Faulu Bank has emerged as the best Microfinance bank in digital banking and product innovation at the just concluded 18th edition of the Think Business Awards, 2023.
The Awards, held annually since 2006 are aimed at encouraging prudence and stability in the banking sector by recognizing, awarding, and celebrating exemplary performers in the sector. Besides, the awards are won on a combination of merits, including financial soundness, opinion polls, market research, and professional assessments.
Giving his remarks on receiving the accolades, Faulu Microfinance Bank Acting CEO Julius Ouma said these accolades are a testament to Faulu Banks’ unwavering commitment to leveraging technology and innovation to provide accessible and convenient financial solutions to our customers.
“We are incredibly honored to be recognized as the Best Microfinance Bank in Digital Banking and Product Innovation at the Think Business Awards 2023. One of our main focuses as a bank is to empower individuals and businesses through digital transformation, and this recognition motivates us to continue pushing the boundaries of what is possible. We remain dedicated to driving financial inclusion, enhancing customer experiences, and making a positive impact on the communities we serve.” said Mr. Ouma.
On digitization, Faulu has introduced multiple transaction channels to improve efficiencies and increase convenience. These channels include the Faulu DigiCash App, Faulu USSD code *339#, and Faulu 3D Secure Visa Debit Cards. With over 120,000 customers onboarded on mobile banking, Faulu DigiCash App is a unique platform that provides innovative capabilities which allow customers to access a comprehensive suite of banking solutions, from initiating trade finance, applying for insurance, paying bills, funds transfers, lifestyle features, loyalty programs, and cheque book requests among others.
On Innovation, the Bank has made robust investments in technology as a key driver of innovation. The technological solutions are anchored on customer centricity to ensure seamless and convenient delivery of services. These solutions include Electronic Document Records Management System, Credit Analysis System, the bank’s Core Banking System, the Bancassurance System, and the Customer Relationship Management System (CRM).
For instance, Faulu’s electronic document management system has revolutionized the loan processing journey by eliminating paperwork, reducing turnaround times, and heavily cutting down operational costs. The automated credit analysis system analyzes statements and gives detailed and timely insights into the customer’s financial status. The outcome helps in making informed decisions on the disbursement of loans.
With an expansive branch network spanning 32 counties and serving over 400,000 customers, Faulu remains committed to providing innovative solutions that empower individuals and businesses across Kenya.