Faulu Bank targets to signup 200,000 customers on DigiCash mobile app by January 2023




Faulu Microfinance Bank has embarked on delivering in-person and online training on financial education to students in Universities and Technical Institutions across the country in partnership with AIESEC and the Old Mutual Foundation.

The move is aimed at enabling the youth to leverage the financial sector to unlock possibilities for career and financial growth.

(TOP: Faulu Bank CEO Apollo Njoroge – left – and the Bank’s board chairman George Maina – centre – during the launch of DigiCash in October last year. Looking on is Eclectics head of Business Development Jonah Ngui. The roll out of Faulu’s digital banking suite was a strategic move to grow its retail and business clientele, ramp up efficiency, reduce transaction costs, on the back of increased uptake of remote, cashless financial services).

Commenting on the training, Faulu Microfinance Bank MD Apollo Njoroge, said: “The move is aimed at boosting the migration of customers from traditional to modern ways of banking, sign up new customers, and ensure they experience convenience and safety while using the different banking mobile solutions. This is in line with our ongoing strategy that ramps up our focus on technology to better manage customer relationships.”

With this campaign, the bank targets to onboard at least 200,000 new customers on its DigiCash mobile app by January 2023 in alignment with the bank’s strategy of raising the bar in terms of technology to ensure that customers experience convenience and security while transacting with the bank.

According to a recent survey by the Kenya Bankers Association, at least six in every 10 bank customers prefer mobile banking compared to other forms of accessing banking services. The survey revealed that mobile banking was the most preferred channel in 2021 at 58.4 per cent, up from 52 per cent the year before.

A year ago, Faulu launched DigiCash mobile banking app to allow Faulu’s retail and business clients to access cashless banking solutions such as remote account opening, convenient cash transfers, ordering and stoppage of cheque book and even purchase of insurance.

Through the app Individuals and businesses can also access and track payments and manage cash using the platform in real-time using smartphones. Customers without smartphones can also access the said services via USSD Code *339#.

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