NAIROBI, Kenya- Faulu Microfinance Bank has launched its highly anticipated Money Market Fund (MMF), providing customers with flexible and profitable investment opportunities.
This new venture comes hot on the heels of a substantial Ksh. 900 million capital injection from the Old Mutual Group, bolstering the bank’s financial standing and expanding its range of products and services.
Just a month ago, Faulu received a significant capital boost from the Old Mutual Group, infusing Ksh. 900 million into the bank.
This capital injection has not only fortified Faulu’s financial position but has also amplified its lending capacity.
The Faulu MMF is a collective investment scheme registered with the Capital Markets Authority (CMA) that invests in money-market instruments.
These include short-term government securities, bank deposits, and high-grade corporate securities. The fund currently offers an impressive effective annual yield of 16.32pc, positioning it among the best in the market.
For those looking to dip their toes into this lucrative investment opportunity, the Faulu MMF allows you to start with a minimum of Ksh. 1,000.
This initiative is part of Faulu’s strategic plan to enhance its wealth management portfolio and provide customers with access to high-quality investment options that meet diverse financial goals.
Prospective investors will need to open MMF accounts and a Faulu transactional account if they are not already customers.
Through the Old Mutual Investment Group’s (OMIG) platforms, a holding account will be set up, funded through deductions from the customer’s account.
This seamless process integrates with Faulu’s suite of financial products, ensuring customers can easily access tailored solutions that cater to their evolving needs.
Faulu Bank’s CEO, Julius Ouma, expressed his excitement about the launch, stating, “We are pleased to introduce our Money Market Fund, part of the innovative financial solutions we are creating for our customers.”
“This launch broadens our clients’ access to high-quality investment opportunities. We are working with a team of experienced investment managers to ensure our customers get the best returns on their investments,” he concluded.
Echoing this sentiment, Old Mutual Investment Group MD Anthony Mwithiga added, “The Old Mutual Group brings decades of experience in money market fund management to ensure Faulu customers receive competitive returns on their investments. Our team of fund managers is fully available to provide guidance across a diversified portfolio of money market instruments.”
With the launch of the Faulu MMF, Faulu Microfinance Bank is not just expanding its product line but also reaffirming its commitment to offering innovative, customer-centric financial solutions.
