Faulu Bank has been named as the Best Microfinance Bank in East Africa at the 14th African Bank 4.0 Summit. The summit gathered key stakeholders in the banking and financial sector across Africa to define solutions for transforming the continent’s digital financial services.
The prestigious award recognized Faulu for its exceptional dedication to serving underserved communities and empowering individuals through innovative digital financial products and services. The award highlights Faulu’s commitment to driving financial inclusion and making a positive social impact through a range of tailored financial solutions for micro-entrepreneurs and low-income households.
Faulu Bank CEO, Julius Ouma, said, “We are dedicated to expanding access to banking services and continually innovate digital products to enhance financial inclusion throughout Kenya. Being recognized as the Best Microfinance Bank in East Africa is both an honor and motivation to further develop our product and service offerings.”
This latest accolade adds to Faulu’s impressive track record of awards, including Best Microfinance in Digital Banking at the 2024 Think Business Awards Best Microfinance Bank in Digital Banking and Product Innovation at the 2023 Think Business Awards.
Among Faulu’s innovative offerings are Mobile Banking tools that enable secure and convenient transactions, including payments, directly from users’ phones. Additionally, Faulu’s Internet Banking service allows customers to manage their accounts round the clock, transfer funds, pay bills effortlessly, monitor transactions in real-time, and benefit from enhanced security measures.
Furthermore, Faulu continues to provide distinctive digital lending products, including unsecured Salary Advance Loans, offering clients rapid access to funds without requiring collateral. This is in addition to digitally-managed bancassurance products, including home insurance covering risks such as fire and theft.