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.
Faulu proudly bags four revered accolades
|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.
The Deputy Governor Murang’a - Hon. James Kamau Maina signs the visitors book in the presence of Faulu Leadership team
Faulu MD Apollo Njoroge takes the Deputy Governor Murang’a - Hon. James Kamau Maina on a Branch Tour
The ribbon to unveil Agency banking almost cut
The ribbon to unveil Agency banking now cut
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.
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.
From left Faulu Board of Directors
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.