Faulu upgrades system as it targets larger businesses
The new platform is expected to give the lender more capacity to scale its services and handle the changing needs of its customers.
Nairobi, Kenya – Faulu Microfinance Bank has modernized its core banking system in order to broaden its services beyond its current clientele of small and medium enterprises (SMEs) and cater to larger businesses. The upgraded platform is anticipated to provide the lender with enhanced capacity to scale its offerings and accommodate evolving customer demands.
According to Faulu Chief Executive Officer Julius Ouma, the upgrade will aid the bank in serving its current clientele while simultaneously laying groundwork for future innovation. "This upgrade bolsters our ability to serve them better today while equipping us with greater capacity to innovate for the future," Ouma remarked.
Faulu has historically concentrated on financial inclusion and lending to SMEs, a sector that has experienced heightened competition from traditional commercial banks and mobile lending institutions. Despite this, the bank intends to maintain its focus on serving SMEs as it leverages the upgraded system to support more substantial and intricate business operations. The new system is projected to enhance the bank's capacity to manage transactions, credit, and compliance needs as it broadens its customer base.
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