Faulu Microfinance Bank, “the Bank,” has strengthened its dedication to the community of the wellbeing by introducing an impactful Corporate Social Responsibility (CSR) program at the New Life Home Trust Kilimani, “the Trust” Nairobi.
The bank as a part of the program donated cleaning materials, hygiene products, and food supplies besides giving KES 100,000 to support the home’s mission of caring for abandoned and vulnerable children.
This was the first time that Faulu and the Trust have collaborated, whose Nairobi branch is currently facilitating 40-50 children with vital medical care, education, and a supportive environment for growth and development.
The project is in harmony with the Bank’s corporate citizenship idea, which stresses Care, Empowerment and Inclusion as the fundamental aspects of the wide-ranging ‘Growing Together’ brand promise. It was also stressed that the bank’s commitment to the community impact cannot only be seen through provision of financial services but also in human-focused and sustainable relationships with the community members whom the Bank is serving.
According to the Kenya National Bureau of Statistics report, more than half of Kenyan children are exposed to multidimensional poverty which means that they experience deprivation in at least three or more aspects of well-being.
The situation is worse in the countryside where this indicator is at over 66 percent. Nevertheless, urban areas are not doing well either with nearly 28 percent of children experiencing this kind of poverty. With social protection systems going through tough times and government allocations only being 0.7 percent of the GDP, initiatives like these are providing the necessary support to fill in the gaps in the area of child protection.
Moreover, the CSR initiative has had a positive impact on the internal culture of Faulu by motivating employee participation in community engagement. It was also pointed out by the bank that its social investment strategy is in line with national development priorities and the global Sustainable Development Goals, especially in the areas of poverty alleviation, access to quality education, and the reduction of inequalities.
The Bank plans to maintain close cooperation with the New Life Home Trust and looks forward to more sustainable and long-term partnership opportunities in the area of child welfare, the bank said.
‘At Faulu, we consider social investment as a fundamental element of our strategy for inclusive growth. The key for us to achieve a stronger and more just society is to empower the vulnerable communities, particularly children. Our partnership with New Life Home Trust is one of the ways through which we demonstrate our commitment to the creation of a positive and lasting impact via value-driven partnerships based on empathy and shared values,’ said Stephen Ngugi, the Head of Finance & Strategy at Faulu Microfinance Bank.
Such local support comes at the time when Faulu together with its parent company Old Mutual is undergoing a major transformation through digitisation and increased lending to small businesses.