In 2021 the bank enhanced its presence in the counties by increasing support to small enterprises to play a bigger role in key sectors like agriculture, manufacturing, trade, tourism, and real estate.

This was with the aim of extending financing to farmers, traders, contractors, manufacturers, and property developers in Nakuru, Nyandarua and Laikipia counties, three of the fastest growing business and economic hubs in Kenya’s rift valley region.

“Faulu is keen on strengthening its play in the counties, where the economic action is taking place, by providing much needed financial support to improve the capacity of small enterprises to take advantage of unfolding trade opportunities at the devolved level,” said Njoroge.

He explained that Nakuru’s status as a major transit town along the busy Mombasa-Nairobi-Malaba highway linking Kenya to the greater East Africa region, positions it to expand into a prime regional commercial hub serving the central rift and western parts of the country.

Faulu is offering trade and asset financing to growing businesses in the county, involved in value addition activities in agro-processing, manufacturing, horticulture, dairy, and housing.

Faulu also looks to provide crop insurance to farmers through its bancassurance agency.

Nakuru county is among the largest and wealthiest in Kenya, accounting for 6.1 percent of the country’s Gross Domestic Product, according to the World Bank. Nakuru is set to become the fourth city after Nairobi, Mombasa and Kisumu after the Senate approved a plan to elevate its status in June this year.

Nakuru County Governor Lee Kinyanjui said the county is keen on partnering with businesses to advance the economic and social development agenda.

Faulu also opened its branch in Nyahururu town which upgraded from a marketing office to position itself strongly in Laikipia County, ranked by the Kenya Institute of Public Policy, Research and Analysis (KIPRRA), among the top five counties in terms of creating a conducive business environment for SMEs.

Laikipia County Governor Ndiritu Muriithi hailed the decision by Faulu as an endorsement of the county to investors. “I am pleased to note that Faulu Bank will be increasing its support to local businesses. The Laikipia county government is ready to work closely with financial services providers to deepen commerce as we transform the local economy.”

Apart from financing, Faulu is also training its SME customers on how to grow their businesses and strengthen financial risk management.