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Choice bank targets Diaspora investments

BUSINESS
By Standard Reporter | October 27th 2014
 

NAIROBI, KENYA: Central Bank of Kenya has issued a letter of intent to Kenya’s Choice Microfinance institution that will capitalise on business opportunities within the marginalised communities and proceeds from the Diaspora.

The development enables Choice Microfinance Bank work closely with the people in the Diaspora to create and modernise business opportunities to increase sustainable revenue.

“We refer to your application for a licence to carry out community based micro finance banking business in Kenya as Choice Microfinance Bank Limited,” said Matu Mugo Assistant Director Bank Supervision. 

Through research and innovations, Choice Microfinance bank expects to create a platform where products will be created and tailored to suit the demands of both the Diaspora in relation to working closely with Small and Medium Enterprises (SMEs) within the marginalised communities. 

The banks Chairman Ben Kamiri said the finance institution will work closely with all stakeholders to capitalise on business opportunities in the marginalised areas. 

“We have a lot of businesses and emerging business opportunities in the marginalised areas. We also have people in the Diaspora with enough funds that are willing to invest back home and they don’t have places to invest,” said Kamiri adding, “We want to merge the two scenarios to make an ample change to our society.” 

With 8 Directors, Kamiri said that the new banking entity was created with a mind by the Kenyans in America (KIA) who are interested in bringing investments back home to the country. The finance institution currently has operations both in North America and Kenya. 

“We have many statistics from Government agencies, civil societies and organisations operating in these areas,” said Kamiri, “But we are also looking at doing more research in these regions so that we can narrow down to urgent areas of investments and the kind of investments.”

Kamiri said that the bank aims to facilitate the fulfillment of customers’ aspirations and dreams by providing relevant, long term sustainable and profitable customer relationship and innovative financial services.

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