Faulu rated best Microfinance Bank in Think Business Awards - Capital Business
Connect with us

Hi, what are you looking for?

COURTESY

Top Story

Faulu rated best Microfinance Bank in Think Business Awards

NAIROBI, Kenya, Jul 24 – Faulu Microfinance Bank has been voted the best lender in its category for the second successive year in the 2020 Think Business Banking Awards. 

The Bank was cited for its innovative products targeting mostly small businesses and individual clients. 

In a double win for the Bank, Faulu CEO Apollo Njoroge was named CEO of the Year in the Microfinance Banks Category in the 15th edition of the banking awards held last night via Zoom due to Covid-19 restrictions.   

The Bank also scooped various awards emerging Best Microfinance Bank in Product Marketing, Best Microfinance Bank in Product Innovation and Most Efficient Microfinance Bank. 

Faulu CEO Apollo Njoroge said the awards are a strong endorsement of the Bank’s business model targeting diverse clientele across personal, business and community banking segments. 

“We at Faulu are delighted at emerging the best in our category for the second year running. We remain focused on making strategic investments in improving the overall customer experience,” said Njoroge. 

He added, “I wish to thank all our staff, customers, and our Board of Directors who have helped sustain and shape the vision of our work together with other stakeholders. I also sincerely appreciate the hard work by the entire Faulu team in delivering true value to our clients through innovative products and experiences.” 

The Think Business Awards recognize outstanding banks in product innovation and customer service. 

Faulu was feted as the Best Microfinance Bank in at the 2019 Edition of the awards. It also scooped the award for the best Microfinance Bank in agriculture and livestock financing as well as third best bank in product marketing. Faulu’s Retail Banking Head Rose Kimani won the Lifetime Achievement Award. 

Advertisement. Scroll to continue reading.

Last year, Faulu embarked on expanding its retail footprint targeting an additional eight branches. The microfinance lender currently has 61 outlets and over 500 agents countrywide. Faulu also offers bancassurance services. 

Faulu, a member of Old Mutual Group, and the leading Microfinance bank in Deposits and Profitability, recorded a 68 percent jump in gross profit to hit Ksh 482 million in the financial year 2019. The Bank attributed the improved performance to enhanced operational efficiencies, increase in interest income and growth in the loan book.  

Advertisement

More on Capital Business

Kenya

NAIROBI, Kenya, Mar 29 – Davis and Shirtliff has urged development partners and governments to escalate investment in water projects in drought-prone regions of...

Entertainment

NAIROBI, Kenya, Mar 29 – Multichoice has stressed the need for collaboration between filmmakers and policymakers in the film industry to elevate Kenya’s film...

Insurance

NAIROBI, Kenya, Mar 29 – Britam has recorded a 65 percent jump in profit before tax to Sh4. billion for the year ended 2023...

World

BEIJING – Chinese tech firm Xiaomi on Thursday night released its first self-developed new energy vehicle model SU7. Three versions of the model —...

Climate

NAIROBI, Kenya, Mar 29 – Food waste across the globe continues to fuel climate change, nature loss and pollution while hurting the global economy,...

Kenya

NAIROBI, March 28 (Xinhua) — Kenya on Thursday launched the national research repository for all research output undertaken in the country. Beatrice Inyangala, principal...

World

TOKYO, March 29 (Xinhua) — The unemployment rate in Japan increased in February from a month earlier, the government said in a report on...

Investments in Africa

NAIROBI, Kenya, Mar 28 – BURN Manufacturing (BURN), a carbon project developer, has announced the completion of a follow-on carbon project investment from Key...