Absa’s recipe that is winning customer’s hearts
In the heart of Kenya’s entrepreneurial landscape, where dreams are nurtured and ambitions flourish, savvy investors are always seeking strategic partners capable of turning visions into triumphs.
Absa Bank Kenya, with a legacy steeped in innovation and dedication to the success of enterprises, is evolving into an indispensable ally in Kenya’s financial inclusion landscape.
Wezesha Stock app
One of its innovative offerings is Wezesha Stock, an app-based solution that integrates e-commerce and digital banking to provide unsecured working capital of up to Kes10 million for businesses in sectors such as Fast Moving Consumer Goods, agro-processing, oil marketing, and agro-chemicals. This service, available 24/7, aims to improve inventory management and streamline trading operations for small and medium enterprises (SMEs).
Wezesha Stock seamlessly automates stock financing for retailers, serving as a significant boost for their financial requirements. The platform facilitates the onboarding of retailers, streamlining stock order management while leveraging data analytics to grant retailers access to unsecured stock financing.
The unsecured loans, which have a fixed interest rate, can assist SMEs in enhancing their cash flow, reducing expenses, and significantly boosting sales.
Mobi Tap
Absa’s Mobi Tap platform also stands out as it allows small businesses to accept card-based payments through an Android smartphone, fostering seamless communication between the merchant’s device and the customer’s contactless payment card. Developed in collaboration with payments giant VISA, Absa Mobi Tap uses Near Field Communication capabilities to facilitate seamless communication between the merchant’s device and the customer’s contactless payment card.
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100 billion funding
Recognizing the importance of SMEs, Absa Bank made a Ksh100 billion funding commitment to spur the development of Micro, Small and Medium Enterprises (MSME) across various value chains over the next three years.
The funding line is expected to improve the resilience of the sector by offering ready access to working capital, further cementing the Bank’s role in catalyzing Kenya’s economic growth and development.
Speaking during the Bank’s Annual Business Club Forum, Absa Bank Kenya’s Managing Director and CEO, Abdi Mohamed, underscored the lender’s commitment to continue investing in the growth of the country’s MSME sector.
“We particularly recognise the need to avail sustainable finance solutions and expertise to cushion these businesses in times of unexpected downturns. The support we are committing aims to ensure that MSMEs have ready access to capital that enhances their resilience,” said Abdi.
“Furthermore, the commitment we have made complements our four-pronged approach for our SME customers, which includes access to markets, access to information, access to mentorship and coaching, and access to sustainable finance. This commitment also aligns with our broader strategy to contribute to the nation’s economic development by enabling enterprises to thrive,” Abdi added.
