Salaam Microfinance Bank Joins KBA to Become the 47th Member

Kenya Bankers Association (KBA) has announced that Salaam Microfinance Bank has joined its membership, bringing its total membership to 47 banks.

In 2013, the Association amended its constitution to allow admission of microfinance banks and representative offices of foreign-based banks. Since then, Kenya Post Office Savings Bank (Post Bank), KWFT, Faulu, Caritas, and Rafiki microfinance banks have joined it.

Collectively, this banking industry’s umbrella body and the financial sector’s advocacy group represents total assets in excess of 6 trillion shillings (USD 60 billion).

KBA’s CEO Dr. Habil Olaka welcomed Salaam Microfinance Bank into its membership saying that it was looking forward to working together to better its services.

“KBA is honored to welcome on board Salaam Microfinance Bank into its membership. The Association is looking forward to the bank’s contribution in advancing our long-term vision of reinforcing the industry’s role in championing Kenya’s sustainable economic development,” said Dr. Olaka.

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“We are profoundly privileged to have an institution like Salaam in our fold to sustain our activities and positively impact the banking public,” he added.

Salaam, formally known as Uwezo Microfinance Bank, is licensed and regulated by the Central Bank of Kenya. The bank was recently acquired by Djibouti’s Islamic lender, Salaam African Bank.

“We at Salaam Microfinance Bank are delighted to join the Kenya Bankers Association,” said Salaam Executive Director, Mr. Jaafar S. Abdulkadiri.

“Our bank is a trusted financial service provider and specializes in lending to Micro, Small, and Medium-sized Enterprises. We are keen to contribute to advancing financial inclusion through responsible lending,” he said.

Headquartered in Nairobi, Salaam intends to attract 30,000 active customers by Q4, 2022.