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Chinese Billionaire Acquires Kenyan Microfinance Firm With One Branch

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The Central Bank of Kenya (CBK) has announced the acquisition of 85 percent shareholding of Choice Microfinance Bank Limited (Choice MFB) by Wakanda Network Limited (Wakanda) effective October 22, 2021.

This follows CBK’s approval on September 21, 2021, under Section 19 (4) of the Microfinance Act and approval by the Cabinet Secretary for the National Treasury and Planning on October 5, 2021, pursuant to Section 19(3)(b) of the Microfinance Act.

Wakanda was incorporated in the United Kingdom on February 26, 2020, and is wholly
owned by Mr Robin Duan Wei.

Mr Wei is a successful Chinese entrepreneur, having founded Mobvista Inc., a digital advertising company listed at the Hong Kong Exchange and Clearing Limited with a market capitalization of USD 11.7 billion (Ksh1.3 trillion) as at August 31, 2021.

Choice MFB was granted a licence by CBK on May 13, 2015, to carry out community
microfinance banking business within Kajiado County. The MFB has its Head Office and
one branch both located in Ongata Rongai Town, Kajiado County.

It is categorised as a small microfinance bank with a market share of below 1 percent of the microfinance banking sector as at October 31, 2021.

“Since the first MFB became operational in 2009, the Kenyan financial sector landscape has
transformed significantly. This has been underpinned by advances in technology, innovation
and customers drive towards Anytime Anywhere services. In response to this changing
terrain, CBK has been working with MFB’s to transform their operations,” said CBK in a statement.

“All 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 termed the transaction as a critical component of Choice MFB’s transformation
plan.

“It will strengthen Choice MFB and support the stability of the microfinance banking sector,” added CBK.

Read: Lupita Nyong’o Hits Back at Balala Over Magical Kenya Snub

>>> Family Bank Unveils Prepaid Cards Targeting Business Community Trading With The Chinese Market

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FRANCIS MUTINDA
FRANCIS MUTINDAhttp://www.businesstoday.co.ke
FRANCIS MUTINDA is a content creator and editor with Business Today. Email: [email protected]
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8 COMMENTS

  1. I don’t understand which wakanda is mentioned here. There’s a certain wakanda project that has scamed millions of Dollars from innocent people in Africa. Could it be this one?

  2. Wakanda the best they can do is to insult their customers whenever they fall back on the payment with a day and ut doesn’t matter whether you have a good history of payment with them

  3. I managed to acquire a loan from Choice MFB in 2018 and can truly say that the manager and staff were absolutely fantastic, supportive and informative. Thank you once again.

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