British Firm Buys 85% Of Kenya’s Choice Microfinance Bank

Wakanda Network Ltd which is a private limited company has acquired an 85 percent stake in diaspora-backed Choice Microfinance Bank effective October 22, 2021. This is according to the announcement made by the Central Bank of Kenya (CBK).

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

“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,” the CBK said in a statement.

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 as of August 31, 2021.

Choice MFB was granted a license 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 categorized as a small microfinance bank with a market share of below 1 percent of the microfinance banking sector as of October 31, 2021.

Choice Microfinance reported a KSh26 million net loss in the financial year ended December 2020. It had KSh98 million customer deposits, 54 million shillings in assets, KSh6 million loan books, and 5 million shilling borrowings in the review period.