Choice Microfinance Bank Limited( Choice MFB) has announced the sale of 85% stake to Wakanda Network Limited effective October 22, 2021. This follows approval on September 2021 and approval from the Treasury CS on October 5th 2021.
Wakanda was incorporated in the UK on February 26th 2020 and is wholly owned by Robin Duan Wei, a successful Chinese entrepreneur and founder of Mobvista Inc, a digital advertising company listed at the Hong Kong Exchange and Clearing Limited with a market capitalization of US$ 11.7 Billion as of August 31st, 2021.
Choice Microfinance Bank History and Market Share
Choice MFB was granted a license by CBK on May 13th, 2015 to carry out community microfinance banking business within Kajiado County, with its head office in Ongata Rongai. It is categorised as a small microfinance bank with a market share of less than 1% as of October 31st 2021.
In a statement dated 14th December 2021, CBK said this transaction between Choice MFB and Wakanda will strengthen the financial institution and support stability of the microfinance banking sector.
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