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FAULU SCOOPS THE FIRE AWARD THE SIXTH TIME

Faulu Microfinance Bank was awarded the Financial Reporting (FiRe) accolade during an award Ceremony held at Carnivore Restaurant on 8th November 2019.

Faulu was acknowledged as the best Microfinance bank in Financial Reporting for the sixth time.

Financial Reporting (FiRe) Award is an annual award that recognizes and awards the best reporting entities in East Africa. The Award is aimed at promoting integrated reporting through enhancing accountability, transparency and integrity in compliance with appropriate financial reporting framework and other disclosures on governance, social and environmental reporting by private, public and other entities domiciled in East Africa.

Faulu Microfinance bank has continued to be fastest growing microfinance institution in asset base and profitability. According to 2018 audited financial statements, the bank made a profit of Ksh.287Mn, emerging as the most profitable microfinance institution in Kenya.

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Press Release
FAULU BANK EMBARKS ON A SHS113MILLION BRANCH NETWORK EXPANSION PLAN

Nairobi, 25th September, 2019…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.

He added: “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.” concluded Njoroge.

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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For more information please contact: Anthony Mutua of Redhouse PR 0720721095 /This email address is being protected from spambots. You need JavaScript enabled to view it.m

About Faulu:
Faulu Microfinance Bank, a subsidiary of the UAP Old Mutual Group, is one of Kenya’s fastest growing banks with a network of over 60 outlets and over 1000 employees. The Bank is regulated by the Central Bank of Kenya and offers a variety of financial solutions catering to both Retail and MSME segments. Established in 1991, Faulu has grown significantly, touching the lives of millions of Kenyans and currently has been involved in aggressive market penetration initiatives in the banking sector through innovative deposit and credit solutions.
Old Mutual Plc. is a leading international long-term savings, investments and protection Group originating in South Africa in 1845. The Group provides Life Assurance, Asset Management, Banking and General Insurance in over 40 countries in Europe, the Americas, Africa and Asia. In Kenya, other affiliates within the Old Mutual Group comprises of Old Mutual Holdings Limited which is the holding company of Old Mutual Life Assurance Company, Old Mutual Investment Services (K) Ltd., Old Mutual Investment Group (K) Ltd., Old Mutual Securities Ltd., Faulu Microfinance Bank and most recently UAP Holdings Ltd.
For further information, please visit the corporate website at www.faulukenya.com

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FAULU MICROFINANCE BANK INKS ‘BODA BODA’ DEAL WITH CAR AND GENERAL
…Partnership to facilitate over 120,000 customers to acquire motorcycles at discounted rates

Nairobi, 9th October 2019…Leading Microfinance Bank, Faulu Kenya has inked a deal with Car and General that will enable the Bank’s customers in the transport business acquire below market rate priced motorcycles.
As part of the deal, Faulu Bank customers, mainly organized in Saccos, will benefit from an innovative solution that includes affordable financing, insurance and the installation of tracking or anti-theft devices on their motorcycles. This comes as the country grapples with the issue of increasing theft of motorbikes.
Additionally, the solution includes a last expense benefit in the unlikely event that beneficiaries perish from road accident related injuries.
On its part, Car and General will avail the motorcycles through its robust distribution network across the country and also extend discounted rates to the Bank’s customers to ensure the bikes are affordable to ordinary Kenyans.
The deal will also see customers enjoy special rates when purchasing spare parts through Car and General’s dealers and agents also spread across the country.

Boda-boda motorcycles in Kenya have become a part of our everyday lives, whether it is ferrying people to their places of work, hospital, school, market or goods and parcels to various destinations. The introduction of this unique solution to the market is in appreciation of the role that the boda boda segment plays in our economy.
“We further wish to enrich the solution by extending financial literacy training and bancassurance solutions to our customers once they acquire the bikes while encouraging a savings culture among them in order to help them plan, grow and protect themselves and their loved ones,” said Apollo Njoroge, Managing Director Faulu Kenya.

The use of boda-boda services is even more prevalent in rural areas where public transport may not be so sophisticated and the roads are not well developed.
Commenting on the partnership, Car and General Trading Kenya Managing Director Mr. David Chesoni said: “This partnership presents an opportunity for us to deliver to Kenyans quality motorbikes and parts at an affordable price. We believe this will go a long way in uplifting the economic lives of our youth.”

According to the Motorcycle Assemblers Association of Kenya (MAAK), there are about 600,000 commercial motorcycles currently operating in Kenya, each earning an average of Sh1,000 a day which translates to an annual turnover of Sh219 billion. The industry is one of the biggest drivers of the economy. According to MAAK Chairman Isaac Kalua, each commercial motorcycle supports eight people including the rider’s family and the numerous support service providers like mechanics, tyre suppliers, spare parts dealers and fabricators, implying about 4.8 million Kenyans are dependent on the industry.
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Anthony Mutua of Redhouse PR via This email address is being protected from spambots. You need JavaScript enabled to view it. or 0720-721 095

About Faulu:
Faulu Microfinance Bank, a subsidiary of the UAP Old Mutual Group, is one of Kenya’s fastest growing banks with a network of over 60 outlets and over 1000 employees. The Bank is regulated by the Central Bank of Kenya and offers a variety of financial solutions catering to both Retail and MSME segments. Established in 1991, Faulu has grown significantly, touching the lives of millions of Kenyans and currently has been involved in aggressive market penetration initiatives in the banking sector through innovative deposit and credit solutions.
Old Mutual Plc. is a leading international long-term savings, investments and protection Group originating in South Africa in 1845. The Group provides Life Assurance, Asset Management, Banking and General Insurance in over 40 countries in Europe, the Americas, Africa and Asia. In Kenya, other affiliates within the Old Mutual Group comprises of Old Mutual Holdings Limited which is the holding company of Old Mutual Life Assurance Company, Old Mutual Investment Services (K) Ltd., Old Mutual Investment Group (K) Ltd., Old Mutual Securities Ltd., Faulu Microfinance Bank and most recently UAP Holdings Ltd.

For further information, please visit the corporate website at www.faulukenya.com

About Car and General:
Car & General is a leading supplier of generators, motorbikes, tuktuks, laundry equipment, lawn mowers, scooters, marine engines, construction equipment and a wide range of power generation, automotive and engineering products in East Africa for 75 years. Car & General is headquatered in Nairobi with branches in Mombasa, Kisumu, Nakuru, Kitengela, Eldoret, Kitale, Kisii, Bungoma, Voi, Malindi, Nanyuki and Kericho. It has subsidiaries in Uganda (Kampala) Tanzania (Dar-es-Salaam) and Arusha. As part of Tanzania´s operation, Car & General operates Kibo Poultry Products Limited one of the oldest chicken broiler farms on the African continent, situated at Moshi.

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FAULU DECLARED THE BEST MICROFINANCE BANK

 

Faulu was declared the overall Best Microfinance Bank in Kenya during the Think Business awards held at Movenpick Hotel and Residences on 17th May 2019. Faulu also bagged three other revered awards namely; Lifetime Achievement award in Banking, 2nd best Microfinance bank in Agriculture and Livestock Financing as well as the 3rd best bank in Product Marketing. Our very own longest serving Head of Retail banking - Rose Kimani proudly walked away with the Lifetime Achievement award in Banking.
The Banking Awards have been held annually since 2006. Their objective is to encourage prudence and stability in the banking sector by recognizing, awarding and celebrating exemplary performers in the sector. The awards are won on a combination of merits, including financial soundness, opinion polls, market re-search and professional assessments.

dsc 34 Faulu proudly bags four revered accolades

 

 

dsc 29 Head of Retail Banking, Rose Kimani is rewarded the Lifetime Achievement award in Banking.

FAULU OFFICIATES COUNTRY WIDE AGENCY BANKING LAUNCH IN MURANG’A

Faulu officially launched Agency banking platform countrywide in Murang’a on 17th April 2019.
The launch was officiated by the Deputy Governor Murang’a - Hon. James Kamau Maina Faulu Board Director – Joshua Muiru, Faulu MD – Apollo Njoroge and the ExCo team comprising of Head of Business Growth – David Mukaru, Head of Retail banking – Rose Kimani, Head of Operations and Customer Service – Michael Kalii, Head of Audit – Paul Kahoro and Ag Head of Marketing – Fridah Mutua.
The Deputy Governor Hon. James Kamau Maina encouraged Faulu clients and the people of Murang’a to bank with Faulu and get affordable financing for their businesses. He also thanked the bank for believing in the people of Murang’a by providing the relevant financials solutions as well as ensuring the quick roll out of agencies to ensure everyone can bank conveniently.
Faulu Board representative Joshua Muiru urged the leadership team to cement strong business relationships with the County Governments of the region in order to continue transforming the lives of Kenyans.
Faulu MD – Apollo Njoroge congratulated the Murang’a Branch team for their aggressive recruitment of Agents in the region and urged them to continue with their hard work geared towards building a balanced book. He spoke of the many agricultural opportunities in Murang’a which if leveraged through relevant partnerships will benefit the community by ensuring convenient access to the many financial solutions that Faulu offers.

READ ON…

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The Deputy Governor Murang’a - Hon. James Kamau Maina signs the visitors book in the presence of Faulu Leadership team

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Faulu MD Apollo Njoroge takes the Deputy Governor Murang’a - Hon. James Kamau Maina on a Branch Tour

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The ribbon to unveil Agency banking almost cut

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The ribbon to unveil Agency banking now cut

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Faulu MD and Murang’a Deputy Governor hold their first transaction at the Agent

 


FAULU MICROFINANCE NET EARNINGS HIT SH190 MILLION

Micro-lender Faulu’s net profit for 2018 increased by more than three-quarters, partly helped by halving of provisions against bad loans, the country’s second largest microfinancier by market share announced on Wednesday.
The lender, controlled by South Africa’s Old Mutual Group, reported an 82.74 percent jump in profit after tax to Sh190.44 million.
The lender’s gross loans to customers increased to Sh19.18 billion in 2018 from Sh17.28 billion, helping grow earnings from fees and commissions on the portfolio by 40.28 percent to Sh621.19 million.
Interest on loans were, however, flat, rising by a razor-thin 0.15 percent to Sh3.57 billion.
Its earnings were, nonetheless, boosted by a 50.71 percent fall on loan impairments to Sh114.55 million, while staff costs also dropped by Sh74 million, or 7.1 percent, to Sh968.58 million compared with 2017.
The reduction in staff and other administrative costs helped the deposit-taking micro-financier contain total operating expenses which rose by a marginal 3.11 percent to Sh4.04 billion.
Faulu mobilised Sh2.1 billion more deposits from customers in the 12-month period to Sh18.5 billion compared with Sh16.41 billion2017.
“Our future focus as a customer-led retail and traders’ bank is to continue evolving digitally by offering our customers relevant financial solutions,” the micro-financier said.
There are 13 microfinance banks in Kenya. Faulu is among three tier-one microlenders including Echo Network Africa (formerly Kenya Women) and Rafiki.


READ ON…


FAULU OFFICIATES FAULU WOMENS NETWORK

Faulu ladies and gentlemen in support of the Womens forum launched their Womens Network during an event filled with pomp and colour.
The launch took place at the glamorous Emory Hotel in Nairobi in the evening from 5.00pm to 9.00pm.
All the ladies hailing from Nairobi Region graced the event looking dashing in red, blue and white. They also carried a Maasai shuka to keep warm during the chilly weather in the evening.
The event was graced by Faulu Board Representatives Dr. Catherine Kimura and Ms Sophia Mukoba. Faulu OWN Patron – Grace Thiong’o together with part of Faulu Executive Committee team (ExCo) Maureen Mbori – Head of Treasury, Sheila Maina – Head of Legal, Ag. Head Marketing Fridah Mutua were working hard to ensure the women felt appreciated and involved by spearheading the great event. There were a few gentlemen to support the ladies attending the event led by Peter Iha – Head of Human Capital and Paul Kahoro – Head of Audit.
The ladies had a rare opportunity of listening to personal stories from the women in leadership which inspired them to focus on their goals and embrace the Womens day theme of #balanceforbetter.
The women left uplifted and ready to fully take part in the annual calendar of events as well as influence other women in different regions of the bank to re –energize and re –invent themselves.

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Ladies and gentleman nailing the dress code

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The ladies and a few gentlemen looking

dashing at the event

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Ladies happily dice the yummy cake

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From Left – Faulu Board Directors

Ms. Sophia Mukoba and Dr. Hon. Catherine Kimura

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FAULU EMPOWERS YOUTH IN GITHURAI

Faulu handed over 30 motorbikes to young business men from Githurai on the 28th of March 2019. The business men received financing to purchase their boda bodas in order to start their own businesses.
This day was iced by the launch of a lit roadshow which was flagged off by Faulu Head of Operations and Customer Service - Mr. Michael Kalii to comb the streets of Githurai as Faulu brought its services closer to the residents of the town.
The Ag. Head of Marketing - Fridah Mutua, Branch Manager Githurai - Wambui Kamau, Marketing team representatives, branch staff and the roadshow crew were agile and ready to woo clients during the roadshow.
The busy streets of Githurai cleared automatically to pave way for the Faulu entourage as the boda boda team followed leaving the town at a standstill as the people listened to the banks offering.
Call 0711 074 000 to get to know which loan you can get to start, endeleza or imarisha your business. You can also visit Faulu branches countrywide to learn about Faulu’s product basket.


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P.O Box 60240-00200
Nairobi, Kenya.

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+254 711 074 000 or
+254 711 074 074

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info@faulukenya.com