ABSA and Visa launch business credit card to support MSMEs
The credit card will provide access to working capital, flexible repayment options, detailed expense tracking, enhanced security features, and global acceptance
Absa Bank and Visa have partnered to unveil a financial solution targeting Micro, Small and Medium Enterprises (MSMEs) dubbed Absa Business Credit Card to unlock financing of the financially excluded segments of the economy.
Absa Business Credit is joint initiative between Absa Bank and Visa.
Speaking yesterday during the launch, Principal Secretary for the State Department for Micro, Small and Medium Enterprises (MSMEs), Susan Mang’eni, lauded the joint initiative as a powerful collaboration towards unlocking financing for MSMEs in Kenya.
The credit card will provide access to working capital, flexible repayment options, detailed expense tracking, enhanced security features, and global acceptance.
“The MSME sector contributes over 40 per cent of the country’s GDP and employs a substantial portion of the population, particularly women and young people. This business credit card supports the bold reforms being undertaken by the Government towards creating a supportive environment for the MSME sector,” the PS noted.
Speaking at the forum, John Njoroge, Country Manager of Visa Kenya, acknowledged the daily challenges that SMEs face, including limited access to finance and navigating the ever-evolving digital landscape.
However, he emphasised that it is through innovation, mindset change, and partnerships that these challenges can be transformed into opportunities.
Absa Bank Kenya’s Director of Business Banking, Elizabeth Wasunna, emphasised that Absa’s ongoing commitment to MSMEs goes beyond providing financial empowerment.
“We endeavour to be a long-term strategic partner in business development and sustainability by offering tailored financial products, capacity building and market access for MSMEs through strategic partnerships,” she added.
PS Mang’eni reiterated the government’s readiness to co-create programs, support research, and shape policy dialogues with the private sector for the benefit of MSMEs.
“Let us innovate, collaborate, and grow together to drive enterprise growth,” she added.
