(Last Updated On: May 18, 2014)
Faulu Kenya has plans to increase its branch network to more than double the number plus also introduce agency banking. The money will be provided by its shareholders. Old Mutual owns 67 per cent of Faulu Kenya while 33 per cent is owned by various local investors.
Faulu Kenya wants to have 200 offices within the next five years. It also wants to have 14,000 agencies since it is less expensive. An example is in Equity Bank’s agency it cost sh14 to do a transaction while at the branch its sh96.