NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, March 11, 2016

Kenyans in the diaspora are shunning high interest rates and remittance costs charged by local banks with the launch of a microfinance institution.

A microfinance started by Kenyans living in America has opened its first local branch at Ongata Rongai and already has 3000 customers.

Choice Microfinance Bank Chairman Mr Bernard Kamiri said the diaspora shareholders had provided them with upto Sh200 million in deposits for onward lending and expressed confidence that they would open more branches in the country to cater for their clients as well as Kenyans.

He said the bank is targeting to roll out more investment programmes to grow their loan book that currently stands at Sh150 million.