- Faulu Bank, a microfinance firm in Kenya, unveils a digital platform for real time cash transfer between banks and their clients.
- It complements its recent innovations such as the Faulu DigiCash App, and the tap-and-pay digital cards.
- The bank has so far invested over $1.42 million in digitizing services.
Kenya’s Faulu Bank has unveiled a new banking solution offering large enterprises and corporations seamless, real-time, and cost-effective transfers between banks and their corporate clients.
The solution is one of the digital offerings Faulu Bank is rolling out this year as it turns into a digital-first lender.
Faulu Bank’s DigiCash App
It complements its recent innovations such as the Faulu DigiCash App, and the tap-and-pay digital cards that allow users to transact on the go.
With the introduction of the Host-to-Host solution, Faulu Bank has so far invested over $1.42 million in digitizing services.
Speaking during the official launch of the product, Faulu Microfinance Bank acting CEO Julius Ouma said the Host-to-Host solution creates a secure and interconnected ecosystem representing a significant milestone in the bank’s transformative journey.
“We are committed to empowering our customers and equipping them with the essential tools to flourish in today’s fiercely competitive business landscape. Therefore, Faulu Bank’s Host-to-Host solution addresses the increasing demand for convenient and secure banking services, granting our target customers seamless access to a comprehensive range of services through various digital channels. This exemplifies our steadfast commitment to innovation and unwavering dedication to the success of our valued customers,” he said.
Seamless transactions between banks, clients
The offering key features include a secure and interconnected ecosystem that enables seamless transactions between banks and corporate clients. It offers the privacy and confidentiality of sensitive financial information. What’s more, it provides real-time and cost-effective transfers facilitating quicker and more efficient financial transactions.
This feature eliminates the need for manual processing, reducing operational costs and streamlining business operations.
Others are access to convenient digital channels such as mobile banking applications, and internet banking platforms. Businesses will benefit from digital interfaces allowing customers to undertake banking anytime and anywhere.
Large enterprises and corporations will also have access to a comprehensive service portfolio tailored to meet their diverse needs. It will help them in account management, funds transfers, payment processing, liquidity management, and balance reporting, among others.
Faulu Bank’s host-to-host platform
Speaking at the Launch, Old Mutual Group Chief Operations Officer, EA Isaac Nzyoka said the group will continue to support the evolution of Faulu to become a leading bank for the segment that it serves. The bank is one of the subsidiaries of the Old Mutual Group-EA.
“Over and above offering convenience to the customers, the roll-out of e-banking and host-to-host solutions perfectly integrates Faulu into the group thereby bringing the vision of Integrated Financial Service offering to our customers across our different service lines” Nzyoka said.
Further, through leveraging the H2H innovation, enterprises will enhance financial control over their operations.
H2H provides tools for cash flow management, financial forecasting, and real-time monitoring of transactions. This feature empowers businesses to make informed financial decisions.
This is in addition to seamless integration capabilities with existing business systems and accounting software used by the target companies. This integration enables the automation of financial processes, simplifying reconciliation and minimizing errors.
The solution is further designed to accommodate scalability and flexibility in order to address the evolving needs of businesses. This allows them to expand their operations without any limitations imposed by the banking solution.
Faulu Microfinance Bank was recently recognized at the prestigious 2023 Think Business Awards. The microlender was honored as the Best Microfinance in Digital Banking and Product Innovation.