Branch International Limited, popularly known in Kenya as Branch Loan App, has acquired Century Microfinance Bank for undisclosed amounts.
Branch acquisition of Century Microfinance Bank
A statement released by the Central Bank of Kenya (CBK) on 8th February 2022 indicated that it has approved Branch International Limited’s acquisition of 84.89% shareholding of Century Microfinance Bank. This means that Branch is the majority shareholder of Century Microfinance Bank.
Branch is one of the most popular companies in Kenya that offers loans through its mobile app without the requirement of any security. According to CBK, Branch’s total assets as of 31st December 2021 were Kenya Shillings 1.1 billion.
Branch is also available in India, Nigeria, and Tanzania.
NOTE: Branch is owned by Branch International Limited. The parent company of Branch International limited is Branch International Inc, a United States of America company
About Century Microfinance Bank
Century Microfinance Bank is a CBK licensed microfinance institution that offers financial services like savings, loans, SMS banking, agency banking, mobile banking, ATM banking, trade finance, etc. to small and medium enterprises in Kenya.
This acquisition gives Branch Loan a better chance to grow Century Microfinance Bank’s mobile banking services by capitalizing on its knowledge and large mobile app loans customer base.