Power Partners with Choice Bank to Launch Power Wallet

In Short

• Power has partnered with Choice Microfinance Bank Limited, branded as Choice Bank, to launch Power Wallet, powered by Choice Bank.
• The wallet gives workers a fully licensed bank account inside the Power app and supports free transfers to and from M-Pesa.
• Funds in the wallet earn daily interest, and longer saving can unlock better credit rates on Power.

What Happened

Power has announced a new banking partnership with Choice Bank to roll out the Power Wallet for workers in Kenya. The product is positioned as a no-cost account with no minimum balance, opened and managed inside Power.

The Power Wallet builds on Power’s existing Save module, which already lets employees set money aside in the same app they use to track cash flow and access credit. With the wallet, users can move money in and out of M-Pesa for free. M-Pesa is Kenya’s dominant mobile money service, which many people use like a digital cash account.

Power says money held in the wallet will earn interest daily. It also adds rewards tied to savings behaviour, including improved credit rates the longer funds stay in the wallet, and cashback on airtime purchases.

Choice Bank, a nationwide deposit-taking microfinance bank regulated by the Central Bank of Kenya, provides the banking infrastructure behind the wallet. Power says deposits are protected by the Kenya Deposit Insurance Corporation, which insures eligible customer deposits if a regulated institution fails.

The Power Wallet is available now to employers and partner organisations across Power’s network. Power operates across Kenya, Uganda, Rwanda, Zambia, and the DRC.

Why It Matters

Workplace fintech is pushing beyond earned wage access into full workplace banking, where employees can save, borrow, and manage accounts in one place. For many workers, the alternative is a mix of informal saving, mobile money balances, and multiple accounts that do not connect.

For Power, the partnership reduces regulatory friction by using a licensed bank to hold deposits, while still keeping the user experience inside the app. For Choice Bank, it is a banking-as-a-service model, meaning it supplies regulated rails that platforms can embed, similar to “banking plumbing” for other companies.

If adoption grows, this model could change how employers in Kenya offer financial wellness benefits, and how microfinance banks reach salaried workers through digital channels.