Maisha Microfinance Bank has emerged as the 2 nd runners up at the Think Business Banking Awards, 2018 held at Radisson Blu Hotel on Friday 11 th May, 2018.
With an objective to encourage innovation, prudence and stability in the banking sector by
recognizing, awarding and celebrating exemplary performance in the sector, the event was
hosted by Think Business Limited, which is a strategic research and publishing company
specialising in the financial sector.
According to Mr Ochieng Oloo, CEO of Think Business Limited, “The Banking awards has
been around for the last 13 years giving insights on the development in the Kenyan banking
industry and awarding the movers and shakers.
The 2018 Think Business Banking Awards judging criteria focused on financial stability and
growth of the banks but also on how the banks have embraced corporate governance best
practices, products and system innovation, education as well as engaging in sustainable
social products. The judge’s decisions on the qualities of the winning banks was informed by analysis of financial information – statutorily published by the banks, coupled with
information provided in their entry documents.
Receiving the award, CEO Mr Ireneus Gichana said, “We are indeed very thankful for our
customers continued support. Winning this award is a great source of motivation for us to
strive harder to address our customer’s needs. As a result we hope to become a lead in
provisioning of financial services in Kenya and a first choice institution for all.
Maisha Microfinance Bank was incorporated in August 2014 as the 13 th Microfinance Bank to be issued with a deposit taking licence by Central Bank of Kenya. In addition, Maisha Microfinance Bank was the first telco-backed microfinance to roll out a mobile money savings and loan product in the market and the fourth financial institution in the market alongside heavy hitters such as CBA, KCB and Equity. Partnering with Airtel Money in
September, 2017, Maisha Microfinance Bank launched MFanisi – a savings and loan mobile
money solution that offers registered Airtel Money subscribers a better, more affordable
way to access cash while receiving the most competitive interest rates for money saved.
Digital financial services have re-defined service delivery within the sector, offering even
greater access to mainstream banking services, especially to the under banked. According
to Dr. Habil Olaka, Chief Executive Officer Kenya Bankers Association, “We are pleased with
Maisha Microfinance Bank’s aggressive innovation strategy which leverages Africa’s most
utilised technology, the mobile handset, to provide a platform that not only extends
financial services but also enhances a savings culture within our population.”
According to a World Bank Report, only 25% of Africa’s population has bank accounts
despite a progressive economic growth of nearly 7%. The potential savings in cost, the
speed and convenience associated with digital financial services, can be especially
promising in the effort to expand access to finance to those who are excluded from the
formal sector. Maisha Microfinance bank has a diverse range of products which includes savings accounts such as Maisha Akiba account, Maisha Chama Account, Maisha Fixed Deposit Account. To support enterprises, Maisha LPO financing caters for customers with LPOs from government and other reputable institutions. They also offer Bid Bonds; trade finance facilities ideal for clients in contracting, tendering and supplies business which enable the microfinance bank to transform economies through supporting the financial needs of enterprises and communities.