Working Hours Monday - Friday 08:00-16:00
Toll Free 1800.899.900

Blog

  • 2
    JUN

    Speaking the SME language: Absa attracts more enterprises with revamped products

    Absa Bank Kenya has lent over Ksh35 billion through the Wezesha Biashara Programme, thereby enabling the growth of small and micro-enterprises (SMEs). The bank’s Head of SME Banking, Mrs Susan Situma, says the holistic proposition, which covers both financial and non-financial bits, including capacity building and mentoring, has attracted high demand from the sector. The bank has been aggressive in launching business and corporate banking products while revamping the existing SME packages. This is amid increasing competition among banks, for a greater share of the SME market segment. “We have had a good run with SMEs since we started our Wezesha Biashara focus over four years ago. We have seen good gains on how we have repositioned, and our staff across our branch network are now speaking the SMEs language,” Mrs Situma says. “We have seen a good growth despite the effects of the pandemic on SMEs. Some sectors were affected, others did better. We saw a lot of the businesses coming for non-financial support through the period, to understand how to establish themselves as stable businesses.’’ Wezesha Biashara campaign was launched in 2016, targeting SMEs to help reduce their cash flow troubles. SMEs compose 98 percent of all registered businesses in the country. They contribute about 33 percent of GDP. The need for the provision of financing solutions in this space cannot be ignored. Absa Bank Kenya revamped the product to include unsecured loans of up to Ksh10 million, repayable in five years, and local purchase order (LPO) financing of up to Ksh12 million. The product also includes unsecured invoice discounting of up to Ksh50 million and unsecured bid bonds of up to Ksh10 million. It further offers insurance services. The programme has trained more than 16,000 SMEs and 6,500 women since the start. “Looking at the effect of the pandemic, some of the businesses recorded lost revenues, while others shut down. The insurance protects the entrepreneur,” she adds.

    Read More
  • 15
    MAY

    KENYA, DJIBOUTI SIGN FOUR PACTS TO DEEPEN TRADE AND BILATERAL TIES

    Kenya and Djibouti signed four agreements, including two on trade and visa exemption for diplomatic passport holders, aimed at boosting trade and deepening bilateral links. The deals also include a memorandum of understanding on cooperation in the livestock sector and an agreement on reciprocal promotion and protection of investments. The agreements were signed at State House, Nairobi, where President Uhuru Kenyatta hosted Djibouti President Ismail Omar Guelleh, who is on a three-day State visit to Kenya.

    Read More
  • 15
    MAY

    KENYA AND GHANA SUBMIT AFRICAN CONTINENTAL FREE TRADE DEAL PAPERS

    Kenya and Ghana Thursday handed over to the African Union Commission (AUC) the documents ratifying the continental free trade deal, becoming the first two countries to do so. The two countries’ representatives handed the African Continental Free Trade Area (AfCFTA) papers to the AUC chairman, Dr Moussa Faki Mahamat, in Addis Ababa. “Definitely Kwame Nkrumah and Jomo Kenyatta must be proud of you and proud of us,” said Dr Mahamat, upon receiving the AfCFTA documents. “We encourage other member states to follow your footsteps and ratify the continental free trade agreement,” he added.

    Read More
  • 08
    FEB

    How to Make a Huge Impact With Multiples

    President Kenyatta said the partnership that has existed between Kenya and Djibouti has been strong and efforts were being made to make the cooperation more fruitful. The Kenyan president, who spoke after holding a private meeting with his guest, said the two nations face the same kind of challenges in a region that has for decades been ravaged by conflicts and modern forms of organized crime like terrorism. “We have talked about how to strengthen our cooperation and to secure our nations. Both our nations are in a very troubled region and we talked on how to secure the safety and prosperity of our people,” said President Kenyatta. Mr. Guelleh said Djibouti desires to strengthen its partnership with Kenya in developing the region and making it peaceful.

    Read More