Faulu Bank has announced the launch of a mobile loan facility that allows customers to access up to Ksh. 100,000.
Customers can apply for and receive funds through two primary digital touchpoints:
- USSD Code: Dialing *339# on any mobile device.
- Faulu DigiCash App (Google Play and Apple).
“Digital lending is about fitting into how customers live and manage their money,” said Julius Ouma, Chief Executive Officer of Faulu Bank. “We are putting access to credit on the phone, thereby helping our customers to plan, respond to needs as they arise, and stay financially active without disrupting their daily routines.”
The mobile loan is a cornerstone of Faulu’s wider strategy to transition into a mobile-first institution. This product sits alongside a portfolio of other short term digital financial solutions, including:
- Salary Advances and Emergency Check-off loans.
- Asset Finance and Working Capital for business growth.
- Landlord Loans tailored for property owners.
Originally launched to provide small loans to residents of Nairobi’s Mathare slums, Faulu has transformed into a fully regulated commercial microfinance bank, majority-owned by the Old Mutual East Africa Group.
In 2005, it became the first microfinance institution in Africa to issue a corporate bond, and in 2009, it was the first of its kind to be licensed by the Central Bank of Kenya (CBK) to take deposits. Today, it serves over 200,000 customers through a nationwide network of over 50 service outlets and an extensive agency banking system.
Its product portfolio includes specialized savings accounts, insurance services (Bancassurance), and credit facilities tailored for micro-entrepreneurs, SMEs, and salaried employees.