Faulu Microfinance Bank, a subsidiary of the Old Mutual Group, will continue to champion the interests of social entrepreneurs through innovative products that facilitate easy access to finance by players in the space.
This commitment was affirmed by the bank’s CEO, Julius Ouma, during the just concluded 7th Africa Conference on Social Entrepreneurship (AACOSE). Faulu was among the sponsors of the annual event, which brought together over 400 delegates, including social entrepreneurs, investors, policymakers, educators, and other stakeholders, to discuss the challenges and opportunities facing the social entrepreneurship sector in Africa.
Under the theme, “Building Networks to Advance Social Entrepreneurship in Africa“, delegates explored how different entrepreneurial skills like innovation can be harnessed to address pressing social and environmental issues.
Some of the key discussion topics included; Human capital development, legal & Policy frameworks, the digital economy, climate and environmental crises, and Innovative models for social entrepreneurship financing, amongst others.
The conference also generated new knowledge through panel discussions and case studies that will serve as learning resources for social entrepreneurship. This knowledge will in the near-term be compiled in a book that will enhance the understanding of social entrepreneurship practices and challenges.
Faulu brought to the table opportunities for strategic partnership, mentorship, and tailored financial solutions, aimed at unlocking the full potential of social entrepreneurship.
“At Faulu Bank, we recognize the pivotal role that social entrepreneurs play in driving positive change within our communities. Their endeavors not only generate economic value but also create tangible social impact, transforming lives and communities for the better. However, we understand that their journey is not without obstacles; limited access to finance, insufficient networks, and regulatory barriers often hinders their growth and potential,” said Ouma.
He added, “Against these challenges, we believe in the power of collaboration, and strong networks that connect visionaries with resources, expertise, and opportunities. By building bridges between stakeholders, we are eager to amplify the impact of social entrepreneurship and be part of a financial ecosystem that is conducive to growth and innovation.”
At the operational level, Faulu Bank is dedicated to harnessing the full potential of social entrepreneurship through its diverse products. For example, recognizing the vital role of agriculture in economic growth, the Bank has established dedicated agribusiness financing solutions, with a prioritized focus on initiatives aimed at transforming the local food security.
This is in addition to the financing of initiatives and enterprises that increase the bankability and incomes of marginalized groups like rural women, amongst investments in institutions that drive transformed educational outcomes across the country. Alongside providing capital, the bank is also keen on supporting entrepreneurs to navigate the complexities of business.
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