Close Menu
    Facebook LinkedIn YouTube Instagram X (Twitter)
    Blue Tech Wave Media
    Facebook LinkedIn YouTube Instagram X (Twitter)
    • Home
    • Leadership Alliance
    • Exclusives
    • Internet Governance
      • Regulation
      • Governance Bodies
      • Emerging Tech
    • IT Infrastructure
      • Networking
      • Cloud
      • Data Centres
    • Company Stories
      • Profiles
      • Startups
      • Tech Titans
      • Partner Content
    • Others
      • Fintech
        • Blockchain
        • Payments
        • Regulation
      • Tech Trends
        • AI
        • AR/VR
        • IoT
      • Video / Podcast
    Blue Tech Wave Media
    Home » Chase Bank Kenya: revives rural outreach via Mfukoni
    chase bank Kenya
    chase bank Kenya
    Company Stories

    Chase Bank Kenya: revives rural outreach via Mfukoni

    By Giselle HuJuly 9, 2025Updated:July 15, 2025No Comments2 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email
    • 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.

    Also Read: EFT Corporation: Pioneering payment solutions in Africa
    Also Read:
     Ericsson’s partnership to revolutionise Africa’s mobile connectivity

    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.

    Central Bank Kenya Chase Bank Kenya Mfukoni Nairobi Receivership SME finance USSD
    Giselle Hu

    Giselle is a community engagement specialist at BTW Media, with a background in film production, curation, and journalism. She studied producing at MetFilm School London and previously worked as a criminal news reporter at a Chinese TV station. Contact her at g.hu@btw.media.

    Related Posts

    WiseTech Global: Logistics software at scale

    September 5, 2025

    Dark Fibre Africa: Open-access fibre for South Africa

    September 5, 2025

    SMS Cellular Services: Enterprise messaging in South Africa

    September 5, 2025
    Add A Comment
    Leave A Reply Cancel Reply

    CATEGORIES
    Archives
    • September 2025
    • August 2025
    • July 2025
    • June 2025
    • May 2025
    • April 2025
    • March 2025
    • February 2025
    • January 2025
    • December 2024
    • November 2024
    • October 2024
    • September 2024
    • August 2024
    • July 2024
    • June 2024
    • May 2024
    • April 2024
    • March 2024
    • February 2024
    • January 2024
    • December 2023
    • November 2023
    • October 2023
    • September 2023
    • August 2023
    • July 2023

    Blue Tech Wave (BTW.Media) is a future-facing tech media brand delivering sharp insights, trendspotting, and bold storytelling across digital, social, and video. We translate complexity into clarity—so you’re always ahead of the curve.

    BTW
    • About BTW
    • Contact Us
    • Join Our Team
    TERMS
    • Privacy Policy
    • Cookie Policy
    • Terms of Use
    Facebook X (Twitter) Instagram YouTube LinkedIn

    Type above and press Enter to search. Press Esc to cancel.