Faulu Microfinance Bank Limited, commonly referred to as Faulu Kenya, is a
microfinance
Microfinance is a category of financial services targeting individuals and small businesses who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings ...
bank based in
Kenya
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. It is regulated by the
Central Bank of Kenya
The Central Bank of Kenya (CBK) ( sw, Banki Kuu ya Kenya) is the monetary authority of Kenya. Its head office is located in Nairobi. CBK was founded by in 1966 after the dissolution of East African Currency Board (EACB). Dr. Patrick Ngugi Njoroge ...
.
The word ''Faulu'' is
Swahili for succeed.
History
Faulu Microfinance Bank is a limited liability company duly incorporated in Kenya under the Companies Act. The company changed its name to Faulu Kenya Deposit Taking Microfinance (DTM) Limited in 2008 as part of the requirements to obtain the Deposit Taking Licence from the Central Bank of Kenya. In May 2009, Faulu became the first registered DTM in Kenya under the Micro-Finance Act and is regulated by the CBK.
The bank has grown from one MFI office in 1991 to over 90 service outlets which include 27 banking branches in seven of the eight provinces in Kenya by end of 2011.
In April 2014,
Old Mutual
Old Mutual Limited is a pan-African investment, savings, insurance, and banking group. It is listed on the Johannesburg Stock Exchange, the Zimbabwe Stock Exchange, the Namibian Stock Exchange and the Botswana Stock Exchange. It was founded in S ...
completed its acquisition of 67% of Faulu Kenya
[ through a KSH 2 billion capital injection.][ The acquisition gave Old Mutual a greater market reach through th]
Faulu Kenya
branches across Kenya and gave Faulu Kenya greater capital to meet statutory requirements.
Ownership
The stock
In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ...
of Faulu Kenya is privately held with Old Mutual
Old Mutual Limited is a pan-African investment, savings, insurance, and banking group. It is listed on the Johannesburg Stock Exchange, the Zimbabwe Stock Exchange, the Namibian Stock Exchange and the Botswana Stock Exchange. It was founded in S ...
being the largest shareholder with 67% of the issued capital.
See also
* Central Bank of Kenya
The Central Bank of Kenya (CBK) ( sw, Banki Kuu ya Kenya) is the monetary authority of Kenya. Its head office is located in Nairobi. CBK was founded by in 1966 after the dissolution of East African Currency Board (EACB). Dr. Patrick Ngugi Njoroge ...
* Kiva
A kiva is a space used by Puebloans for rites and political meetings, many of them associated with the kachina belief system. Among the modern Hopi and most other Pueblo peoples, "kiva" means a large room that is circular and underground, ...
* Food For The Hungry (FH)
*List of banks in Kenya
This is a list of notable commercial banks in Kenya
; Licensed commercial banks
# ABC Bank (Kenya)
# Absa Bank Kenya
# Access Bank Kenya
# Bank of Africa
# Bank of Baroda
# Bank of India
# Citibank
# Consolidated Bank of Kenya
# Cooperative Ban ...
References
External links
*
{{Banking in Kenya , state=autocollapse
Microfinance companies of Africa
Banks of Kenya
Companies based in Nairobi
Banks established in 1991
Kenyan companies established in 1991