Faulu Bank enhances six merchandise to assist SMEs
Faulu Bank has enhanced its progressive providers and merchandise to spice up the competitiveness and resilience of small and medium-sized enterprises (SMEs) in Kenya as they navigate robust financial situations.
With the rising price of doing enterprise within the nation, SMEs are being compelled to undertake forward-thinking methods to make sure sustainability and development. In response to those challenges, Faulu Bank has redesigned its complete suite of choices to answer the distinctive wants of SMEs in view of the prevailing financial instances. Six classes of merchandise have been enhanced together with: Business Loans; Transaction Services; Savings and Investment Products; Insurance options; Digital Banking Services and Advisory and Capacity Building Services.
Speaking on the 4th Abojani Investment Economic Empowerment Conference, Faulu Bank’s CEO, Julius Ouma, emphasised the significance of innovation and assist for SMEs in driving financial development.
“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 stated, highlighting the essential function of monetary establishments 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 gives aggressive enterprise loans tailor-made to fulfill SME wants. These embrace working capital financing, asset financing for tools and equipment, and commerce finance options to assist imports and exports. The financial institution additionally supplies beneficial transaction providers for SMEs, equivalent to devoted SME present accounts with reasonably priced charges, Faulu Merchant Pay payments for seamless buyer funds, and money administration options to optimize monetary operations.
Recognizing the rising demand for financial savings and funding merchandise, Faulu helps companies with choices likeSME financial savings accounts, which function aggressive rates of interest to assist develop funds, and the Faulu Money Market Fund, which supplies protected, high-return funding choices. These merchandise are complemented by digital banking providers, together with on-line and cellular banking platforms (Faulu Digi Cash App)for twenty-four/7 entry, in addition to instantaneous funds and transfers to reinforce operational effectivity.
Ouma additionally highlighted the significance of SME insurance coverage, emphasizing its function in mitigating dangers, safeguarding towards sudden occasions.
“Insurance helps build trust by demonstrating reliability and care toward employees and customers,” he stated.
Faulu’s SME insurance coverage options embrace enterprise safety towards dangers equivalent to theft, hearth, and legal responsibility, in addition to worker advantages packages like well being and life insurance coverage.
To additional improve competitiveness, Faulu supplies advisory and capacity-building assist for companies. This contains monetary literacy coaching for enterprise homeowners, advisory providers on credit score administration, and techniques for enterprise development.
