It’s officially announced that Central Bank of Kenya (CBK) has concluded the acquisition of 85 per cent shareholding of Choice Microfinance Bank Limited (Choice MFB) by Wakanda Network Limited (Wakanda) effective October 22, 2021.
The CBK had approved the deal earlier on September 21,2021 as it has been revealed on Tuesday, December 14, press release.
Also the transaction deal was seconded by National Treasury and Planning Cabinet Secretary Ukur Yatani on October 5, 2021.
Wakanda owned by Robin Duan Wei was incorporated in the United Kingdom on February 26, 2020.
Wei is the founder of Mobvista Inc. a digital advertising company listed at the Hong Kong Exchange and Clearing Limited with a market capitalization of Sh1.3 trillion as of August 31, 2021.
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The CBK granted Choice MFB a license on May 13, 2015, to carry out community microfinance banking business within Kajiado County.
On a report made by Standard Media, Choice Microfinance reported a Sh26 million net loss in the financial year ended December 2020. It had Sh98 million customer deposits, Sh54 million assets, Sh6 million loan book and Sh5 million borrowings in the review period.
It’s mean or Head Office and one branch for MFB are both located in Ongata Rongai Town, Kajiado County. It is categorised as a small microfinance bank with a market share of below 1 per cent of the microfinance banking sector as of October 31 2021.
Kenyan financial sector landscape has transformed significantly since the first MFB became operational in 2009
This has been underpinned by advances in technology, innovation and customer drive towards any time anywhere services.
CBK has been working with MFB’s to transform their operations in response to this changing terrain.
Every MFB’s formulated transformation plans in 2020, to adapt to the new normal. These plans are anchored on review of business models to be customer-centric, leveraging on technology and innovation, and strengthening capital and liquidity buffers.
CBK supports this transaction that is a critical component of Choice MFB’s transformation plan since it will strengthen Choice MFB and support the stability of the microfinance banking sector.