27 February 2020
Absa Bank Kenya PLC has today announced a funding programme for SMEs. The programme, under the banner of Wezesha Biashara is aimed at boosting growth for SME businesses by providing easy access to business loans.
Business owners will access unsecured business loans of up to KES10 million, LPO financing of up to KES12 million, unsecured invoice discounting of up to KES50 million and unsecured bid bonds of up to KES10 million.
Further, the bank has partnered with leading motor vehicle dealers to provide up to 95% vehicle financing with a one month repayment holiday.
Speaking at the launch in Mombasa, Absa Bank Kenya PLC Managing Director Jeremy Awori said that the Wezesha Biashara programme will go a long way in helping to address some of the challenges faced by SMEs in their quest for growth, key being lack of access to working and investing capital.
“Our transition has not been just a change of name and colour; we took the opportunity to talk to our customers in order to better understand their needs and preferences, and provide them with the solutions that address those needs. We are excited about the chance to continue powering the growth of our SMEs which form an important part of our economy,” Mr Awori said.
To ensure maximum coverage across the country, the bank kicked off the Absa Wezesha Biashara Caravan that will tour 20 major cities across 20 counties. Some of the stops in the caravan include Mombasa, Nairobi, Nakuru, Bungoma, Kerugoya, Eldoret, Nanyuki, Meru/Maua, Kisumu and Nyahururu. Others are Malindi, Thika, Naivaisha, Gilgil and Kisii.
On Tuesday, the bank launched a KES10 billion funding kitty to be advanced to women entrepreneurs in the next 5 years. The money will be availed to women-owned businesses through the existing banking products including unsecured and secured loans, trade finance, asset finance, property finance and working capital facilities.
Additionally, the bank launched the Wezesha Express Loan, a new proposition designed to speed up the turn-around-time for processing loans. Under this proposition, SME customers will get loans of up to Kes 3 million within 48 hours, from application to having the money in your account.
Speaking at the event, Absa Bank Kenya Chairman Mr. Charles Muchene said: “We are excited about the opportunity to continue playing a significant role in the banking and financial services sector in Kenya and to continue partnering with all our customers and stakeholders in making positive contribution to our economy.”
For more information, please contact Charles Wokabi at Charles.Wokabi@absa.africa
