Inspiring Africa's Sustainable Business Growth
KENYA – Absa Bank Kenya has signed an agreement with Interswitch to provide financial assistance to Small and Medium Enterprises (SMEs) to fast track acquisition of KRA’s new electronic tax devices. The partnership between the lender and the electronic payments and infrastructure company comes just three weeks ahead of the November 30 set by the taxman. KRA extended the deadline…
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KENYA – Absa Bank Kenya PLC has reported a net profit of KSh6.3billion (US$52.68m) in the half-year period ended 31 June 2022, a 13 per cent increase from KSh5.6 billion (US$46.82m) reported during the same period last year. The improved performance was achieved on the back of double-digit revenue growth driven by accelerated lending as the economy continued to recover…
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SUB-SAHARAN AFRICA – The International Finance Corporation (IFC), HAS welcomed Absa Bank to its Global Trade Liquidity Program (GTLP) to boost access to trade finance in sub-Saharan Africa, especially in low income and fragile countries, supporting a vital driver of growth that has been strained by the COVID-19 pandemic. Through a combined investment of US$250 million, IFC and Absa Bank,…
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KENYA – Absa Bank Kenya has joined hands with Pan African impact investment platform Melanin Kapital, to launch an investor readiness program for startups, reports The Star. The initiative places startups driving social impact on the path to accessing up to Sh3 million (US$27,181) in unsecured lending. Dubbed Tuungane2x to See Her Empowered, it is expected to reach 1,000 women-focused startups…
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KENYA – Absa Bank Kenya has reported sharp jump in net profit for the first half of the year ended 30th June 2021 outperforming its peers to post 846% growth in Profit After Tax to Kshs 5.6 billion (US$51 million) compared to Kshs 600 million in the same in 2020. The impressive performance was mainly driven by growth in interest…
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SOUTH AFRICA – Globeleq, an independent power producer (IPP), has announced that it has completed the senior debt refinancing of three of its renewable energy plants in South Africa totaling 238 MW. The power producer said it has secured a debt financing package of ZAR 5.2 billion (US$ 362m) for which Absa Bank, part of financial services group Absa Group…
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KENYA – Absa Bank Kenya PLC has launched a new innovation that allows its customers to access their bank accounts and transact via WhatsApp. Through this innovation, Absa customers will be in a position to conduct some of the most popular digital transactions in the market such as account-to-Mpesa/Airtel Money transfers, inter-account transfers, bill payments, balance inquiries, among others, on WhatsApp. Absa joins another Kenyan bank KCB…
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SOUTH AFRICA – African Rainbow Energy and Power (AREP) and Absa have launched a new entity as an African-led, world-class, renewable energy investment platform, African Rainbow Energy. The establishment of African Rainbow Energy expands the pool of funding available for renewable energy developments in South Africa, at a time when the country is accelerating its plans to expand and diversify…
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KENYA – Financial institution Absa Bank Kenya has introduced a 25-year mortgage facility targeting middle-income families seeking affordable homes within Nairobi, Kenya. The proposition seeks to increase mortgage uptake by prospective homeowners, offering options towards homeownership such as construction loans and home loans for self-employed individuals (SMEs) with a dedicated team of experts who will walk customers through every step…
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SOUTH AFRICA – Absa Bank, South Africa’s third-largest bank by assets, will receive a US$50 million risk-sharing financial facility to provide loans to micro, small and medium-sized enterprises (MSMEs) and households. The loans will be in local currency with medium to long-term repayment terms and the capital raised by Absa from the British agency CDC Group will be deployed to Covid-19…
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