Faulu Bank has introduced innovative services and products to boost the competitiveness and resilience of SMEs in Kenya as they navigate tough economic conditions. With the rising cost of doing business in the country, SMEs are being compelled to adopt forward-thinking strategies to ensure sustainability and growth.
In response to this, Faulu Bank has redesigned its comprehensive suite of offerings to respond to the unique needs of SMEs in view of the prevailing economic times. Six categories of products have been enhanced including: Business Loans; Transaction Services; Savings and Investment Products; Insurance solutions; Digital Banking Services and Advisory and Capacity Building Services.
Faulu offers competitive business loans tailored to meet SME needs. These include working capital financing, asset financing for equipment and machinery, and trade finance solutions to support imports and exports. The bank also provides favourable transaction services for SMEs, such as dedicated SME current accounts with affordable fees, Faulu Merchant Paybills for seamless customer payments, and cash management solutions to optimize financial operations.
Recognizing the growing demand for savings and investment products, Faulu supports businesses with offerings like SME savings accounts, which feature competitive interest rates to help grow funds, and the Faulu Money Market Fund, which provides safe, high-return investment options. These products are complemented by digital banking services, including online and mobile banking platforms (Faulu DigiCash App) for 24/7 access, as well as instant payments and transfers to enhance operational efficiency.
Faulu Bank’s CEO, Julius Ouma, said, “To compete effectively in today’s challenging economic environment, SMEs need a holistic approach to their operations. They require access to finance to acquire and protect essential business assets, affordable funding options paired with sound investment advisory, and tools to manage working capital for steady revenue flow. Moreover, businesses must focus on cost management using sustainable planning tools and prioritize profit retention through reinvestment strategies that enhance resilience. At Faulu Bank, we are committed to providing critical solutions that empower SMEs to thrive and drive economic growth. Our products and services are tailored specifically to meet the evolving needs of small businesses, which are the backbone of Kenya’s economy. By equipping them with accessible financing, practical solutions, and expert advice, we help them thrive in these challenging times.”
Mr. Ouma also highlighted the importance of SME insurance, emphasizing its role in mitigating risks, safeguarding against unexpected events.
Faulu’s SME insurance solutions include business protection against risks such as theft, fire, and liability, as well as employee benefit packages like health and life insurance.
To further enhance competitiveness, Faulu provides advisory and capacity-building support for businesses. This includes financial literacy training for business owners, advisory services on credit management, and strategies for business growth.