Faulu Microfinance Bank launches a slew of new products for SMEs
Faulu Microfinance Bank which has been serving the Kenyan market for over 25 years, has revamped its product offering to better suit the needs and aspirations of its customers. The bank has also been conducting customer engagement forums across the country to educate and empower its customers with the insights and solutions they need to grow their businesses.
According to Faulu Bank Head of Business Growth, Justus Kittony, the bank’s new commitment is to foster the growth of SMEs by offering them tailor-made financial solutions that are designed to facilitate the expansion and sustainability of these enterprises, which play an integral role in driving economic growth in Kenya. Some of the new products that the bank has launched include:
- Pre-approved loan limits: This product is specially designed for traders who deal in fast-moving goods, such as groceries, cereals, hardware, etc. The bank offers them pre-approved loan limits based on their financial profile and transaction history. This enables them to access funds quickly and conveniently whenever they need them, without having to go through lengthy application processes or provide collateral. The loan limits also help them to manage their cash flow and inventory effectively.
- Blended retail solutions: This product targets salaried customers who own side businesses and hence have multiple sources of income and expenses. The bank offers them consolidated financial solutions that cater for all their needs, such as savings, loans, insurance, money transfer, and agency banking. The bank also provides them with financial advice and guidance on how to balance their personal and business finances and achieve their goals.
- Digital value propositions: This product is based on the fact that the future of banking is digital and hence the bank has invested in enhancing its digital capability across all its business lines. The bank offers its customers a range of digital services, such as mobile banking, internet banking, USSD banking, card services, etc. The bank also aims to dispense most of its micro loans digitally, which will play a major role in attracting and retaining the youth segment of the market.
The customer engagement forums, which have been held in Nakuru, Kisumu, Machakos, Matuu and Eldoret, will be held in different parts of the country in the next five months. The forums will provide a platform for participants to gain invaluable financial education and interact with Faulu’s experts on various topics related to business growth, such as market trends, customer service, financial management, risk mitigation, etc. Customers present will also have an opportunity to learn more about the bank’s revamped solutions and how they can benefit from them.