Faulu Microfinance Bank, a UAP Old Mutual Group subsidiary, has been given the green light to reduce its branch footprint.
The lender says the exercise will affect six branches as below:
| Branch to be consolidated | Receiving Branch |
| Gikomba Branch | OTC Branch |
| Limuru Branch | Kawangware Branch |
| Nanyuki Branch | Nyeri Branch |
| Kiserian Branch | Rongai Branch |
| Homabay Branch | Migori Branch |
| Bondo Branch | Ugunja Branch |
“Operations in the affected branches shall cease with effect from close of business 14th April 2023,” the lender said in a branch consolidation notice.
“We encourage our customers to visit us at any of our other banking outlets or transact using our alternative channels.”
In 2021, Faulu MFB’s market share declined by 0.7 per cent from 40.2 per cent, according to the Central Bank of Kenya’s Supervision and Banking Sector Report 2021.
As at December 31, 2021, there were three (3) large microfinance banks with an aggregate market share of 80.2 per cent, six (6) medium microfinance banks with a combined market share of 18.9 per cent and five (5) small microfinance banks with an aggregate market share of 0.9 per cent.
Faulu bank offers customers a full array of financial services, including Banking, Investment, Savings, and Insurance, with particular reference to Community, Retail, MSME, Institutional Banking segments and Bancassurance.