The Competition Authority has approved the proposed acquisition of a 84.89% stake in Century Microfinance Bank by Branch International Limited.
Branch International, a Silicon Valley-based start-up, offers loans to first-time borrowers and customers without bank accounts in Africa, India and Mexico.
In a Gazette Notice, the Competition Authority said both Branch International-a mobile loan app and Century Microfinance would retain the loan contracts made with clients at the time of this transaction.
Each firm is also required to retain its existing performing and non-performing loans until the expiry of such loans.
Century Microfinance Bank specialises in providing financial services to micro, small and medium businesses.
It was licenced by the Central Bank of Kenya as a deposit-taking microfinance institution on 19th September 2012 and had more than 26,000 clients.
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