This archive report was first published on 27 October 2021.
Kenyan microfinance bank Faulu has taken a significant step towards digital transformation by launching a mobile banking app called Faulu DigiCash. The app, which was unveiled recently, aims to reach one million customers within a year, both existing and potential.
The Faulu DigiCash app allows customers to access a range of banking services, including loans, account opening, and insurance purchases, using their smartphones. The app is designed to bring the bank to the customers, enhancing efficiency and reducing transaction costs.
According to Faulu Bank CEO Apollo Njoroge, the digital solution is driven by the need to empower customers to meet their banking needs without having to walk around with cash or keep large amounts of money in their business premises. He noted that technology is raising the bar in customer experiences, and Faulu is aggressively investing in the digital transformation journey to give customers exceptional banking while reducing costs.
The Faulu DigiCash solution offers a range of benefits, including digital loans and credit scoring capabilities, customer relationship management, and bancassurance. It is also integrated with major mobile money transfer platforms to facilitate payment of utility bills and other expenses using the phone.
With over 500,000 customers spread across the country, Faulu is strategically aligning its business model to provide a wide range of accessible financial services through its branch network, mobile banking, ATMs, and agency banking.
