Faulu to enlist students on DigiCash mobile platform

A Faulu Microfinance bank in Nyeri. FILE PHOTO | NMG

Faulu Microfinance Bank is moving to onboard university students on its DigiCash mobile application in a bid to grow customer numbers.

The digital banking application unveiled last year allows customers to access cashless banking remotely at any time of day including account opening, cash transfers, ordering and stoppage of cheque book, and purchase of insurance.

The lender is now offering training on financial education to students in universities and technical institutions across the country aimed at boosting the migration to modern ways of banking.

“The bank targets to onboard at least 200,000 new customers on its DigiCash mobile application by January 2023,” said Faulu Microfinance Bank managing director Apollo Njoroge.

The onboarding campaign is undertaken in partnership with the Old Mutual Foundation and AIESEC -a global platform for young people to explore and develop their leadership potential.

Mr Njoroge noted the drive aligns with the bank’s strategy of raising the bar in terms of technology to ensure that customers experience convenience and security while transacting.

Faulu MFB leads its peers in the large microfinance banks category with gross assets of Sh27.7 billion as of December 31, 2021, according to statistics by the Central Bank of Kenya (CBK).

The data shows mobile payments, the use of mobile money in Kenya hit a historic high in December 2021, after the users transacted Sh622.14 billion on phones.

“This growth in mobile money is attributed to an increase in the use of digital transactions by firms and households because of the convenience and need to reduce physical contacts and contain COVID-19,” said CBK.

A recent survey by the Kenya Bankers Association (KBA) shows at least six in every 10 bank customers prefer mobile banking compared to other forms of accessing banking services.

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