The Central Bank of Kenya has granted a license to Century Deposit Taking Microfinance (DTM) Ltd to carry out nationwide deposit-taking microfinance business. This is the seventh Deposit TM institution to be licensed.

Central Bank said that Century DTMs’ primary focus is agricultural finance and, in this regard, the DTM intends to target smallholder farmers by offering agriculture-based credit and savings products. CBK said the DTM would adopt a value-chain approach while lending to farmers which will see it finance them in four stages: preparatory, pre-harvest, post-harvest and processing stages in order to protect itself from the high risks associated with agriculture financing.