Caritas Microfinance Bank

What Caritas Microfinance Bank does

Caritas Microfinance Bank Limited is a Kenya-licensed deposit-taking microfinance institution founded in June 2015 by the Catholic Archdiocese of Nairobi, with operational roots traceable to the Archdiocese's Self Help Group movement initiated in 1983. The bank is headquartered at Cardinal Otunga Plaza in Nairobi and operates through 10 branches plus 2 marketing offices, serving over 50,000 customers across Kenya with cumulative loan disbursements of KES 9 billion. Its target segments are economically and faith-oriented: salaried employees (government and private), micro and small business owners, churches and religious institutions, chamas/self-help groups, clergy, and micro/small-scale agribusiness players.

The product set spans three modular layers. The digital platform includes Caritas Pay (iOS/Android app), USSD banking (*810#), internet banking, Visa-branded ATMs, agency banking, and B2B interoperability with Co-operative Bank and Family Bank for expanded cash access. Retail and institutional banking offerings include savings accounts (Salary, Kilimo, Nawiri, Imarisha Junior, Maono, Baraka Business), transactional accounts (Church, Mchungaji, Chama), and a loan suite covering salary checkoff (up to KES 4M, 96 months), salary finance (up to KES 1.5M unsecured), asset finance (up to 90-100% financing, 48-hour approvals), LPO financing (70% of LPO at 2% monthly), construction and rent loans. The bancassurance layer — distributed through wholly-owned subsidiary Caritas Bancassurance Limited — covers fire, motor, marine, livestock, last expense, professional indemnity, and the proprietary faith-based CARIMED ShwAARi healthcare cover co-developed with AAR Insurance.

Revenue is generated primarily through interest income on loans, account and transaction fees, foreign exchange commissions (USD, EUR, GBP), and bancassurance referral fees. The go-to-market blends a community-led motion via the Archdiocese's church and parish network with direct-to-consumer digital channels under CEO David Mukaru (since 2021), who has driven 90% transaction digitization, branch expansion, and the recent healthcare product launch. The bank is regulated by the Central Bank of Kenya and is privately held, with the Archdiocese as the controlling parent.

Name

Caritas Microfinance Bank

Legal name

Caritas Microfinance Bank Limited

Website

https://caritas-mfb.co.ke

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

101–250 employees

Short description

Caritas Microfinance Bank is a Kenya-licensed microfinance bank founded in 2015 by the Catholic Archdiocese of Nairobi, providing deposits, loans, digital banking, and bancassurance to salaried employees, micro/small businesses, churches, clergy, chamas, and agribusiness customers across Kenya.

Ownership category

akta.pro rank

Product category

Microfinance Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Microloans & Working Capital Loans (FSAKAGAA)

akta.pro secondary industries

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI), Agricultural & Rural Microfinance (FSAKAGAG), Microfinance, Financial Inclusion & Inclusive Markets (BPAGABAM)

Keywords

• Microfinance banking
• Savings accounts
• Consumer lending
• Mobile banking
• Bancassurance services

Headquarters

HQ city

Nairobi

HQ country

Kenya

HQ region

Africa

Offices6 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Interest Income on Loans: Primary revenue from interest charged on various loan products including salary loans, business loans, asset finance, LPO financing, and development loans
2. Account and Transaction Fees: Fees from savings and current accounts, transaction charges, and ledger fees on various account types
3. Bancassurance Commission: Revenue from insurance product distribution including motor, fire, marine, livestock, professional indemnity, and last expense covers. Also distributes CARIMED healthcare cover through subsidiary Caritas Bancassurance Limited
4. Foreign Exchange Services: Revenue from currency exchange services trading USD, EUR, and GBP at all branches

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels5 records

Core offering

Caritas Microfinance Bank is a deposit-taking microfinance institution licensed by the Central Bank of Kenya that provides retail savings and current accounts, salary and consumer loans, business and agribusiness financing, asset finance, foreign exchange, and a suite of bancassurance products distributed via subsidiary Caritas Bancassurance Limited. It serves individual consumers, salaried employees, micro and small businesses, churches, clergy, and chama groups through a hybrid branch-and-digital (Caritas Pay app, USSD *810#, internet banking, ATMs, agency banking) distribution model.

Product overview

Caritas Microfinance Bank operates as a platform-plus-modules architecture offering a comprehensive suite of financial services through multiple delivery channels. The core platform includes digital banking through Caritas Pay (mobile app), USSD (*810#), and Internet Banking, supported by physical infrastructure of 7+ branches, ATMs, and agency banking network. Retail banking products include savings accounts (Salary Account, Kilimo Account, Imarisha Junior Account, Maono Savings Account, Nawiri Account), and loans (Asset Finance, LPO Financing, Salary Finance, Salary Checkoff, Plot Purchase & Construction, Rent Milele). Institutional banking offerings comprise business accounts (Baraka Business Account, Chama Account, Church Account, Mchungaji Account) and specialized loans (Boresha Biashara, Jitegemee Business, Shepherd Development). The bancassurance module provides insurance products (Fire, Last Expense, Livestock, Marine, Motor, Professional Indemnity) plus the proprietary CARIMED ShwAARi healthcare cover developed with AAR Insurance. All services are accessible through integrated payment networks including M-Pesa, Visa, and Co-operative Bank partnerships.

Differentiator

Problem solved

Functional benefit

Brands

• CARIMED ShwAARi: An affordable, Faith-Based Healthcare cover developed by Caritas Microfinance Bank supported by AAR Insurance, distributed through Caritas Bancassurance Limited.
• Caritas Pay

Products and services

• Salary Account
• Kilimo Account
• Nawiri Account
• Imarisha Junior Account
• Maono Savings Account
• Forex Account
• Salary Finance Loan
• Salary Checkoff Loan
• Asset Finance Loan
• LPO Financing
• Plot Purchase & Construction Loans
• Rent Milele Loan
• Boresha Biashara Loan
• Jitegemee Business Loan
• Shepherd Development Loan
• Baraka Business Account
• Chama Account
• Church Account
• Mchungaji Account
• Caritas Pay Mobile Banking App
• USSD Mobile Banking (*810#)
• Internet Banking
• Agency Banking
• Visa-branded ATMs
• Merchant Services (Paybill & Buy Goods)
• B2B Banking
• Fire Insurance
• Last Expense Cover
• Livestock Insurance
• Marine Insurance
• Motor Insurance
• Professional Indemnity
• CARIMED ShwAARi Healthcare Cover

Named customers6 records

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature5 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Co-operative Bank of KenyacoreChannel Partner/ Reseller/ DistributorB2B partnership allowing Caritas MFB customers to access Co-operative Bank's ATM network, branches, and agents countrywide for deposits and withdrawals at favorable charges. CMFB ATM cards are Visa branded and can be used at Co-op ATMs. This partnership extends the bank's physical distribution reach significantly.
• Family BankminorChannel Partner/ Reseller/ DistributorB2B partnership allowing Caritas MFB customers to conduct transactions through Family Bank's network of agents and branches.
• AAR InsurancecoreStrategic or Co-development PartnerAAR Insurance supports the CARIMED ShwAARi healthcare cover, an affordable faith-based healthcare product developed by Caritas MFB. The partnership provides insurance products through the bank's distribution network including branches and agents.
• Caritas Bancassurance LimitedcoreStrategic or Co-development PartnerSubsidiary of Caritas Microfinance Bank that distributes insurance products including the CARIMED ShwAARi healthcare cover. Serves as the primary vehicle for the bank's bancassurance operations.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Family Bank Kenya: Mid-tier Kenyan commercial bank serving SMEs, salaried customers, and faith-based/Sacco-linked segments. Comparable target customer base and also a distribution partner of Caritas.
• Equity Bank Kenya: Large Kenyan commercial bank with deep microfinance and SME lending franchise via Equity's pillar model. Comparable micro-loan, salary, and chama customer segments but at much greater scale than Caritas.
• Co-operative Bank of Kenya: Major Kenyan commercial bank with broad SME, institutional, and Sacco-linked banking. Comparable in serving institutional/church-adjacent customers and is itself a key distribution partner to Caritas via B2B.

Direct peers

• Faulu Microfinance Bank: Kenyan deposit-taking microfinance bank serving micro and small enterprises with salary-based loans, SME credit, and digital channels. Closely comparable product mix and target segment to Caritas MFB.
• SMEP Microfinance Bank: Kenyan microfinance bank focused on SME lending, group lending, and microenterprise products. Closely comparable product set and customer profile to Caritas MFB.
• Sumac Microfinance Bank: Kenyan microfinance bank offering SME, micro, and institutional banking products. Comparable regulatory category, size, and product mix to Caritas MFB.
• BIMAS Microfinance: Kenyan microfinance institution providing microcredit and SME loans, particularly in rural areas. Comparable microenterprise lending focus to Caritas, and BIMAS is also a prior employer of Caritas's CEO.
• KWFT (Kenya Women Microfinance Bank): Kenyan microfinance bank serving women entrepreneurs, SMEs, and groups with group-lending and individual credit products. Comparable mission-driven, micro/SME-lending model to Caritas.
• U&I Microfinance Bank: Kenyan microfinance bank serving SMEs, group borrowers, and individual clients. Comparable deposit-taking microfinance model to Caritas.

Emerging players

• Izwe Loans Kenya: Kenyan non-depository micro/consumer lender focused on salary-based loans to civil servants and private employees. Partial overlap with Caritas's salary checkoff and salary finance loan products.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/CaritasMFB
• Facebookfacebook.com/CaritasMicrofinanceBank
• Instagraminstagram.com/CaritasMFB

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Caritas Microfinance Bank