Africa-Press – Kenya. Faulu Microfinance Bank has launched a digital banking app that allows customers to carry out virtual transactions.
The lender is banking on digital uptake to reach one million customers within a year.
It has also upgraded its electronic data management system, customer relationship management system, agency banking app and upgraded the USSD platform.
Speaking at the launch, Faulu CEO Apollo Njoroge said customers can now download the mobile app to access loans and other financial solutions in real-time using smartphones and other devices.
The app also allows SMEs to apply for bid bonds and performance bonds using a mobile device without having to go to the bank to fill out forms,
“They are also able to open accounts, apply for loans, post queries and even buy insurance using smartphones. Individuals and businesses can also access and track payments and manage cash using the platform,” Njoroge said.
The Faulu Digicash solution also comes as a relief to Faulu customers who transact outside the normal banking hours between 8 AM and 5 PM.
Recent surveys show that customers are increasingly opting for digital channels.
“In view of the current market trends and consumer behaviour, the digital revolution has bequeathed us with a sense of innovation that has transformed conventional banking,” Njoroge said.
The subsidiary of the UAP Old Mutual Group has reported over 50 per cent net profit growth in the past three financial years.
It posted a 73.3 per cent increase in net profit for the year ended December 31.
Profit after tax edged up to Sh330.1 million compared to Sh190.4 million in the previous financial year.
The bank attributed the strong performance to a 20 per cent increase in interest income, improved operational efficiencies catalysed by technology
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