Absa Bank Kenya has today launched a new digital platform, Wezesha Stock that aims to boost inventory management and trading for small and medium enterprises (SMEs).
Wezesha Stock, which is a real time digital platform, will automate stock financing for retailers to complement their financing needs. It will also provide capability to onboard retailers, manage stock orders, and unlock access to unsecured stock financing for retailers using data analytics.
Speaking during the launch of the solution, Absa Bank’s Managing Executive, Corporate and Investment Banking James Agin noted the solution is relevant and timely for both corporates and SMEs as it provides a credit line that specifically meets the inventory needs of distributors and retailers, thereby enhancing their liquidity and business growth prospects.
“Wezesha Stock is an innovative platform that was born out of conversations with our corporate clients who needed a solution to help them holistically manage supply chain risks within their ecosystems while enhancing the efficiency and liquidity of their supply chain actors to meet their customers’ demands across various business cycles, especially during seasons of peak demand,” said Agin.
“Compared to conventional business loans, we have designed a digital solution that enables our customers to access working capital at competitive interest rates with no collateral required, setup or processing fees, based on prequalified limits that are premised on an individual historical sales data profile, in line with the Risk Based Lending model, to provide continuity and scalability for their businesses,” he added.
Under Wezesha Stock, Absa Bank Kenya will provide automated credit of between KES 100,000 and KES 10 million to businesses dealing in Fast Moving Consumer Goods, agro-processing, oil marketing and agro-chemicals.
Speaking at the same event Mr. Wilson Kageni, CEO and Cofounder of Finplus Group said: “We are proud to see the vision of Wezesha Stock come to life after years of work with Absa as the technology partner powering the platform. By enabling SME retailers’ instant access to financing for working capital, we believe this will be a transformative and timely solution for trade financing in the Kenyan market today.”
The launch of Wezesha Stock comes as a major boost to Kenya’s wholesale and retail trade sector which accounts for close to 8 million jobs, which is more than half of all jobs created by the MSME sector in Kenya, according to the Kenya National Bureau of Statistics.