Absa Bank Kenya
Absa Bank Kenya Plc, a subsidiary of South African-based Absa Group Limited, offers a range of retail, business, corporate, investment and wealth management services.
Absa has partnered with the Kenya Investment Mechanism to facilitate the provision of financial and non-financial services to SMEs, including women owned and youth owned businesses. Through the partnership, these businesses will access unsecured business loans of up to KES 10 million, LPO financing of up to KES 12 million, unsecured invoice discounting of up to KES 50 million, and unsecured bid bonds of up to KES 10 million.
Additionally, through the bank’s Wezesha Express Loan, SMEs can access loans of up to KES 3 million within 48 hours, from application to having the money in their account. The bank has also established a KES 10 billion funding kitty targeting women entrepreneurs. The money is made available to women-owned businesses through the existing banking products, including unsecured and secured loans, trade finance, asset finance, property finance, and working capital facilities.
As the partnership between Absa and KIM strengthens, SMEs are set to benefit more from a holistic proposition including capacity building and mentoring.