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Thursday, July 31, 2014

Mauritius firm to give SMEs unsecured loans

  Customers wait to be served at Standard Chartered Bank branch in Nairobi. Photo/FILE 
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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