The Archdiocese of Nairobi has officially launched Caritas Microfinance Bank (Caritas MFB) whose aim is to empower local communities economically.
This is according to an announcement on Thursday by John Cardinal Njue, the Archbishop of the Catholic Archdiocese of Nairobi. He was speaking at the new Cardinal Otunga Plaza Annexe.
“Through Caritas microfinance bank, we seek to empower our local communities economically while ensuring that those who live in poverty, particularly vulnerable women and children are served in body, mind and spirit,” said Cardinal Njue.
The Nairobi prelate said the launch was an initiative that began three decades ago when the first Self-Help Group was started in the Archdiocese of Nairobi led by then Archbishop of Nairobi, Cardinal Maurice Otunga.
Caritas Microfinance Bank CEO, George Maina said that the bank was dedicated to developing innovative products that will address the financial needs of ordinary local communities with the aim of, “improving livelihoods and growing our shareholder value,” he said.
“We will endeavour to meet and exceed your expectations by building on gains that we have already established through strategic partners,” Maina said.
Caritas MFB currently has two branches in Nairobi’s Central Business District and has so far registered close to 10,000 clients who have current and saving accounts.
The bank plans to open 12 more branches in the next three years, with five of the branches lined up across Kenya for this year. The bank will also capitalise on mobile and agency banking platforms.
In June 2015, the Central Bank of Kenya (CBK) granted the bank a license to carry out microfinance business, hence becoming the 12th microfinance bank in Kenya.
(CISA in Nairobi)