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.
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.