Absa Bank Kenya has introduced a new digital platform, Wezesha Stock, aimed at enhancing inventory management and trading for small and medium enterprises (SMEs).
The real-time platform will automate stock financing for retailers, manage stock orders, and provide unsecured stock financing using data analytics.
James Agin, Absa Bank’s Managing Executive of Corporate and Investment Banking, highlighted that Wezesha Stock offers a credit line tailored to the inventory needs of distributors and retailers, thereby improving their liquidity and business growth prospects.
The platform provides customers with access to working capital at competitive interest rates without the need for collateral or setup or processing fees. Credit limits are based on individual historical sales data profiles in line with the Risk Based Lending model.
Credit limits are based on individual historical sales data profiles in line with the Risk Based Lending model.
Wezesha Stock will offer automated credit ranging from KES 100,000 to KES 10 million to businesses in Fast Moving Consumer Goods, agro-processing, oil marketing, and agrochemicals sectors.
Wilson Kageni, CEO and Co-founder of Finplus Group expressed his pride in seeing the vision of Wezesha Stock come to life after years of collaboration with Absa as the technology partner powering the platform.
He believes this will be a transformative solution for trade financing in the Kenyan market.
The launch of Wezesha Stock is a significant boost to Kenya’s wholesale and retail trade sector, which accounts for over half of all jobs created by the MSME sector in Kenya.
