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Absa Bank Kenya has committed a Sh10 billion loan fund for women-led small and micro enterprises (SMEs) amid raising banking competition and calls for support of the sector by the government.
Customers will access loans of up to Sh3 million within a 48-hour turnaround period, facilitated through a new facility dubbed Wezesha Express.
The loans will be advanced at 13 percent interest rate and repaid within three years.
“The Wezesha Express is a new proposition we included because we know he customers need speed and efficiency. Customers will need to produce 12-month bank statements from any bank or M-Pesa transactions,” director of business banking at Absa Bank Kenya, Elizabeth Wasunna said.
