Power has partnered with Choice Bank (Choice Microfinance Bank Limited), a nationwide microfinance bank, licensed and regulated by the Central Bank of Kenya, to launch the Power Wallet, powered by Choice Bank. It gives workers a fully licensed bank account that they can open and manage inside the Power experience they already use.

Saving has always been part of Power’s vision. Through Power’s Save module, workers already are able to set money aside in the same app they use to manage their cashflow and credit. The Power Wallet builds on that. It is a no-cost account with no minimum balance, and workers can move money in and out of M-Pesa for free. In addition, all money kept in the wallet will accrue interest on a daily basis. Finally, the longer customers keep funds in the Wallet, the better the credit rates they unlock on Power, and they earn cashback on airtime purchases. With Choice Bank, deposits are protected by the Kenya Deposit Insurance Corporation (KDIC).

“Every day we see workers doing the right thing – earning, saving, trying to stay ahead, but not always being rewarded for it. We’re always working to change that,” said Brian Dempsey, CEO of Power. “People work hard for their money, and their money should work just as hard for them. The Power Wallet, powered by Choice Bank, keeps workers’ money safe and gives them more reasons to hold and grow it, right inside the experience they already use. I’m grateful to the Choice Bank team for building this with us, and to the employers who keep trusting us to look after their people’s financial well-being.”

“As a fully licensed, CBK regulated bank, we’re proud to be the one Power trusts to keep workers’ money safe and growing. People work hard for their money, and our job is to make sure the banking behind it does too. That’s what this partnership is about, delivering the banking infrastructure platforms like Power need to put their people first, so we can grow together,” said Patrick Russell, Chief Commercial Officer at Choice Bank.

Across the region, many workers still operate outside formal financial systems or hold multiple fragmented accounts that don’t talk to each other. Together, Power’s workplace reach and Choice Bank’s regulated banking infrastructure are making safe, digital, rewarding banking a seamless reality for hard-working individuals.

The Power Wallet is available now to employers and partner organisations across Power’s network.

About Power

Power Financial Wellness, Inc. (“Power”) is a digital financial wellness platform that enables a workplace banking experience through employers and strategic institutions, helping workers manage day-to-day cash flow, build savings, access responsible credit, and protect against unexpected shocks through four in-app services: Pay, Save, Borrow and Protect. Workers access Power via a mobile app or USSD, while HR/Admin teams onboard staff and manage automated payroll deductions through a secure web portal. Power operates across Kenya, Uganda, Rwanda, Zambia, and the DRC.

Learn more: yourpower.io

About Choice Bank

Choice Microfinance Bank Limited (“Choice Bank”) is a nationwide deposit-taking microfinance bank licensed and regulated by the Central Bank of Kenya, with customer deposits insured by the Kenya Deposit Insurance Corporation. Choice Bank offers best in class, digital-first personal and business banking, including accounts, savings and transfers, as well as banking-as-a-service infrastructure for businesses and platforms across Kenya.

Learn more: choice-bank.com & [email protected]