Absa Bank’s Wezesha Stock Digital Platform to Offer Financing for Retailers and Distributors

Absa Bank Kenya introduced Wezesha Stock, a cutting-edge digital platform designed to empower small and medium enterprises (SMEs) by enhancing their inventory management and trading capabilities. 

Wezesha Stock delivers real-time insights, stock financing automation, and unsecured stock financing using data analytics, fostering financial growth and flexibility. 

Wezesha Stock offers a range of key features and benefits:

• Stock Financing Automation: Wezesha Stock streamlines stock financing with an automated system that simplifies lending and borrowing processes, ensuring efficient and transparent transactions.
• Inventory Management: The platform provides robust inventory management tools, enabling businesses to optimize their stock levels, reduce carrying costs, and improve overall operational efficiency.
• Unsecured Stock Financing Using Data Analytics: Wezesha Stock leverages advanced data analytics to facilitate unsecured stock financing, providing businesses with access to capital without collateral, fostering financial growth and flexibility. This innovative approach enhances financial inclusion and supports economic development.

The integration of Absa Kenya Loans further expands financial options for SMEs, offering tailored solutions. Absa Internet Banking Kenya streamlines financial transactions and account management, providing users with real-time access for efficient banking operations. 

James Agin, Managing Executive of Corporate and Investment Banking at Absa Bank, emphasized the platform’s relevance, benefiting both corporates and SMEs by enhancing liquidity. 

“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.

With Wezesha Stock’s digital platform, accessing working capital at competitive interest rates has never been easier. Their streamlined process empowers businesses to secure the financial resources they need to thrive, all while enjoying favorable terms, helping them achieve their growth goals efficiently and affordably.

Wezesha Stock facilitates seamless access to working capital at competitive interest rates, eliminating collateral, setup, and processing fees, and integrating Absa Kenya Internet Banking for easy loan application and repayment. 

Read on: http://digitalbankingnews.co.ke/what-is-digital-banking-and-how-does-it-work/

The credit limits are personalized, based on an individual’s historical sales data profiles, adopting a Risk-Based Lending model to ensure transparency and accessibility.

The platform caters to diverse sectors, including Fast Moving Consumer Goods, Agro-processing, Oil marketing, and Agrochemicals, offering credit ranges from KES 100,000 to KES 10 million. 

Addressing the event, Mr. Wilson Kageni, CEO, and Co-founder of Finplus Group, remarked:  “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 integration of Absa Paybill ensures convenient payment processes within these sectors. Kenya’s wholesale and retail trade sector, responsible for more than 8 million jobs and a significant share of the country’s GDP, plays a critical role in the nation’s economy. The introduction of Wezesha Stock represents a major boost, empowering this sector.

SMEs are encouraged to explore the opportunities provided by Wezesha Stock, Absa Kenya Loans, and various financial solutions, offering personalized assistance through Absa Kenya Contacts and branches. 

For further information and sign-up instructions, individuals can visit Absa Bank Kenya’s official website. Additionally, they can inquire at various Absa Kenya Branches or reach out to Absa Kenya Contacts for personalized assistance and guidance on available financial solutions and services.