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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.

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.

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.

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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