CATHOLIC FOUNDED CARITAS MICROFINANCE BANK LAUNCHES DIGITAL BANKING SOLUTION
Caritas Microfinance Bank has launched its digital banking solution called CaritasPay. This happened during the 7th Annual General Meeting held at Cardinal Otunga Plaza in which the team launched the innovative and enhanced solution, which enables self- onboarding and payment portal where clients can open a digital account, receive, withdraw and make online transactions.
During the meeting, the bank’s board and management also opened the new head office on the 5th floor of Cardinal Otunga Plaza, Annex as well as a Resource and Training center for their staff.
Archbishop Philip Anyolo called on the bank’s management to help protect the Church’s temporal goods noting that Christians look up to them for wisdom and knowledge on guidance on how to grow themselves.
The Bank is in its second year of implementing the second strategic plan (2021-2025), designed to transform Caritas Microfinance Bank into a household financial service provider capable of providing up scaled financial services. Fr. Simon Ng’ang’a, the Archdiocesan Procurator who is also one of the directors of the bank, challenged the various shareholders represented on the need to collectively come together in finding means or welcoming others on board to move the bank to be at par with its strategic goals.
The bank which was started on 12th June 2015 has seven branches spread across Nairobi and Kiambu County. It registered a profit growth rate of 258% by the end of 2021 that grew from Ksh 4.87 million in 2020 to Ksh 17.48 million. Customer deposits had a growth of 22% from Ksh. 1.942 billion in 2020 to 2.504 billion in 2021. Total number of loans increased by 21% from 3,606 in 2020 to 4,610 accounts in 2021. On the asset base, a 29% growth in total assets to Ks. 3.0 billion as at 31st December 2021, up to 2.3 billion on 31st December 2020.
With the mentioned achievements, the bank was voted as the fastest growing MF Bank in Kenya in 2022, retaining the award given by Think Business Banking Awards for four consecutive years.
