Faulu launches mobile banking service

Faulu Kenya has launched phone mobile banking where customers can open and operate their bank accounts.

Customers can transfer money within accounts and across mobile networks and do automatic and instant loan applications among others.

Chief executive John Mwara said: “We intend to bring on board several agents once Central Bank releases the prudential guidelines on agency banking for microfinance institutions,” he said.

The Central Bank of Kenya has issued guidelines on how commercial banks can appoint agents to provide banking services on behalf of institutions.

Information and Communications minister Samuel Poghisio said that despite remarkable progress in the last three years, access to financial services outside main cities remains limited.

The minister said the key lies in efficiencies that intertwine banking with lifestyles of every Kenyan.

“Besides more coverage by regular banks, alternatives such as microfinance and saccos should be strengthened and encouraged to expand”, he said.