Sh10 billion Absa fund to benefit SME women

By admin On Mar 10, 2020

The Bank’s Managing Director Jeremy Awori says the money will be availed to women entrepreneurs through the existing banking products including unsecured and secured loans, trade finance, asset finance, property finance and working capital facilities/COURTESY

Absa Bank Kenya has committed a Sh10 billion loan fund for women-led small and micro enterprises (SMEs) amid raising banking competition and calls for support of the sector by the government.

Customers will access loans of up to Sh3 million within a 48-hour turnaround period, facilitated through a new facility dubbed Wezesha Express.

The loans will be advanced at 13 percent interest rate and repaid within three years.

“The Wezesha Express is a new proposition we included because we know he customers need speed and efficiency. Customers will need to produce 12-month bank statements from any bank or M-Pesa transactions,” director of business banking at Absa Bank Kenya, Elizabeth Wasunna said.

“The kitty will be available to any woman who has a viable business plan and already doing business across all sectors.”

Barclays parent Absa names career banker as new chief executive

Barclays Kenya’s parent company Absa Group has appointed career banker Aaron Daniel Mminele as its new chief executive from January 15, replacing René van Wyk.

Absa, which separated from its former controlling shareholder Barclays Plc, said Mr Mminele will oversee the multinational’s new strategy of pursuing growth in its African markets.

“In terms of his starting point, Mr Mminele will want to assess where we are in implementing our strategy and assess how he can play a role in strengthening the team’s ability to continue on that journey,” said Wendy Lucas-Bull, the chairperson of Absa’s board.

“As a leader, he will make his own assessment of what is required but he has a complete open mandate as the CEO to lead this organization.”

Absa said the new leader is expected to continue implementing strategy set in March 2018 and Barclays seeks to calm layoff fears Barclays sees new opportunities after UK parent divorce

Mr Mminele has worked for 20 years at the South African Reserve Bank (SARB) rising to become the deputy governor serving in the monetary policy and financial stability committees.

“I am delighted to be joining the Absa group. I look forward to being part of and leading the exciting journey that Absa has embarked upon to fully establish itself as an African financial services group with deep roots across the continent and a global reach,” Mr Mminele said in a statement.

Mr. Van Wyk will remain as executive director until January 31 to facilitate handover before “cooling off” for six months before returning to Absa in a new role as non-executive director.