NAIROBI, Kenya, Sept 25 – Faulu Microfinance Bank has upgraded its core banking system as it seeks to expand beyond its traditional base of micro, small and medium enterprises (MSMEs) and serve larger businesses.

The new platform is expected to give the lender more capacity to scale its services and handle the changing needs of its customers.

Faulu Chief Executive Officer Julius Ouma said the upgrade would help the bank serve its existing customers while creating room for new services.

“This upgrade strengthens our ability to serve them better today while giving us greater capacity to innovate for the future,” Ouma said.

Faulu has traditionally focused on financial inclusion and lending to small businesses, a segment that has faced growing competition from commercial banks and mobile lenders.

The bank said it will continue serving MSMEs as it uses the upgraded system to support larger and more complex business operations.

The new system is expected to improve the bank’s ability to handle transactions, credit and compliance requirements as it expands its customer base.