Maisha Microfinance Bank scooped the coveted Best Microfinance Bank in Product Innovation at the prestigious Think Business Banking Awards gala held at the Mövenpick Hotel on 17th May 2019.
The win comes in the wake of being named the Fastest Growing Microfinance Bank (Second Runner-Up) in 2018 Think Business Banking Awards.
Upon receiving the award, Mr. Ireneus Gichana, Maisha Microfinance Bank CEO said, “In today’s fast-paced business world, we have seen technology and innovation transform banking, however, the race will not be won by merely having the channel, but by differentiating it with unique efficiency.”
Banking has progressed from over the counter transactions, to brick and mortar branch expansions to the introduction of ATM machines and debit cards. The advent of Internet Banking and now mobile banking has significantly raised the bar. Now a number of banks own a mobile banking app that promises convenience at the touch of a button.
For Maisha Microfinance Bank, technology has greatly assisted in deepening penetration within the unbanked sector of the economy. “We have strived to be at the forefront of this digital revolution through designing innovative products that meet our customers’ needs,” explained Mr. Gichana. Among the bank’s virtual products recognized at the Think Business Banking Awards were M-Doh, Maisha’s mobile banking platform, and M-Fanisi, a ground-breaking mobile-based bank account available to Airtel Money registered customers across the country.
But it has not been an overnight success; anchored on four core values: Customer Focus, Innovation, Efficiency and Integrity, Maisha Microfinance Bank’s vision is to empower enterprises and communities for life by providing financial solutions that meet customer needs.
Since inception just three years ago, it has issued in excess of KSh 1.3 billion in loans to micro clients and is home to more than 170,000 customers. The bank is currently pursuing a robust growth agenda to bridge the financial inclusion gap in Kenya and increase its market share.