Faulu Microfinance Bank is a financial institution based in Kenya that primarily focuses on providing financial services to individuals and small businesses.
From its humble roots as a loan scheme in 1991, Faulu is currently one of the top Micro Finance Banks in Kenya and have successfully developed a platform aimed at banking the previously unbanked through a variety of savings, credit, micro-insurance and mobile banking solutions. Faulu Microfinance Bank has demonstrated a track record of enviable growth in its assets and loan book.
Here’s what you need to know about Faulu Microfinance Bank:
1. Background: Faulu Microfinance Bank was established in 1991 as a program under Food for the Hungry International, a non-governmental organization. In 2009, it transformed into a fully-fledged microfinance bank regulated by the Central Bank of Kenya.
2. Ownership: Faulu Microfinance Bank is a member of the Old Mutual Group in East Africa. It’s a limited liability company duly incorporated in Kenya under the Companies Act. The bank is regulated by the Central Bank of Kenya, a member of the Kenya Bankers’ Association (KBA) and the Association of Microfinance Institutions (AMFI).
3. Services: Faulu Microfinance Bank offers a range of financial products and services, including:
– Savings accounts: They provide various savings account options to individuals and groups, allowing customers to save their money securely and earn interest.
– Loans: Faulu offers different types of loans, such as business loans, asset finance, school fees loans, salary advance loans, and group loans. These loans are designed to meet the needs of micro and small businesses as well as individual borrowers.
– Insurance: The bank also provides insurance products such as credit life insurance, asset insurance, and education policies to protect customers against unforeseen events.
– Money transfer services: Faulu Microfinance Bank enables customers to send and receive money through various channels, including mobile money platforms and bank transfers.
– Financial training and advisory services: The bank offers financial literacy programs and training to empower individuals and businesses with the necessary knowledge and skills to manage their finances effectively.
4. Branch Network and Technology: Faulu Microfinance Bank operates through a network of branches across Kenya, making its services accessible to customers in different regions. The bank also leverages technology to enhance its operations and reach, including mobile banking, online banking, and other digital channels.
5. Social Impact: Faulu Microfinance Bank aims to promote financial inclusion and empower low-income individuals and small businesses. By providing access to financial services, the bank supports economic development and poverty reduction in Kenya.
What The Promise To Offer
They offer a variety of credit and lending products that are suitable for any financial need whether it’s for you, for your business or investment clubs. With Faulu, you can expect the following:
- Favourable and affordable rates
- A flexible repayment period
- Access to multiple loans subject to availability
- Financing solutions to grow and improve your businesses
- Quick loan processing on the application
Ngong Lane, off Ngong Road
P.O Box 60240-00200
+254 711 074 000 or +254 711 074 074