- Relaunched after 2016 receivership, Chase Bank Kenya offers USSD & mobile solutions built for SME & rural markets.
- Holds ~$1.4 bn assets (2015) and pulpits inclusive finance via Mfukoni USSD/mobile app and SME lending.
Restarted with resilience and digital ambition
Founded in 1996 through the acquisition and rebranding of United Bank (Kenya), Chase Bank Kenya Limited grew to assets worth approximately US$1.43 billion by 2015 with equity around $120 million, serving both urban and rural segments.
However, the bank faced a major crisis in April 2016 when the Central Bank of Kenya placed it under receivership due to liquidity shortfalls and insider loans. Two weeks later, Kenya Commercial Bank took over management, halting deposit runs.
In April 2018, SBM Bank Kenya acquired around $600 million in assets and the branch network—62 branches and 1,300 staff—from Chase. This reboot anchored on stabilized operations, recast governance, and a drive to regain trust in the SME and grassroots banking segments.
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Digital tools and SME finance at the core
To rebuild inclusion and SME focus, Chase revives digital services via the Mfukoni app and USSD code *275#, enabling basic banking—account opening, deposits, payments—on both smartphones and feature phones. This mobile-first strategy supports rural clients who lack branch access. The bank also offers short-term business loans through USSD banking—among top codes listed nationally.
In 2016, it partnered with OpenWay to migrate its card portfolio onto the Way4 omni-channel payments platform, enhancing product control and fraud management. It also built Mobile2Bankwith Safaricom to deliver dedicated mobile banking solutions to businesses. Together, these steps reflect a clear digital pivot anchored on USSD, SME lending, and multi-channel payments—signaling a more resilient, inclusive, and tech-savvy bank.
