Faulu Microfinance hires Equity Bank Uganda MD as new chief executive

A Faulu Microfinance Bank branch in Nyeri  town. PHOTO | JOSEPH KANYI
A Faulu Microfinance Bank branch in Nyeri town. PHOTO | JOSEPH KANYI 

Faulu Microfinance Bank, a member of the UAP Old Mutual Group, has hired an Equity Bank executive as its CEO with effect from December 19 this year.

Mr Apollo Njoroge was until his appointment the acting managing director for Equity Bank Uganda, where he also held the positions of executive director and chief operations officer.

“Mr Njoroge is an experienced financial executive with over 24 years’ experience in retail, micro, small and medium enterprises banking across East Africa,” said the micro lender on Wednesday.

Faulu said the new executive is expected to steer the micro lender’s expansion backed by his experience.

Mr Njoroge also previously held the positions of general manager in charge of business relationships and head of business growth and development at Equity Bank in Kenya. He has also worked in African Banking Corporation Limited and Investments and Mortgages Bank.


Business school

He is a graduate of IESE Business School in Spain and holds a Masters’ degree in International Business Administration (Finance Option) from United States International University and a Bachelor of Science degree in Mathematics and Physics from the University of Nairobi.

He is also an alumni of the Strathmore Business School — executive management programmes.

“Apollo’s achievements during his tenure at Equity were commendable and include: Strategy formulation and implementation which led to the acquisition of a microfinance institution in Uganda and its eventual growth into a fully-fledged profitable bank in the top 10,” said Faulu in a statement.

“He is also credited with leading the change process for the rollout of a new banking software, documentation of procedures and supporting the team to transition to a commercial bank.”

Apollo takes over from his predecessor Mr Charles K Njuguna who has been at the helm for three years. Faulu said Mr Njuguna will be taking on a new unnamed role within the larger Old Mutual group.

“During his three-year tenure, he was instrumental under the guidance of the Faulu Board of Directors, in leading the integration process of Faulu into the wider Old Mutual Group post acquisition in 2014,” the micro lender said of Mr Njuguna.

“Additionally, he steered the roll out of working structures, remote payment channels which include ATMs, debit cards and mobile account opening; and the launch of Banc assurance which was a great growth enabler, as well as the kickoff of the core banking system upgrade.”

Faulu is a subsidiary of the UAP Old Mutual Group. It has a network of over 80 outlets and 900 employees.

The UAP Old Mutual East Africa a subsidiary of Old Mutual  Emerging Markets (OMEM) which is part of Old Mutual plc.