Choice Microfinance Bank has officially rebranded to Choice Bank and unveiled a fully digital, purpose-driven banking model. The announcement came during a vibrant celebration in Nairobi to mark the institution’s 10-year anniversary since its licensing by the Central Bank of Kenya in 2015.
“We are very proud to officially launch our first, inclusive and purpose-driven digital banking model for a better experience to our customers,” said CEO Bonface Isinta Ombui. Reflecting on the bank’s decade-long journey, Ombui credited customers, partners, and regulators for their support. “Ten years of operations is no mean feat… Today’s digital shift is not just a milestone, but a reinvention of what banking can and should be in Kenya.”
Unlike many traditional players making piecemeal shifts to digital platforms, Choice Bank’s transformation appears more structural than cosmetic. This rebrand is more than a name change. It introduces new banking ethos that focus more on technology to address gaps in financial access. We have seen how technology has been beneficial to some other banks and it is clear that is the came route Choice Bank is taking.
From electric vehicle financing and inclusive asset loans to supporting SMEs along the Kenya-China trade corridor. Central to this is the introduction of API-driven banking-as-a-service (BaaS). This addition could allow fintechs and developers to build services on top of Choice Bank’s infrastructure.
Choice Bank started as a modest microfinance institution with a mission to serve underserved communities. Things began to shift in 2021, following strategic investment from the Pan-African venture platform, Wakanda Network. That capital injection improved the bank’s balance sheet as well as expand its continent-wide perspective and a push for systems modernization.
In 2022, the bank introduced its core banking system and also joined the Kenya Bankers Association. By 2024, Choice Bank had acquired its National License and had joined the National Payments System. It also launched a modern mobile and internet banking platform trhe same year. This can go a long way in attracting new customers who prefer convenience. With so many other banks prioritizing this, Choice Bank didn’t have much of an option.
Setting apart Choice Bank is its attempt to blend the reliability of a regulated bank with the flexibility of a fintech player. If well executed, this hybrid model could create a template for other mid-sized banks across Africa that want digital relevance without losing regulatory footing.
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