Choice Microfinance Bank Limited Branches, Locations and Contacts

1. Head Office

Choice Microfinance Bank Limited is a microfinance institution licensed by the Central Bank of Kenya, dedicated to providing accessible financial services to small and medium enterprises (SMEs), individuals, and groups, particularly in underserved communities, to promote financial inclusion and economic empowerment.

2. Ngara Branch

Choice Microfinance Bank Limited is committed to fostering financial inclusion by offering tailored financial products, including loans, savings accounts, and chama loans, to support small businesses and individuals in urban and rural areas across Kenya.

3. River Road Branch

Choice Microfinance Bank Limited supports economic growth by providing affordable credit and savings solutions to entrepreneurs, SMEs, and community groups, with a focus on empowering women and youth through accessible financial services.

4. Kariobangi Branch

Choice Microfinance Bank Limited plays a key role in promoting financial inclusion by offering microfinance services, such as group loans and business financing, to support small-scale traders and entrepreneurs in Kenya’s urban and peri-urban areas.

5. Kitengela Branch

Choice Microfinance Bank Limited provides innovative financial solutions, including micro-loans and savings products, to empower individuals and businesses, contributing to economic development in both urban and rural communities.

6. Nakuru Branch

Choice Microfinance Bank Limited is dedicated to bridging the financial access gap by offering affordable loans and savings accounts to small-scale entrepreneurs, farmers, and community groups, fostering economic growth in Kenya.

7. Mombasa Branch

Choice Microfinance Bank Limited supports coastal communities by providing microfinance services, including business loans and savings products, to promote entrepreneurship and financial inclusion in Mombasa and surrounding areas.

Role and Impact of Choice Microfinance Bank

Choice Microfinance Bank Limited is a key player in Kenya’s microfinance sector, focusing on providing accessible financial services to underserved populations. Established under the Microfinance Act of 2006 and licensed by the Central Bank of Kenya, the bank targets small and medium enterprises (SMEs), women, youth, and community groups such as chamas. Its financial products, including micro-loans, group loans, and savings accounts, are designed to empower clients to start or expand businesses, improve livelihoods, and achieve financial independence. The bank’s extensive branch network ensures that clients in both urban centers like Nairobi and Mombasa and peri-urban areas like Kitengela have access to its services.

The bank’s commitment to financial inclusion aligns with Kenya’s Vision 2030, which emphasizes economic empowerment and poverty reduction. By offering affordable credit with flexible repayment terms, Choice Microfinance enables small-scale traders, farmers, and entrepreneurs to access capital that traditional commercial banks often deem too risky. Its group lending model, particularly for chamas, fosters community-based financial discipline and collective economic growth. The bank also provides financial literacy programs to equip clients with the skills needed to manage their finances effectively.

Financial Products and Services

Choice Microfinance Bank offers a range of financial products tailored to the needs of its diverse clientele. Its flagship products include business loans for SMEs, which range from KES 10,000 to KES 1 million, with repayment periods of 6 to 36 months. These loans are designed to support business expansion, working capital, and asset acquisition. The bank also offers chama loans, which enable community savings groups to access credit for collective investments, such as real estate or agribusiness ventures. Personal loans are available for salaried individuals and self-employed clients, with competitive interest rates and flexible repayment schedules.

Savings products include micro-current accounts, which allow clients to save and access funds conveniently, and fixed deposit accounts for long-term savings with attractive interest rates. The bank’s digital banking platform enables clients to access services such as mobile banking, bill payments, and loan applications through USSD codes and a mobile app, enhancing convenience for clients in remote areas. Additionally, Choice Microfinance provides insurance-linked products, such as credit life insurance, to protect borrowers and their families in case of unforeseen events.

Operational Reach and Accessibility

With branches strategically located in Nairobi, Nakuru, Mombasa, and Kitengela, Choice Microfinance Bank ensures widespread accessibility across Kenya’s key economic hubs. The Head Office in Nairobi, located at Sirona House, serves as the administrative and operational hub, coordinating activities across all branches. Urban branches like Ngara and River Road cater to Nairobi’s bustling commercial districts, while the Kariobangi branch targets peri-urban clients engaged in small-scale trade. The Kitengela branch serves the growing population in Kajiado County, a rapidly developing satellite town near Nairobi. In Nakuru, the branch supports agribusinesses and SMEs in the Rift Valley, a key agricultural region. The Mombasa branch addresses the financial needs of coastal communities, particularly those in trade and tourism.

Each branch is equipped with customer service desks, loan officers, and financial advisors to provide personalized services. The bank’s swift code, CMBCKENA, facilitates international transactions, particularly for clients engaged in import-export businesses. Operating hours are standardized across branches, with extended hours on Saturdays to accommodate clients with weekday commitments. The bank’s digital platforms, including mobile banking and USSD services, further enhance accessibility, allowing clients to perform transactions without visiting physical branches.

Challenges and Opportunities

Choice Microfinance Bank operates in a competitive microfinance sector, facing challenges such as high operational costs due to its extensive branch network and the need to manage credit risk among high-risk borrowers. The reliance on physical branches can strain resources, particularly in rural and peri-urban areas with lower client volumes. Additionally, the bank must continuously innovate to compete with emerging fintech platforms offering similar services with lower overhead costs.

However, these challenges present opportunities for growth. The bank’s focus on underserved communities positions it to capture a growing market of micro-entrepreneurs and informal sector workers. Partnerships with mobile network operators and fintech companies could enhance its digital offerings, reducing operational costs and improving service delivery. Expanding financial literacy programs can also strengthen client retention and loan repayment rates, ensuring long-term sustainability.

Community Engagement and Impact

Choice Microfinance Bank’s impact extends beyond financial services, as it actively engages with communities to promote economic empowerment. Its support for chama groups fosters collective savings and investment, enabling communities to undertake large-scale projects such as real estate development or agricultural ventures. The bank’s focus on women and youth aligns with national priorities to reduce gender and age-based economic disparities. By providing training on business management and financial planning, the bank equips clients with the tools to succeed in competitive markets.

In regions like Nakuru and Mombasa, the bank’s financing has supported agribusinesses and small-scale traders, contributing to job creation and local economic growth. The Kitengela branch, for instance, has enabled entrepreneurs to tap into the town’s growing real estate and retail sectors. These efforts have positioned Choice Microfinance as a catalyst for grassroots economic development, with a measurable impact on poverty reduction and financial inclusion.