Employees and small and medium enterprises (SMEs) will be the target of the new Maisha Microfinance Bank. It’s loans will therefore, range between Shs10,000 and Shs350,000 and applicants will be able to get their loans within two days after application.
Behind the bank is erstwhile business associate of formerPresident Daniel arap Moi Mr. Jared Kangwana with a team that includes Dr. Beatrice Shabana, Kamal Shah, Prof Alejandro Lago and Nelson J Bichanga.
Mr. Kangwana is also the man behind Monarch Group which owns Monarch Insurance and a variety of up market properties including The Mall-Westlands, Chester House and Communications Centre which houses the Royal Media Services group. It also owns Tamasha Corporation Ltd, a music production and distribution house.
Maisha Microfinance Bank’s first branch is located Chester House, in the heart of the CBD.
17.4 per cent of unbanked in Kenya
CEO Ireneus Gichana told journalists that the bank will work to reach the 17.4 per cent of unbanked in Kenya.
“In 2014, 25.4 per cent of Kenyans were excluded from financial access; this has since reduced to 17.4 per cent to date. But people are still stashing their money in secret places including mattresses and so there is a huge gap to fill,” said Mr Gichana.
Maisha’s initial capitalization is Sh90 million way above the CBK requirement of Sh60 million core capital microfinance banks.