Faulu Microfinance Bank Set to Close Six Branches

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Faulu Microfinance Bank PHOTO/Courtesy

Faulu Microfinance Bank has announced plans to shut down six branches by April next year.

This comes at a time when financial institutions are closing down their physical branches to invest in digital banking services.

The branches set to be closed are Gikomba, Limuru, Nanyuki, Kiserian, Homabay and Bondo, the bank said in a statement.

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Customers served in the aforementioned outlets will shift to OTC, Kawangware, Nyeri, Rongai, Migori, and Ugunja branches respectively.

“Operations in the affected branches shall cease with effect from close of business April 14, 2023,” said the microfinance institution in a notice,” the statement read.

Adding;

“We encourage our customers to visit us at any of our other banking outlets or transact using our alternative channels which include: Faulu agents, DigiCash App, mobile banking and using the Faulu Visa Debit Cards.”

In May 2021, Faulu shut down branches in Nakuru, Taita Taveta, Meru and Kirinyaga in a move to save on rental costs.

The closure followed an approval from the Central Bank of Kenya (CBK) to consolidate some of its branches and marketing offices.

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The move reduced rent expenditure as customers are pushed to digital platforms such as mobile banking.

“Taveta and Njoro offices shall cease operations with effect from close of business July 31 while operations for Mwea and Maua branches shall cease from October 31,” read a notice by Faulu.

Following the consolidation, Njoro marketing office was merged with Nakuru branch and the Taita Taveta marketing office with Voi branch.

Faulu Mwea will be merged with the Embu branch and the Maua outlet with Meru branch.

The micro-lender asked customers to use alternative banking channels including Faulu agents, Visa debit card and mobile banking.

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