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All Africa

by Michael Ouma 6 June, 2006
© 2006 AllAfrica, All Rights Reserved

K-Rep Bank Gets Award

Nairobi, Jun 05, 2006 (East African Business Week/All Africa Global Media via COMTEX)

K-Rep Bank was has been awarded the Transparency Award by the World Bank's Consultative Group to Assist the Poor (CGAP).

The award received on May 29, was in recognition of the bank's demonstrated commitment to financial transparency, according to CGAP's microfinance specialist Ms Patricia Mwangi.

This is the second year running that the bank receives the award. K-Rep managing director, Mr Kimanthi Mutua, attributed the bank's success to its commitment to serving the low-income people, governance and leadership as well as staff commitment and diligence. In its second year, the CGAP Financial Transparency award drew 175 applications from 53 countries worldwide, with 37 applications coming from sub-Saharan Africa. Seven of the entrants received merit recognition, K-Rep being one of them and the only one from Kenya. The institutions that received the first and runners-up awards were microfinace institutions (MFIs) from Pakistan, Cambodia and Bangladesh. Applicants were judged according to their compliance with international disclosure guidelines - industry specific CGAP Disclosure Guidelines and International Financial Reporting Standards (IFRS).

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