Browsing: Faulu Bank

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  • Faulu Bank has entered into a mutual partnership with the Non-Governmental Organization (NGO) Council
  • The partnership will enable the partners to mobilize affordable deposits, as well as grow its Non-Funded Income (NFI) Line
  • The council will support the bank by ensuring that it partners with as many NGOs as possible and onboard them to get a product customized for NGOs, CBOs, and Churches

Kenya’s Faulu Bank has entered into a mutual partnership with the Non-Governmental Organization (NGO) Council, in a bid to mobilize affordable deposits, as well as grow its Non-Funded Income (NFI) Line.

Through pursuing partnerships such as this, the lender is banking on a long term and sustainable strategies that will ensure the growth of its Current and Savings Account (CASA) and NFI line.

Commenting during the ratification ceremony held in Nairobi, Faulu Bank CEO Apollo Njoroge said, “Signing of this Memorandum of Understanding today will offer us …

  • Faulu sees growth in its bancassurance business following the automation of its insurance sales in 2020
  • Sales from the bancassurance agency have so far hit Ksh 327 million this year, a 31 per cent growth compared to a similar period last year
  • The financial institution added that it is targeting to reach one million customers within a year as it rolls out its technology strategy which has digitized its entire operations

Faulu Microfinance Bank has seen significant growth in its bancassurance business following the automation of its insurance sales last year.

The Bank says it shrugged off a tough operating environment due to the coronavirus pandemic, to record increased uptake of insurance products through its bancassurance unit.

Overall sales from the bancassurance agency have so far hit Ksh 327 million this year, a 31 per cent growth compared to a similar period last year, driven by strong demand across the …