Choice Microfinance Bank, now rebranded as Choice Bank, has launched a pioneering, inclusive, and purpose-driven digital banking model, reaffirming its commitment to transforming financial services in Kenya.
The announcement, made during a vibrant ceremony in Nairobi on May 19, 2025, coincided with the bank’s 10th anniversary since its licensing by the Central Bank of Kenya (CBK) in May 2015.
A Decade of Impact and a Bold Digital Leap
The rebranding event, attended by Kiprono Kittony, Chair of the Nairobi Securities Exchange, as Chief Guest, highlighted Choice Bank’s evolution from a community-based microfinance institution in Kajiado County to a nationally licensed powerhouse.
Chief Executive Officer Bonface Isinta Ombui described the digital banking model as a “landmark milestone” and a “bold reinvention” for the future of banking in Kenya.
“Ten years of operations is no mean feat. Together with our esteemed stakeholders, we have walked this journey, and I sincerely thank them for believing in us,” Ombui stated. “Today, we proudly launch our inclusive, purpose-driven digital banking model to deliver a superior customer experience.”
He emphasised that ongoing innovations would further enhance the bank’s offerings.
Strategic Focus and Digital Innovation
The rebrand positions Choice Bank as a leader in Kenya’s digital banking landscape, with a focus on:
- Electric Vehicle Financing: Supporting Kenya’s transition to sustainable transport by offering tailored financing for electric vehicles.
- Kenya-China Corridor SME Support: Providing financial solutions to small and medium enterprises (SMEs) along this critical trade route, fostering economic growth.
- Inclusive Asset Financing: Expanding access to financing for underserved communities and businesses.
- API-Driven Banking-as-a-Service (BaaS): Enabling non-bank partners to integrate financial services seamlessly, reaching underserved populations without physical branches. The BaaS platform ensures compliance with Know Your Customer (KYC) requirements and offers interest-earning accounts insured by the Kenya Deposit Insurance Corporation (KDIC).
A Transformative Journey
Founded in 2015, Choice Bank initially focused on relationship-based microloans for underserved communities, particularly Kenyans in the diaspora.
Its transformation gained momentum in 2021 with investment from the Wakanda Network, which infused capital and a pan-African vision. In 2022, the bank launched its proprietary core banking system and joined the Kenya Bankers Association, signalling its growing influence.
In 2024, Choice Bank achieved significant regulatory milestones:
- National License: On November 4, 2024, the CBK approved its transition from a community to a nationwide microfinance bank, enabling operations across Kenya.
- National Payments System Access: Gaining direct access to Kenya’s payment infrastructure, enhancing transaction efficiency.
- Modern Digital Platforms: Launching mobile and internet banking platforms to provide secure, convenient services.
These milestones laid the groundwork for the bank’s digital-first model, positioning it to lead Africa’s digital banking revolution with robust technological solutions and strategic partnerships.
Industry Context and Regulatory Landscape
Choice Bank’s rebrand aligns with Kenya’s evolving financial sector, where digital innovation is reshaping banking.
The 2022 Kenya Bankers Association survey noted a resurgence in branch banking (17.6% preference in 2022, up from 13% in 2019), but digital platforms remain critical for reaching NextGen consumers with high smartphone penetration.
Meanwhile, the Business Laws (Amendment) Act of December 2024 introduced stricter regulations for digital credit providers and non-deposit-taking microfinance institutions, aligning them under CBK oversight to enhance consumer protection and financial stability.
Choice Bank’s proactive compliance, including its KYC processes and KDIC-insured accounts, positions it well within this framework.
Looking Ahead
With foreign investment backing and a focus on sustainable, inclusive growth, Choice Bank is poised to set new benchmarks in Kenya’s financial ecosystem.
Its BaaS platform, in particular, exemplifies how technology can bridge gaps for marginalised communities, offering scalable financial solutions without physical infrastructure.
As Kenya’s financial sector navigates regulatory changes and digital transformation, Choice Bank’s rebrand underscores its commitment to innovation, inclusion, and customer-centric banking, cementing its role as a trailblazer in the industry.
