- The permit allows U&I to widely market its five saving products as well as its Fasta Fasta Loan, popular with second-hand clothes and other importers of low cost items at the Mombasa port.
U&I Microfinance Bank can now open branches and recruit members across Kenya after the Central Bank of Kenya (CBK) granted it a national licence.
In a gazette notice published Friday, CBK Governor Patrick Njoroge said the Nairobi-based MFI currently running three branches within the Central Business District and two at Gikomba can operate nationally from March 25, 2017.
“It is notified for information to the general public that CBK has approved an application by U&I Microfinance to convert from a community microfinance to a nationwide microfinance,” said the notice.
The permit allows U&I to widely market its five saving products as well as its Fasta Fasta Loan, popular with second-hand clothes and other importers of low cost items at the Mombasa port.
The MFI was established in 2007 as a credit-only institution but was sanctioned to transform itself into a fully-fledged deposit taking microfinance institution in 2013.
Last year, the company posted its financial statements showing shareholder funds had grown to Sh106 million up from Sh80.4 million.
U&I joins Rafiki, Faulu, REMU, SMEP and KWFT amongst others. Kenya has a total of 13 microfinance institutions and 42 commercial banks. U&I, which mainly targets micro-businesses, also boasts a wholly owned subsidiary, U&I Insurance Agency that launched operations last year.