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Unpacking Faulu Microfinance Bank Digital Solutions


Kenya’s banking sector has been evolving over the years, thanks to the emergence of technology, especially mobile phones that shifted how people bank and transact.

Not many years ago, many banking institutions and customers believed in the power of brick and mortar. Simple transactions such as checking for an account balance, making deposits, and paying for bills and utilities had to be done within the confines of banking halls.

But things have changed. Tech came into being and now the banking experience is not as it used to be. Commercial banks within and outside Kenya are spending sleepless nights trying to catch up with the ever-changing preferences driven by the so-called Gen Z generation among others.

While leveraging technology to enhance banking in Kenya, Faulu Microfinance Bank stands as a beacon of hope and progress. In a world where digitization is revolutionizing the financial sector, Faulu Microfinance Bank has not just embraced this wave of change but is riding it with a vigour that’s nothing short of inspiring.

Their financial evolution wizardry lies in: 

The Faulu DigiCash App and USSD *339#

Imagine carrying a bank in your pocket, ready to serve your financial needs whenever and wherever you are. That’s precisely what the Faulu DigiCash App and USSD *339# offer. This intuitive mobile application puts the control of your finances firmly in your hands. With a few taps on your smartphone, you can check your account balance, transfer funds, pay bills, and earn loyalty points which you can redeem as cash.

But it doesn’t stop there; the App and USSD also offer a unique feature called “PesaLink,” allowing instant money transfers between Faulu accounts and other banks in Kenya. No more waiting in long queues or dealing with complex paperwork. Faulu has made convenience its priority, ensuring that your money moves at the speed of your life.

Contactless Card

Mid 2022, Faulu launched a contactless card that allows its users to tap and pay on the go. The Faulu Visa Debit card can be activated at any Faulu branch or any Faulu ATM countrywide.

Once active, customers can make ATM withdrawals of up to Ksh.35,000 for Classic cards and up to Ksh.70,000 for Platinum cards. In addition, users can swipe up to Ksh.70,000 for the Classic cards and up to Ksh.200,000 at all the Visa Branded Merchants for Platinum cards. Customers can also shop online securely and freely, a convenience that is unrivaled.

The 3-D Secure is hailed for its fraud detection intelligence and acceleration of digital transactions with a fast and secure authentication. It allows information sharing for merchants to send a unique number of transactions, allowing the user to authenticate customers more accurately without asking for a static password or slowing down any transactions.

Agency Banking

Faulu Microfinance Bank has recognized the importance of reaching the unbanked and underbanked populations in Kenya’s remote regions. The lender’s agency banking is a game-changing initiative that extends the bank’s services far beyond traditional branches. Agents equipped with point-of-sale (POS) devices act as mobile branches, providing essential banking services to customers in even the most remote areas.

This approach not only enhances financial inclusion but also boosts the local economy by creating employment opportunities. It’s a win-win situation where Faulu’s commitment to community development shines through.

 Online Loan Applications

Need a loan? Why wait when you can apply online? Faulu Microfinance Bank’s digital loan application process is a revolution. Faulu leverages the power of technology enabling customers to apply for loans from the comfort of their homes or offices. The application is simple, fast, and secure, and approvals are quicker than ever.

But the magic doesn’t end there. The bank’s credit scoring algorithms analyze applicants’ data, allowing them to provide more tailored loan products. This increases access to credit and ensures responsible lending practices, empowering customers to take control of their financial futures.

Customer-Centric Approach

Behind every digital solution, a dedicated team is committed to ensuring a seamless and satisfying customer experience. Faulu understands that technology is a tool, not an end. That’s why their customer service is top-notch, providing support and guidance to customers navigating the digital landscape.

In a world where faceless transactions can sometimes feel impersonal, Faulu Microfinance Bank’s customer-centric approach is a refreshing reminder that every financial transaction has a human story.

Internet Banking

Internet Banking is one in a series of digital offerings that the bank rolled out this year and allows customers to conduct a myriad of transactions conveniently online. Faulu customers can now take control of their banking experience by conveniently checking their account balances, paying utility bills, conducting funds transfers, downloading their account statements, managing their loans, and transferring cash to their mobile.

Customers are also able to activate their dormant accounts, set up and manage standing orders (internal & external), and administer bulk transactions within minutes ensuring that their suppliers/employees are paid on time.

Host to Host Banking Solution

Large Enterprises and Corporations can make seamless, real-time, and cost-effective payments/transfers between banks and their corporate clients using the Faulu Microfinance Bank Host-to-Host (H2H) banking solution. It complements its other innovations such as the Faulu DigiCash App, and the tap-and-pay digital cards that allow users to transact on the go.

Faulu Microfinance Bank remains committed to its customers’ success and continues to explore new opportunities to enhance its banking experience. This commitment to excellence was recently recognized at the prestigious 2023 Think Business Awards, where Faulu was honored as the Best Microfinance in Digital Banking and Product Innovation.

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