Branch Unveils A Digital Bank After 84.89% Acquisition Of Century Microfinance

Branch International Inc has formally acquired an 84.89 percent stake in Kenya’s Century Microfinance Bank Limited paving way for Branch to expand its local operations in its strategy towards a Pan-African digital bank.

“With the recent acquisition, we will soon be making a landmark transition as the first digital lender to expand into the microfinance banking market, allowing for deposit-taking financial services and enhanced lending for individuals and SME clients,” said Matt Flannery, the founder of Branch International.

Branch currently serves customers in Kenya, Tanzania, Nigeria, and India, with offices in Nairobi, Lagos, Bangalore, Mumbai, and Silicon Valley.

A celebratory moment following today’s signing ceremony which officially brings Branch Kenya & Century Microfinance Bank together. Leadership is excited to leverage respective strengths to provide world class financial services across Kenya. #forgingforwardtogether pic.twitter.com/fMSM9zwi0M

— Branch (@branch_co) March 1, 2022

“We are very excited… Century Microfinance Bank being in a regulated market and charts way to offer new digital products to our over 2 million customers in Kenya,” said Rose Muturi, Branch East Africa Managing Director.

Florence Alice, the chief executive of Century Microfinance Bank Limited says the merger will make them “the bank of the future…with a bigger vision to connect to the rest of the world.” According to Florence, the synergy came at the right moment in moving to the next level, especially within the digital space.

Today Branch Kenya officially joins forces with Century Microfinance Bank. Leadership from both teams sharing details with media how Kenyans will benefit (i.e. accessible savings products with attractive yields, enhanced lending products, free transfers, bill pay & more…) pic.twitter.com/a854X2kn2P

— Branch (@branch_co) March 1, 2022

Branch disclosed that it has attracted global investors ranging from Andreessen Horowitz to visa and the World Bank Group’s IFC in its corporate mission to offer world-class financial services to the mobile generation.

Read More: Merchants Set to Reap High on New Visa, Branch Partnership