Published on March 8, 2024 by Agencies for Kenya Online News
Last Updated on 2 years by Agencies for Kenya Online News
NAIROBI, KENYA, March 8, 2024…Faulu Bank has today reaffirmed its commitment to developing innovative financial products tailored to the unique needs of its women clientele.
With over 108,000 women customers, the bank offers a comprehensive range of financial solutions aimed at supporting women in various aspects of their lives. These include but are not limited to business banking, trainings on financial wellness, education, insurance, and investment.
For the professional woman, the bank provides an array of products designed to provide financial stability and security. These include access to finance for emergencies, education policies for children, easy access to their funds, investment channels, among others. Core products such as Faulu personal loans, salary advance, and salary accounts have been developed to meet the specific needs of working women.
Entrepreneurial women are also catered to through the Biashara SME Loans, and a range of other offerings designed to support business growth and sustainability. Products like LPO financing and Digi Loans provide short-term financing solutions while investment accounts offer avenues for long-term wealth creation.
Recognizing the vital role women play in agriculture, the bank offers specialized products such as the Nafaka Inputs Loan, Kilimo Bora Loan, and Maziwa Loan to facilitate farming practices. Additionally, the bank provides agricultural insurance and financial literacy training focused on enhancing agricultural productivity.
For the family-oriented woman, the bank’s products such as the Elimika Education Plan and Afya Imara Health cover ensure peace of mind by addressing education planning and healthcare needs. The Lady Auto Cover provides comprehensive insurance for private cars with special extensions catering to various contingencies. In times of loss, Faulu Bank stands by its clients, offering support through products like the Faulu last respect cover, ensuring that loved ones receive a befitting sendoff during challenging times.
“Women are a very important segment of our clientele and we are constantly evaluating their needs to come up with products that transform their lives and their families,” said Faulu Bank’s Acting Chief Executive Officer.
“Our tailored financial solutions are designed to meet the diverse needs of women, empowering them to achieve their goals and aspirations.”
Women make up 49.6% of Kenya’s population and play a major role in the country’s economic development. At least 31.4 % of the formally licensed SMEs and 61% of the informal SMEs are owned by women, making them a core demographic for the banking business.
