Wakanda completes 85% acquisition of Choice Microfinance Bank

Wakanda completes 85% acquisition of Choice Microfinance Bank

Wakanda Network Limited (Wakanda) has successfully finalized the acquisition of an 85 percent shareholding of Choice Microfinance Bank Limited (Choice MFB).

According to the Central Bank of Kenya (CBK) the MFB became operational in 2009, and has transformed Kenya’s financial sector landscape significantly, supported by the high technology adoption by lenders and customers alike.

“In response to this changing terrain, CBK has been working with MFB’s to transform their operations,” read part of the statement.

Wakands, the firm incorporated in the United Kingdom on February 26, 2020 is fully owned by Chinese national Robin Duan Wei according to the report by the Central Bank of Kenya.

“Mr. Robin Duan Wei. Mr. Wei is a successful Chinese entrepreneur, having founded Mobvista Inc., a digital advertising company listed at the Hong Kong Exchange and Clearing Limited with a market capitalization of USD 11.7 billion as at August 31, 2021. “

Choice MFB was granted a licence by CBK on May 13, 2015, to carry out community microfinance banking business within Kajiado County.

In late October this year, MFB was categorized as a small microfinance bank with a market share of below 1 percent of the microfinance.

Three months ago, CBK approved Wakanda Network Limited  following its compliance with the microfinance laws and the acceptance by the Cabinet Secretary for the National Treasury and Planning Ukur Yattani on October 5, 2021

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