Absa Bank Kenya

Absa Bank to fund MSME to the tune of Ksh. 100 Billion

Absa Bank has announced a Ksh. 100 billion funding commitment in a bid to spur the development of Micro, Small and Medium Enterprises (MSME) across various value chains over the next three years.

The funding line is expected to improve the resilience of the sector by offering ready access to working capital, further cementing the Bank’s role in catalysing Kenya’s economic growth and development.

The session was organised to discuss opportunities for businesses, and more so the SMEs, to thrive amidst the prevailing challenging operating environment.

Absa Bank Kenya’s Managing Director and CEO, Abdi Mohamed, had this to say, “As a Bank, we are fully cognizant of the immense contribution that MSMEs make to Kenya’s economy through job creation and their contribution to the Gross Domestic Product (GDP). We particularly recognise the need to avail sustainable finance solutions and expertise to cushion these businesses in times of unexpected downturns. The support we are committing today aims to ensure that MSMEs have ready access to capital that enhances their resilience. Furthermore, the commitment we have made today complements our four-pronged approach for our SME customers, which includes access to markets, access to information, access to mentorship and coaching, and access to sustainable finance. This commitment also aligns with our broader strategy to contribute to the nation’s economic development by enabling enterprises to thrive.”

Absa’s latest commitment comes on the back of its recent launch of the Wezesha Stock proposition, a real-time digital platform, which provides inventory management and trading for small and medium enterprises (SMEs).