Customers wait to be served at Standard Chartered Bank branch in
Nairobi. The bank's annual Grand Sale will see consumers offered loans
for as little as 10.9 per cent. Photo/FIL
By Sandra Chao-Blasto
In Summary
- The business cash advance facility is targeted at 15,000 merchants of the Afb retail card and those registered on the Kopo Kopo platform.
Mauritius-based finance company Afb has launched a
credit facility targeting small and medium enterprises (SMEs) that find
it difficult to get financing from traditional lenders.
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The credit firm will advance businesses unsecured loans of between Sh50,000 and Sh5 million.
“Most SMEs lack underlying assets to access
financing from banks and microfinance institutions yet they contribute
to 90 per cent of the jobs created annually. They grow organically and
remain small because they lack working capital,” said Afb mobile
managing director Johan Bosini Wednesday.
The business cash advance facility is targeted at
15,000 merchants of the Afb retail card and those registered on the Kopo
Kopo platform, which accepts payments for goods and services through
mobile money.
“Our research showed that small businesses want
credit that is easily accessible that does not require security and
whose repayment is flexible,” Mr Bosini said.
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