Faulu Bank has enhanced its innovative services and products to boost the competitiveness and resilience of small and medium-sized enterprises (SMEs) in Kenya as they navigate tough economic conditions.
With the rising cost of doing business in the country, SMEs are being compelled to adopt forward-thinking strategies to ensure sustainability and growth. In response to these challenges, Faulu Bank has redesigned its comprehensive suite of offerings to respond to the unique needs of SMEs given the prevailing economic times. Six categories of products have been enhanced including Business Loans; Transaction Services; Savings and Investment Products; Insurance solutions; Digital Banking Services and Advisory and Capacity Building Services.
Speaking at the 4th Abojani Investment Economic Empowerment Conference, Faulu Bank’s CEO, Julius Ouma, emphasized the importance of innovation and support for SMEs in driving economic growth.
“To compete effectively in today’s challenging economic environment, SMEs need a holistic approach to their operations. They require access to finance to acquire and protect essential business assets, affordable funding options paired with sound investment advisory, and tools to manage working capital for steady revenue flow. Moreover, businesses must focus on cost management using sustainable planning tools and prioritize profit retention through reinvestment strategies that enhance resilience,” he said, highlighting the critical role of financial institutions in supporting SMEs.
“At Faulu Bank, we are committed to providing critical solutions that empower SMEs to thrive and drive economic growth. Our products and services are tailored specifically to meet the evolving needs of small businesses, which are the backbone of Kenya’s economy. By equipping them with accessible financing, practical solutions, and expert advice, we help them thrive in these challenging times.”
Faulu offers competitive business loans tailored to meet SME needs. These include working capital financing, asset financing for equipment and machinery, and trade finance solutions to support imports and exports. The bank also provides favorable transaction services for SMEs, such as dedicated SME current accounts with affordable fees, Faulu Merchant Paybills for seamless customer payments, and cash management solutions to optimize financial operations.
Recognizing the growing demand for savings and investment products, Faulu supports businesses with offerings like SME savings accounts, which feature competitive interest rates to help grow funds, and the Faulu Money Market Fund, which provides safe, high-return investment options. These products are complemented by digital banking services, including online and mobile banking platforms (Faulu DigiCash App) for 24/7 access, as well as instant payments and transfers to enhance operational efficiency.
Mr. Ouma also highlighted the importance of SME insurance, emphasizing its role in mitigating risks, and safeguarding against unexpected events.
“Insurance helps build trust by demonstrating reliability and care toward employees and customers,” he said.
Faulu’s SME insurance solutions include business protection against risks such as theft, fire, and liability, as well as employee benefits packages like health and life insurance.
To further enhance competitiveness, Faulu provides advisory and capacity-building support for businesses. This includes financial literacy training for business owners, advisory services on credit management, and strategies for business growth.
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