Type Private Subsidiary Products Loans Micro-Insurance Headquarters Nairobi Parent organization Old Mutual | Industry Banking and Finance Website Homepage Founded 1991 | |
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Key people Charles Njuguna
Managing Director | ||
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. The word Faulu is Swahili for succeed.
Contents
History
Faulu Microfinance Bank Limited was founded in 1991 by Food for the Hungry International (FHI) a Christian organization as an NGO whose main objective was to provide credit to lower income households and micro-enterprises in Nairobi. It received funding from various donors, among them the Department for International Development (DFID) and the United States Agency for International Development (USAID), Faulu grew over the years to a level of near financial self-sufficiency. In order to have more access to commercial funding, Faulu Kenya was incorporated into a private company in 1999.
In 2008, Faulu Microfinance became the first micro-finance institution to obtain the Deposit Taking Licence from the Central Bank of Kenya.
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 it acquisition of 67% of Faulu Kenya through a KSH 2.8 billion capital injection. 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.
Mobile Banking
M-Pesa is the most popular mobile payment option in Kenya. Faulu Kenya is one of the micro-finance institutions in Kenya that support mobile banking. Clients can use M-Pesa to deposit money into their Faulu accounts.