Faulu Microfinance Bank Limited
Private Subsidiary | |
Industry | Banking and Finance |
Founded | 1991 |
Headquarters | Nairobi, Kenya |
Key people |
John Mwara Kibochi Managing Director |
Products | Loans Micro-Insurance |
Parent | Old Mutual |
Website | Homepage |
Faulu Microfinance Bank Limited is an Microfinance institution in Kenya. The word Faulu is Swahili for Succeed.
Overview
Faulu Microfinance Bank Limited, commonly referred to as Faulu Kenya, is a Microfinance Bank based in Kenya. It is regulated by the Central Bank of Kenya.[1]
History
Faulu Microfinance Bank Limited was founded in 1991 by Food for the Hungry International (FHI) a Christian organization as an NGO whose main objective was to provide credit to lower income households and micro-enterprises in Nairobi. It received funding from various donors, among them the Department for International Development (DFID) and the United States Agency for International Development (USAID), Faulu grew over the years to a level of near financial self-sufficiency. In order to have more access to commercial funding, Faulu Kenya was incorporated into a private company in 1999.[2]
In 2008, Faulu Microfinance became the first micro-finance institution to obtain the Deposit Taking Licence from the Central Bank of Kenya.[3]
Faulu Kenya became a Kiva partner on July 18, 2009. This gave them access to funding through the Kiva network of partners. As of July 2014, Faulu had raised over USD 2.8 Million in loans through Kiva.[4]
In April 2014, Old Mutual completed it acquisition of 67% of Faulu Kenya [5] through a KSH 2.8 billion capital injection.[6] The acquisition gave Old Mutual a greater market reach through the Faulu Kenya branches across Kenya and gave Faulu Kenya greater capital to meet statutory requirements.
Ownership
The stock of Faulu Kenya is privately held with Old Mutual being the largest shareholder with 67% of the issued capital.