Absa’s Wezesha Stock offers SMEs up to Sh10 million in loans
Absa Bank Kenya has introduced a new digital platform dubbed “Wezesha Stock” aimed at optimizing inventory management and trade for small and medium enterprises (SMEs).
Under Wezesha Stock, the lender will be providing automated loans of between Kes100,000 and Kes10 million to businesses dealing in Fast Moving Consumer Goods, agro-processing, oil marketing, and agrochemicals business segments.
Wezesha Stock, which will be operating in real-time, is set to revolutionize stock financing for retailers while at the same time catering to their financing needs.
Additionally, Absa says it will enable the seamless onboarding of retailers, efficient stock order management, and use data analytics to facilitate unsecured stock financing for participating retailers.
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Customized credit line
Absa Bank’s Managing Executive of Corporate and Investment Banking James Agin, noted that the solution’s pertinence and timeliness for both corporate entities and SMEs. It provides a customized credit line to meet the inventory requirements of distributors and retailers, ultimately enhancing their financial liquidity and prospects for business growth.
“Compared to conventional business loans, we have designed a digital solution that enables our customers to access working capital at competitive interest rates with no collateral required, setup or processing fees, based on prequalified limits that are premised on an individual historical sales data profile, in line with the Risk Based Lending model, to provide continuity and scalability for their businesses,” noted Agin.
Speaking at the launch Mr. Wilson Kageni, CEO and Cofounder of Finplus Group said: “By enabling SME retailers’ instant access to financing for working capital, we believe this will be a transformative and timely solution for trade financing in the Kenyan market today.”
The launch of Wezesha Stock comes as a major boost to Kenya’s wholesale and retail trade sector which accounts for close to eight million jobs, which is more than half of all jobs created by the MSME sector in Kenya, according to the Kenya National Bureau of Statistics.
