In a move to bolster lending support to small and medium enterprises (SMEs), Absa Bank Kenya has unveiled a groundbreaking unsecured working capital loan platform. The new platform, aptly named Wezesha Stock, aims to empower distributors, wholesalers, and retailers in the fast-moving consumer goods sector by providing them with easy access to short-term funding for restocking, all at fixed interest rates.
Wezesha Stock represents an innovative app-based solution, a fusion of e-commerce and digital financing. This platform allows SME clients to seamlessly order new supplies, while Absa Bank handles direct payments to the respective manufacturers and suppliers. This groundbreaking approach streamlines the financial transactions within the SME ecosystem, ensuring efficiency and expediency in securing working capital without the need for collateral.
One of the distinctive features of Wezesha Stock is the partnership between Absa Bank and leading suppliers, including prominent names such as Kenya Breweries Limited and Vivo. By onboarding key suppliers to this digital platform, Absa Bank aims to create a dynamic ecosystem that will support the operations of its corporate clients, referred to as “anchor clients.” This support extends to enterprises within their value chain, including distributors, wholesalers, and stockists.
Elizabeth Wasuna, the Director of Business Banking at Absa, noted, “The product is based on conversations we have had with various clients, and it helps address working capital requirements for our customers efficiently without collateral.” This innovation is set to revolutionize the financial landscape for SMEs and strengthen the partnership between Absa Bank Kenya and its valued clients.
The Wezesha Stock platform embodies the bank’s commitment to nurturing and sustaining the growth of the SME sector, thereby contributing to the overall economic development of Kenya. With its unwavering focus on enhancing the financial landscape for businesses, Absa Bank Kenya’s Wezesha Stock platform is poised to bring about a transformative change in the SME lending space, promising a brighter future for entrepreneurs and small businesses alike.
Photo(Google)
October 17, 2023
Delino Gayweh
Serrari Financial Analyst
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