The Lower Eastern Times Opening The Third Eye
Faulu Microfinance Bank has modernised its core banking system as it looks to expand beyond its traditional focus on micro, small and medium-sized enterprises (MSMEs) and attract larger businesses.
The upgraded platform is expected to increase the lender’s capacity to scale operations, improve service delivery and respond to the evolving needs of its customers.
Faulu Chief Executive Officer Julius Ouma said the system upgrade would enable the bank to better serve its existing clientele while creating opportunities to introduce new products and services.
“This upgrade strengthens our ability to serve them better today while giving us greater capacity to innovate for the future,” Ouma said.
Faulu has traditionally concentrated on financial inclusion and financing small businesses, a market that has increasingly attracted competition from commercial banks and mobile-based lenders.
The bank said it will maintain its support for MSMEs while using the enhanced system to accommodate larger businesses with more complex banking requirements.
The upgraded platform is also expected to strengthen Faulu’s capacity to process transactions, manage credit and meet compliance demands as it broadens its customer base.
