Faulu Microfinance Bank has received a Sh900 million investment from its parent company, Old Mutual, to boost operations.

The lender also announced plans to grow its digital banking offering as well as enhance support for micro, small, and medium enterprises (MSMEs).

This initiative includes a comprehensive review and realignment of the bank’s distribution channels, supported by an active agency network of over 70 agents.

Its CEO, Julius Ouma, highlighted the bank’s substantial progress in digital banking over the past 18 months.

“We are eager to become a leader in the digital finance space. Many of the services that the bank offers are now available online, and our intention is to make our services more accessible for our customers,” Ouma said.

He emphasized the critical role of MSMEs in the economy, stating that Faulu sees a great opportunity to grow our investment and support among MSMEs, as they represent the lifeblood of our economy.

Old Mutual CEO Arthur Oginga expressed confidence in the new direction, stating, “With this change, we are enhancing the Faulu service offering to our existing and future customer network, as well as positioning the business to deliver more value sustainably.”

“Faulu has the full backing of Old Mutual in these endeavors, and we are confident that the refocus will drive shared value for all our sakeholders.”