Faulu Microfinance Bank Limited
| |
Private Subsidiary | |
Industry | Banking and Finance |
Founded | 1991 |
Headquarters | Nairobi, Kenya |
Key people |
Apollo N. Njoroge Managing Director Dr. Peter W. Muthoka Chairman |
Products | Loans Micro-Insurance |
Parent | Old Mutual |
Website |
www |
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 is a limited liability company duly incorporated in Kenya under the Companies Act. The company changed its name to Faulu Kenya Deposit Taking Microfinance (DTM) Limited in 2008 as part of the requirements to obtain the Deposit Taking Licence from the Central Bank of Kenya. In May 2009, Faulu became the first registered DTM in Kenya under the Micro-Finance Act and is regulated by the CBK.[2]
Faulu Microfinance Bank was founded by Food for the Hungry International (FH), a Christian relief organization, Loan scheme program that targeted the economically active poor in Mathare.
Faulu Microfinance Bank has demonstrated a track record of enviable growth in its assets and loan book. Faulu Microfinance Bank has grown over the last 20 years from one MFI office in 1991 to over 90 service outlets which include 27 banking branches in seven of the eight provinces in Kenya by end of 2011, with various strategic partnerships that make its financial services available countrywide.[2]
Faulu Microfinance Bank has created a strong brand in the Deposit Taking Microfinance Industry and continues to strengthen its presence in the market in a deliberate effort to grow its banking business. Faulu envisions to be a market leader through diversified products, wider distribution networks, strategic partnerships and affordable pricing due to reduced costs and cheap deposits from its banking business.
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.
In April 2014, Old Mutual completed its acquisition of 67% of Faulu Kenya[3] through a KSH 2.8 billion capital injection.[3] 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.[3]
See also
References
- ↑ List of licensed deposit taking microfinance institutions - CBK
- 1 2 Administrator. "About Faulu". www.faulukenya.com. Retrieved 2016-11-02.
- 1 2 3 "Old Mutual acquires 67pc of Faulu Kenya". Retrieved 2016-11-02.