Choice bank marks 10 years of existence with a new branch launch

By Steve UMIDHA

Choice Microfinance Bank, now “Choice Bank” Friday unveiled a new branch in Riverside, following a regulatory nod by the Central Bank of Kenya, in a move that will now see the lender extend tailored business and personal banking services to its wider customer base.

Speaking during the branch’s formal launch, Bonface Ombui – the firm’s Chief Executive Officer (CEO) said the decision was stirred by the growing demand for personalized credit bankrolling models such as commercial Electric Vehicle (EV) financing and ESG financing which are slowly becoming the new normal in investment and financing decisions.

“We have seen a massive shift and a growing appetite for such financing models and a keenness to tap into that market with our unique financing products,” said Ombui.

Adding that the bank will also be going after the Micro, Small, and Medium Enterprises (MSMEs) sector who contribute significantly to the country’s economy, accounting for approximately 40 percent of Kenya’s total Gross Domestic Product (GDP).

Choice Bank started ten years ago as an initiative by Kenyans in the diaspora seeking a better way to invest and send money back home. They were frustrated with traditional investment methods and the difficulties of sending remittances through existing channels.

In 2015, the bank received a license from the Central Bank of Kenya (CBK) to operate as a community microfinance bank, initially within Kajiado County.

And in 2021, Wakanda Network acquired a majority stake or 85 percent in Choice Bank with a vision to transform it into a next-generation digital bank to finance electric vehicle acquisitions in Kenya according to Larry Liu an Executive Director at the bank.

In 2024, the bank achieved major regulatory milestones, securing its National License, joining the National Payments System, and launching a modern mobile and internet banking platform, laying the foundation for today’s launch.

“We are aligning fully with the President’s Bottom-Up Economic Transformation Agenda,” the CEO affirmed. “This is about ensuring that technology, capital, and credit reach those who need it most.”

The Nairobi Securities Exchange (NSE) Board Chairman Kiprono Kittony applauded the bank’s bold innovations and underscored the role of technology and youth in advancing Kenya’s financial sector and urged the bank to tap into the opportunities presented by Artificial Intelligence and Machine Learnings to grow its offerings.