Faulu Microfinance Bank Limited

Faulu Microfinance Bank Limited
Private Subsidiary
Industry Banking and Finance
Founded 1991
Headquarters Nairobi, Kenya
Key people
 Charles Njuguna
Managing Director
Products Loans Micro-Insurance
Parent Old Mutual
Website Homepage

Faulu Microfinance Bank Limited, commonly referred to as Faulu Kenya, is a microfinance bank based in Kenya. It is regulated by the Central Bank of Kenya.[1] The word Faulu is Swahili for succeed.

History

Faulu Microfinance Bank Limited was founded in 1991 by Food for the Hungry International (FHI) a Christian organization as an NGO whose main objective was to provide credit to lower income households and micro-enterprises in Nairobi. It received funding from various donors, among them the Department for International Development (DFID) and the United States Agency for International Development (USAID), Faulu grew over the years to a level of near financial self-sufficiency. In order to have more access to commercial funding, Faulu Kenya was incorporated into a private company in 1999.[2]

In 2008, Faulu Microfinance became the first micro-finance institution to obtain the Deposit Taking Licence from the Central Bank of Kenya.[3]

Faulu Kenya became a Kiva partner on July 18, 2009. This gave them access to funding through the Kiva network of partners. As of July 2014, Faulu had raised over USD 2.8 Million in loans through Kiva.[4]

In April 2014, Old Mutual completed it acquisition of 67% of Faulu Kenya [5] through a KSH 2.8 billion capital injection.[6] The acquisition gave Old Mutual a greater market reach through the Faulu Kenya branches across Kenya and gave Faulu Kenya greater capital to meet statutory requirements.

Ownership

The stock of Faulu Kenya is privately held with Old Mutual being the largest shareholder with 67% of the issued capital.

Operations

Mobile Banking

M-Pesa is the most popular mobile payment option in Kenya.[7] Faulu Kenya is one of the micro-finance institutions in Kenya that support mobile banking. Clients can use M-Pesa to deposit money into their Faulu accounts.[8]


See also

References

External links

This article is issued from Wikipedia - version of the 11/3/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.