Bank embarks on a Sh113million branch network expansion
Faulu Microfinance Bank has announced plans to expand its branch network in a strategic move that will see it grow its presence across the country and also increase grassroots reach in the counties.
The initiative will see the bank open eight new branches in Ugunja, Kapenguria, Homabay, Kericho, Busia, Voi, Bondo and Limuru. The bank is also set to upgrade marketing offices to sales and service centers in Taveta, Emali, Iten and Kimilili to enable the hubs offer a wide range of products and services to clients.
Additionally, the bank has embarked on a mission of refurbishing 15 branches across the country.
“Faulu’s ambition is to build greater partnerships in the local communities in Kenya and strengthen our relationship with the County and National Governments in support of Vision 2030 and Kenya’s Big Four (4) Agenda pillars around manufacturing, universal healthcare, affordable housing and food security such partnerships facilitate scalable business models while leveraging economies of scale in our operations.”
Said Apollo Njoroge, Managing Director Faulu Microfinance Bank.
He also noted that the Bank is seeking to enrich its community and SME banking segments by working together with Kenyans to empower them economically through investment, lending and financial advisory services.
“The Bank has several digital channels that permit customers to bank conveniently. The channels include: Faulu VISA cards, Mobile banking via *399# and ATMs.
Earlier this year the bank officially launched agency banking in Murang’a county.
“So far, the bank has enrolled over 400 agent outlets whose aim is to improve the customers’ banking experience which is a key enabler to delivering superior customer service,”
Mr. Njoroge added.
In appreciation of the current market and consumer trends, the bank has also invested heavily in digital channels to enhance convenience and service delivery.
“By expanding the Bank’s footprint and expanding customer touch points, we purpose to be more accessible and offer convenience to our growing customer base across the country.”
According to Think Business latest banking survey, Faulu is the leading Microfinance Bank in Kenya with a deposit book and a loan book of over Kshs.20Billion and Kshs.21Billion respectively. The bank prides itself having positively economically impacted on millions of customers directly and indirectly. Faulu is regulated by the Central Bank of Kenya and offers a variety of financial solutions catering for both retail and Micro Small and Medium enterprise (MSME) segments.
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