
The microfinance institution, started by a group of Kenyans
living in the US, says it will seek to facilitate investment of diaspora
funds into small and medium size enterprises (SMEs) in marginalised
areas of Kenya.
Diaspora remittances have risen significantly
over the past few years. In the eight months to August, cumulative
remittances stood at Sh82.5 billion, compared to Sh73.8 billion over a
similar period last year.
“The Central Bank of Kenya has granted Choice
Microfinance Bank a conditional approval in principle to conduct
microfinance banking business,” said CBK in an email to the Business Daily.
“This is not a licence to conduct microfinance
banking business. Choice has to meet various pre-licensing requirements
before being granted a licence.”
CBK said it would make further announcements once Choice meets the requirements.
“We have a lot of businesses and emerging
opportunities in marginalised areas. We also have people in the diaspora
with enough funds and are willing to invest back home....’’ said
Choice chairman Ben Kamiri in a statement.
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