Tier I lender Absa Bank Kenya has revamped its asset financing programme pledging to deploy KES 100 billion over the next three years to businesses and individuals. The initiative aims to improve access to productive assets and bolster growth in key sectors including manufacturing, trade and logistics, infrastructure, health and education.
Under the revamped offering, Absa Bank has made reforms that make the acquisition of assets faster, simpler and predictable. The lender has reduced the onboarding-to-approval time to two days from ten days and the approval to disbursement time to 3 days. Meanwhile, pre-approval steps have been cut to six from thirteen, enabling customers to move more efficiently from decision to deployment with minimal hurdles.
Loan tenors have been extended to up to 84 months for select asset classes, with up to 100% financing. Eligible assets range from school buses and vehicles, including grey market imports, to medical equipment, agricultural machinery, and solar solutions.
Speaking in Nairobi during the launch of the offering, dubbed ABF 2.0, Absa Bank Kenya CEO Abdi Mohammed noted that the initiative underscores the bank’s commitment to supporting productive businesses across key value chains in Kenya.
“This refreshed offering reflects our commitment to supporting productive enterprises across Kenya’s key value chains. By ensuring capital moves efficiently to where it is most productive and by strengthening the capabilities that support our customers end to end, we are enabling individuals and businesses to invest and expand capacity, and compete with greater certainty,” said Mr. Mohammed.
Absa Bank Enhances Asset Financing Delivery with Dedicated Centre
Absa bank has also set up an asset financing centre to improve service delivery. The center will bring together specialist asset financing expertise, sector-aligned credit assessment, and coordinated execution teams.
