EXPANSION

Faulu Bank to open eight new branches

The move targets to increase the microlender's reach to community and SME banking segments

In Summary

•The microlender will open eight new branches in Ugunja, Kapenguria, Homabay, Kericho, Busia, Voi, Bondo and Limuru.

•The branch network expansion is expected to cost Faulu Bank about Sh113 million.

branch network expansionHon. Wycliffe Oparanya, Governor Kakamega County (centre) is flanked by Peter Wanyaga Muthoka (Right) and George Maina, Faulu Bank Chairman and Director respectively during a recent branch opening in Kakamega.
branch network expansionHon. Wycliffe Oparanya, Governor Kakamega County (centre) is flanked by Peter Wanyaga Muthoka (Right) and George Maina, Faulu Bank Chairman and Director respectively during a recent branch opening in Kakamega.

Faulu Microfinance Bank has announced plans to expand its branch network, a move that will see it grow its grassroots reach in the counties.

The microlender will open eight new branches in Ugunja, Kapenguria, Homabay, Kericho, Busia, Voi, Bondo and Limuru.

It is also set to upgrade marketing offices to sales and service centres in Taveta, Emali, Iten and Kimilili to enable the hubs to 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.

The branch network expansion is expected to cost Faulu Bank about Sh113 million.

Faulu Microfinance Bank managing director Apollo Njoroge has said the bank is seeking to increase its reach to community and SME banking segments with a focus on investment, lending and financial advisory services.

“By expanding the bank’s footprint and expanding customer touchpoints, we purpose to be more accessible and offer convenience to our growing customer base across the country,” Njoroge said.

In May, the microfinance was feted by Think Business as the leading microfinance bank in Kenya with a deposit and a loan book of over Sh20 billion and Sh21 billion respectively.

In the dynamic market and consumer trends, the bank serves one of the players in the microfinance network integrating digital technology into all areas of business.

The microfinance which traditionally focused on serving groups recently introduced digital channels that permit customers to bank conveniently through Faulu VISA cards, mobile banking and ATMs.

 

Earlier this year, the bank officially launched agency banking in Murang’a county and has so far enrolled over 400 agent outlets to improve customers’ banking experience.