Popular blogger and internet personality Cyprian Is Nyakundi has once again exposed a major corporate scandal, this time involving Faulu Microfinance Bank.
Through his X page, he has revealed shocking details about how the alleged bank’s Human Resources department has been selling job appointment letters to desperate job seekers.
This revelation has brought renewed troubles to Faulu, a bank already struggling with financial instability and allegations of mismanagement.
Despite being under the Old Mutual Group, Faulu has faced repeated accusations of fraud, poor employee treatment, and questionable leadership.
The latest scandal has only reinforced the belief that the bank is in deep trouble. According to insiders, the bank’s HR leadership, particularly the head of HR, Ms. Nyaga, has been at the center of fraudulent hiring practices.
Applicants allegedly have to pay bribes to secure jobs, with no recruitment agency involved in the process. This means that those who can afford to buy jobs get hired, while qualified but financially struggling candidates are left out.
The corruption does not stop there those already working at the bank are subjected to unfair treatment, with salaries varying widely for employees in the same job group.
Some earn as little as KSh 150,000, while others doing the same job take home up to KSh 400,000. Even more shocking, certain individuals close to the top management are reportedly earning nearly a million shillings per month while contributing little to the bank’s success.
Faulu employees who survived a recent mass retrenchment say they are now overworked, as the bank’s workforce has been greatly reduced.
Many of the retrenched employees were top performers who had been with the bank for years, making their dismissals even more questionable.
The remaining workers are expected to take on extra duties without any meaningful salary adjustments, adding to frustration within the organization.
The toxic work environment, coupled with extreme pressure, has created a climate of fear and resentment among employees.
Beyond the internal problems, there are signs that the Old Mutual Group is reconsidering its association with Faulu.
Given the bank’s history of scandals, financial instability, and leadership failures, there is growing speculation that Old Mutual might cut ties with
Faulu altogether. If this happens, the bank’s survival would be in serious jeopardy. One of the more disturbing revelations is how Faulu has strayed from its original values.
Employees claim that the HR leadership has removed internal traditions that once defined the bank, including prayer devotions that were part of its founding principles.
This shift has left many questioning whether the bank is still committed to its original mission or if it has simply become another profit-driven institution at the expense of its workforce and clients.
Cyprian Nyakundi’s exposé has sparked outrage, with many demanding accountability from Faulu’s management.
While the head of HR is reportedly under suspension following these allegations, insiders believe more action is needed to clean up the rot within the bank.
Faulu is not just failing its employees but also its customers and stakeholders who trusted it to operate with integrity.
Whether the bank will take decisive action to address these issues remains to be seen, but for now, the damage to its reputation is undeniable.
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