KCB
Bank Kenya, in partnership with Visa, a global leader in digital payments have launched
a Business Credit Card solution to assist SME’s to better manage cashflow,
control expenses, and conveniently pay for day-to-day business needs.
The
business-focused credit solution will offer access to working capital through a
revolving credit line, offering up to 45 days’ interest-free credit.
Additionally,
customers will have the option to access either a Kenya Shillings card or
a US Dollar (USD) card, along with enhanced expense management capabilities
with employee cards and monthly reconciliation statements.
Other benefits
include access to Visa commercial offers, providing SMEs with discounts that
support cost savings on business spend as they advance their digital
transformation initiatives.
This
solution is part of the Bank’s digital and innovation strategy, which is
increasingly offering seamless payment solutions to cater for the ever-changing
consumer needs, positioning SMEs to streamline operations and scale more
sustainably.
Speaking
during the event, KCB Bank Director, Retail Banking, Jane Isiaho said: “SMEs remain the backbone of the Kenyan economy, yet access
to finance remains one of the greatest barriers to their growth. Entrepreneurs
normally operate on a very tight cash flow with limited resources for their
businesses, poor visibility on business spend, difficulty separating personal
and business expenses, time-consuming reconciliation, lack of loan flexibility
and weak expense controls. By offering this solution, we will be able to enable
them to secure financing for their business and operational expenses, manage
costs effectively and meet their various business targets.”
Among other benefits include seamless
business payments, clear separation between personal and business expenses, employee
expense control with customised spending limits, simplified reconciliation and
exclusive merchant offers such as global merchant discounts and
business-focused offers.
Visa East Africa Vice-President and
General Manager, Chad Pollock said, “By offering a faster and efficient payment
system to our SME’s customer base, we can solve their business needs,
enabling them to prosper and run their business efficiently with limited downtime.
This enables the development of the business and the Kenyan economy.”
Recently, KCB Bank Kenya partnered
with Visa to launch a Tap to Phone contactless payment solution. The innovation
enables customers to use their NFC-enabled smartphones to pay by tapping them
on payment terminal pay via a contactless payment solution.
This
partnership builds on KCB’s ongoing investments to empower customers and
merchants by strengthening digital platforms and ensuring a robust payment support
system.