Chinese owned, Wakanda Network acquires Choice Microfinance Bank

NAIROBI, Kenya Dec 14– The Central Bank of Kenya (CBK) has announced the acquisition of 85 percent shares of community-based, deposit-taking Choice Microfinance Bank Limited by Wakanda Network Limited (Wakanda) which is owned by a Chinese entrepreneur.

 The announcement was made following CBK’s approval on September 21, 2021, under Section 19 (4) of the Microfinance Act and approval by the Cabinet Secretary for the National Treasury and Planning on October 5, 2021, pursuant to Section 19(3)(b) of the Microfinance Act.

 Wakanda which was incorporated in the United Kingdom on February 26, 2020 is wholly owned by Robin Duan Wei who 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 license by CBK on May 13, 2015, to carry out community microfinance banking business within Kajiado County.

“CBK welcomes this transaction that is a critical component of Choice MFB’s transformation plan. It will strengthen Choice MFB and support the stability of the microfinance banking
sector,” the regulator said in a statement.

Since the first MFB became operational in 2009, the Kenyan financial sector landscape has transformed significantly.

This has been underpinned by advances in technology, innovation and customer drive towards any time Anywhere services.

“In response to this changing terrain, CBK has been working with MFB’s to transform their operations, all MFB’s formulated transformation plans in 2020, to adapt to the New Normal,’