Faulu Microfinance bank has announced the rollout of its revamped solutions to customers across the country. This is in a bid to ensure that they fully understand and can harness the benefits of their new offerings.
The move is in line with the bank’s new commitment to foster the growth of small and medium-sized enterprises (SMEs) even as it positions itself as a leading Traders Bank.
The forums, which have since been held in Nakuru, Kisumu, Machakos, Matuu and Eldoret, will be held in different parts of the country in the next five months.
In addition to addressing financial solutions, the forums will provide a platform for participants to gain invaluable financial education. Customers present will also have an opportunity to engage with Faulu’s experts on various topics related to business growth, ensuring they have the knowledge required to make informed decisions and maximize their potential.
Last year, the bank conducted a thorough product rationalization exercise that saw it revamp its product offering in a strategic move to boost customer experience, offer convenience and tap into the available youthful customer base. The new products are categorized into three Customer Value propositions (CVPs) which include Biashara CVP, Blended Retail CVP, and Digital CVPs.
The Biashara Value proposition focuses on traders by offering them tailor-made solutions such as pre-approved loan limits, especially for traders who deal in fast-moving goods. This is also an avenue for mobilizing affordable and sticky deposits as customers will be required to build their financial profile before accessing the facilities.
Blended Retail CVP targets salaried customers who own side businesses and hence the need to offer consolidated financial solutions for all their needs. Finally, the Digital value proposition that is pegged on the fact that the future of Banking is digital and hence the capability will be a key enabler across all the business lines. The Bank is also looking at dispensing most of the micro loans digitally which will play a major role in recruitment of the youth to the Bank.
Faulu Bank Head of Business Growth, Justus Kittony “At Faulu, we recognize the integral role that SMEs play in driving economic growth. To support their endeavours, we have been conducting a series of Customer Engagement forums to demystify our revamped solutions, empowering our customers with the financial tools they need to succeed. The key focus for this is to offer working capital loans, trade finance, SME loans, including asset finance, to facilitate the expansion and sustainability of these enterprises.”
The forums showcase Faulu Bank’s proactive approach to empowering SMEs and agribusinesses and showcase its dedication to driving economic development from the grassroots level. This solidifies its commitment to being a partner in its customers’ growth journey.