Many people don’t know that the Catholic Archdiocese of Nairobi is a player in the finance sector with their own institution, Caritas Microfinance Bank (CMFB).
Caritas was first established in 1983 when Maurice Michael Otunga, the first African Bishop in Kenya, set up the first Self-Help Group (SHG) at Kiriko Parish, Gatundu North. He noticed that many parishioners had socio-economic needs.
The Christians at Kiriko Parish, along with their Cardinal, Father Mukui, each contributed 20 shillings, collecting a total of 680 shillings that Sunday. Thus the beginning of Caritas SHG. It aimed to promote self-reliance within the community and encourage savings and credit.
At the time, they had no idea this simple idea would grow into something much bigger. In 2009, the Archdiocese’s aid agency, Caritas Nairobi, established a microfinance to help reduce poverty levels.
On 12th June 2015, their vision became a reality with the launch of Caritas Microfinance Bank (CMFB), making it the first microfinance bank in Kenya owned by a religious institution.
Caritas are one of the 13 licensed MFs in Kenya. They offer various financial solutions including savings accounts, current accounts, asset finance, LPO finance, foreign exchange solutions and term loans.
In 2022, the Deposit Taking Microfinance institution (DTM) was voted as Kenya’s fastest-growing microfinance bank, for a fourth-straight consecutive year. At the end of the year 2021, they had registered a profit growth rate of 258% from Sh. 4.87 million to Sh. 17.48 million.
Customer deposits saw a growth of 22% from Sh. 1.94 billion in 2020 to Sh. 2.5 billion in 2021. The total number of loans issued had grown by 21% while their asset base saw a 29% rise.
Additionally, in 2022, the Kenyan Bankers Association welcomed Caritas Microfinance into their ranks. Caritas now operates 6 branches and 60 banking agents across the country.
“Our bank is rooted in the highest level of ethical practice, guided by our vision which is to create value for all our stakeholders. We look forward to contributing to the industry, particularly in advancing financial inclusion through sustainable banking practices and shared value,” said Caritas CEO Mr Theuri Muchiri.
Their head office is located at the Cardinal Otunga Plaza along Kaunda Street in Nairobi. This is just one of their branches. Others are:
- CMFB Corporate Branch – Cardinal Otunga Plaza Annex, Ground floor.
- CMFB Retail Branch – Cardinal Otunga Plaza, Ground floor.
- CMFB Kawangware Branch – Junction of Naivasha and Kikuyu roads
- CMFBÂ Donholm Branch – Off Manyanja Road, near Naivas Supermarket
- CMFB Karuri Branch – St. Martin D. Porres Catholic Church, Karuri, Banana Hill
- CMFB Thika Branch – Thika Bazaar Building, along Kenyatta Highway, Thika Town
CMFB Contacts: 0205151500 or 0729986331
How to join Caritas Sacco
Over the years, Caritas has stayed dedicated to making financial services accessible for its customers.
Membership is open to anyone willing to buy shares and invest. To join Caritas sacco, visit the nearest CMFB branch or a banking agent.
Here are a few requirements:
- Copy of National ID/Passport
- KRA Pin
- Download the Caritas Pay App on the Google Play store
- Click on the new user
- Fill in your details and follow the prompts
- Save the Account Number
- Dial *810# and request for account opening