Microfinance Bank Faulu has received a Sh1.45 billion capital injection from parent company Old Mutual Africa Holdings Limited to support its growth strategy hinged on growing its banking business and customer base. The capital boost also comes as the Bank, which is part of UAP Old Mutual Group, scales up financial support and solutions to microenterprises and business groups comprising over 150,000 customers. The UAP Old Mutual Group Chief Executive Officer, East Africa, Arthur Oginga says the additional capital will be deployed in strengthening the Bank’s balance sheet. In February, Faulu stepped up support to micro, small and medium enterprises and business groups to help recover from the impact of the pandemic. “...our primary focus as a Bank is on unlocking opportunities through trade finance under flexible terms," CEO Apollo Njoroge said.

Source: The Star May 27, 2021 12:11 UTC