INNOVATION

Faulu banks on cashless digital platform to reach 1m customers

CEO Apollo Njoroge says the App offers convenience to customers by bringing the bank to where they are.

In Summary

•The Bank says it is targeting to reach one million customers within a year as it rolls out its technology strategy.

•The bank has upgraded and launched an electronic data management system, a customer relationship management system, an agency banking app and upgraded the USSD platform.

Faulu Bank CEO Apollo Njoroge (left) demonstrates the features of the Bank’s newly launched mobile app dubbed Faulu DigiCash to the Bank’s Board Chairman George Maina (centre). Looking on is Eclectics head of Business Development Jonah Ngui.
Faulu Bank CEO Apollo Njoroge (left) demonstrates the features of the Bank’s newly launched mobile app dubbed Faulu DigiCash to the Bank’s Board Chairman George Maina (centre). Looking on is Eclectics head of Business Development Jonah Ngui.
Image: FAULU BANK

Faulu Microfinance Bank Limited has launched a digital banking that allows its retail and business clientele to access cashless banking.

The App dubbed 'Faulu DigiCashApp' allows Kenyans to  access cashless banking from anywhere, anytime, as the Bank ramps up its strategic focus on technology to drive value and better manage customer relationships.

Existing and new Faulu customers can now download the mobile app to access loans and other financial solutions in real time using smartphones and other devices.

They are also able to open accounts, apply for loans, post queries and even buy insurance using smartphones. Individuals and businesses can also access and track payments and manage cash using the platform.

The Bank says it is targeting to reach one million customers within a year as it rolls out its technology strategy.

The bank has upgraded and launched an electronic data management system, a customer relationship management system, an agency banking app and upgraded the USSD platform.

CEO Apollo Njoroge says the App offers convenience to customers by bringing the bank to where they are.

“We had to come with a solution that empowers our customers to meet their banking needs without having to walk around with cash or keep large amounts of money in their business premises thus ensuring their safety,” Njoroge said.

“While the benefits of mobile banking for consumers are clear - convenience, security, ease of access – the Faulu Digicash solution also presents some distinct advantages that will transform our business model for better and faster service delivery."

He said the Faulu Digicash solution also comes as a relief to Faulu customers who transact outside the normal banking hours such as traders who transport farm produce to markets at night.

Faulu also plans customer awareness activities on the benefits of digital banking and how to use the new platform to enhance their personal financial experience and grow their business.