The Lower Eastern Times Opening The Third Eye
Related Articles
Faulu Microfinance Bank has officially joined the Kenya Bankers Association (KBA) clearing house, marking a significant step towards enhancing transaction efficiency for its customers nationwide.
This follows the bank’s integration into the Automated Clearing House (ACH), a system developed in collaboration with KBA and the Central Bank of Kenya (CBK) to streamline interbank payments.
With this integration, Faulu customers will experience faster money transfers, quicker cheque clearances, and improved bulk payment processing.
Local cheques will now be cleared by the next business day, and foreign cheques in currencies such as the US dollar, Euro, and British pound will be processed within two working days, a significant improvement from the previous wait time of up to three weeks.
Faulu CEO Julius Ouma stated that the upgrade demonstrates the bank’s commitment to providing modern and dependable banking services.
“These enhancements are designed to give our customers more control, convenience, and confidence in their daily banking,” he said.
The bank also anticipates that these changes will benefit institutions such as schools, churches, and county governments by making bulk payments more efficient.
