Faulu Bank Receives Top Honors for Digital Banking and Product Innovation at Think Business Awards 2023

Faulu Bank, that outstanding Microfinance institution we all know and love, has just been crowned the leading pioneer in digital banking and product advancement at the prestigious 18th edition of the Think Business Awards in 2023! Can you believe it?

More about these awards. Every year since 2006, the Think Business Awards have been shining a spotlight on exceptional performers in the banking sector. They’re all about promoting prudence and stability in the industry. So, they go all out to acknowledge and commend those who are really rocking it. And how do they decide the winners? Well, they take into account things like financial stability, public opinion polls, market research, and expert evaluations. It’s a pretty comprehensive process, don’t you think?

Now, when Faulu Bank scooped up these esteemed accolades, you can only imagine how thrilled Julius Ouma, the Acting CEO of Faulu Microfinance Bank, was. He couldn’t hide his excitement and gratitude. He emphasized that these achievements are a true testament to Faulu Bank’s unwavering dedication to harnessing technology and innovation to bring accessible and convenient financial solutions to their beloved customers.

Mr. Ouma expressed his overflowing gratitude, saying, “We’re absolutely honored to be recognized as the Best Microfinance Bank in Digital Banking and Product Innovation at the esteemed Think Business Awards 2023.” He went on to stress that empowering individuals and businesses through digital transformation is the beating heart of their banking operations. This recognition gives them an incredible boost to keep pushing boundaries and exploring new horizons. Their commitment to foster financial inclusion, enhance customer experiences, and make a lasting impact on the communities they serve remains as strong as ever.

Faulu Bank has been on a roll with their digitization efforts. They’ve introduced a range of transaction channels that are all about efficiency and convenience. Picture this: the Faulu DigiCash App, Faulu USSD code *339#, and Faulu 3D Secure Visa Debit Cards. With over 120,000 individuals already on board and actively using their mobile banking services, it’s clear that the Faulu DigiCash App is a real game-changer. It’s like a one-stop-shop for all your banking needs. You can do things like initiate trade finance, apply for insurance, pay bills, transfer funds, enjoy cool lifestyle features, earn loyalty program perks, and even request a good ol’ cheque book. Talk about convenience at your fingertips!

They’ve gone all-in and made some hefty investments in cutting-edge technology. It’s all about putting the customer first and ensuring seamless and convenient service delivery. They’ve got an impressive lineup of technological solutions like the Electronic Document Records Management System, Credit Analysis System, Core Banking System, Bancassurance System, and Customer Relationship Management System (CRM). They’ve really left no stone unturned!

Take their electronic document management system, for instance. It has totally revolutionized the loan processing journey. No more paperwork nightmares! This nifty system has significantly slashed turnaround times and operational costs. And here’s another gem: their automated credit analysis system. It’s like having a financial guru on speed dial. It analyzes financial statements like lightning and gives you all the juicy insights you need to make informed decisions about loan disbursements.

With an extensive branch network spread across 32 counties and a whopping 400,000 satisfied customers, Faulu Bank is fully committed to providing innovative solutions that empower individuals and businesses throughout Kenya. They’re not resting on their laurels. Oh no! They’re always one step ahead, embracing innovation, and staying ahead of the curve to make sure they remain at the top of their game. They’re the real trailblazers when it comes to meeting the ever-changing demands of their customers in this fast-paced financial world we live in.



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