Branch Microfinance Bank (Branch MFB) is a newly formed microfinance institution licensed by the Central Bank of Kenya (CBK).
How Branch MFB was formed
What's the relationship between Branch International and Branch MFB ? It's the same Financial Institution in Kenya. The microfinance institution was formed after Branch International, a well performing digital lender in Kenya took over Century MFB late 2021.
With 84.89% shareholding in Century MFB,the law permitted Branch International to rename the bank thus the name Branch Microfinance Bank.
Read: how branch became a bank
What to Expect from Branch MFB
With the launch of the new microfinance institution customers expect a lot from now a fully fledged, law-abiding financial institution.
In addition to getting fast and affordable loans it will now be possible to deposit money into the bank accounts ,save for future use and apply for larger loan amounts.
At the moment,via branch loan app customers can borrow up to KES 100,000 instantly. Initially the app used to send loans directly to the borrower's M-PESA account but now customers need to initiate a funds transfer to either another branch account or another M-Pesa account or self ( own MPesa account).
Branch loans are not that fast again. It can take up to 8 hours before loans get approved. It's not a unique problem though. When COVID-19 came ,many digital lenders opted to take their time getting enough information about a borrower before disbursing loans.
What will happen to Branch Loan App
Because Branch MFB is a digital bank, the will exist and become even more useful to customers.
We expect some customers to visit Branch Microfinance Bank branches ( formerly Century MFB branches) to get more help whenever necessary.
The headquarters is at Bihi Towers, 8th floor Moi Avenue, Nairobi.
Branch MFB Details And Contacts
| Branch MFB | Details |
|---|---|
| Bank | Branch Microfinance Bank |
| kenya@branch.co | |
| Phone Numbers | 0711995555 (branch), 0722168721( Century MFB) |
| Website | branch.co.ke , century.co.ke |
Advertisements
Write a comment
Post a Comment
Loans Kenya Blog admin will never approve abusive or inciteful comments. In addition, avoid including sensitive or private personal information in your comments for your own online safety.