The micro-lender says it will upgrade its marketing offices. FILE PHOTO | NMG
Faulu Microfinance Bank has announced a Sh113 million branch
expansion plan that will see the
lender expand its presence across the country.
lender expand its presence across the country.
The plan will see the bank open eight new branches in Ugunja, Kapenguria, Homabay, Kericho, Busia, Voi, Bondo and Limuru.
The
micro-lender says it will upgrade its marketing offices into sales and
service centers in Taveta, Emali, Iten and Kimilili to enable it offer a
wide range of products and services to clients.
Faulu
reckons the expansion, which comes at a time when other lenders are
moving away from brick-and-mortar branches to focus on digital
strategies, will help it build stronger links with Kenya's local
communities while it deepens its relationship with counties and the
national government.
“Such partnerships facilitate
scalable business models while leveraging economies of scale in our
operations.” said managing director Apollo Njoroge.
The SME-focused bank will also refurbish its 15 branches across the country.
Faulu,
which was recently feted as the leading microfinance bank of 2019, has
recently ran into regulatory and legal headwinds over the conduct of
some of its staff.
The Competition Authority of Kenya
(CAK) fined the micro-lender Sh150,000 along with Harambee Sacco for
making misleading representations on loans issued to their customers.
“In
the case of Faulu Microfinance, the penalty was 10 percent of the
complainant’s loan value of Sh1.5 million,” CAK told Business Daily
earlier.
Separately, three Faulu employees and an
auctioneer were charged in court in August over irregular sale of a
commercial building belonging to a city trader.
In an
ongoing case, they were accused of conspiring to auction the building in
Huruma Estate in Eastlands on diverse dates between May 30, 2015 and
March 28, 2019
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