Central Bank Governor Patrick Njoroge. file photo | nmg
U&I Microfinance Bank can now open
branches and recruit members across Kenya after the Central Bank of
Kenya (CBK) granted it a national licence.
In a gazette
notice published Friday, CBK Governor Patrick Njoroge said the
Nairobi-based MFI currently running three branches within the Central
Business District and two at Gikomba can operate nationally from March
25, 2017.
“It is notified for information to the
general public that CBK has approved an application by U&I
Microfinance to convert from a community microfinance to a nationwide
microfinance,” said the notice.
The permit allows
U&I to widely market its five saving products as well as its Fasta
Fasta Loan, popular with second-hand clothes and other importers of low
cost items at the Mombasa port.
The MFI was established
in 2007 as a credit-only institution but was sanctioned to transform
itself into a fully-fledged deposit taking microfinance institution in
2013.
Last year, the company posted its financial
statements showing shareholder funds had grown to Sh106 million up from
Sh80.4 million.
U&I joins Rafiki, Faulu, REMU, SMEP
and KWFT amongst others. Kenya has a total of 13 microfinance
institutions and 42 commercial banks. U&I, which mainly
targets micro-businesses, also boasts a wholly owned subsidiary, U&I
Insurance Agency that launched operations last year.
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