Absa Bank Kenya To Pay Supplier SMEs Within 14 Days

As Kenya continues to battle the outbreak of the deadly Coronavirus, the newly revamped Absa Bank of Kenya has good news for its Small Medium Enterprise (SME) suppliers.

Absa Bank says that it will start paying all SME suppliers with 7 and 14 days in an effort to help them cope with the current hard economic times that have been occasioned by the spread of Coronavirus.

“In order to help Small and Medium Enterprises (SME) meet their financial obligations during this period, we shall endeavor to pay all supplier invoices within 14 days,” said the lender in a statement.

Absa Bank also says that all SME suppliers it owes 1 million shillings and below will b paid within a period of 7 days. The bank says “Additionally, we will work towards paying all invoices of Kes1 million and below, within 7 days. This should go a long way in helping these businesses maintain their cash flow and working capital.”

The lender says during this time, most customers who have taken loans from the bank might have some difficulties in paying back within the stipulated time. The lender is calling upon those who have loans and are worried as to whether they will be able to pay back on time to relax.

“If you have an active personal or business loan and are experiencing financial strain due to the prevailing circumstances, our personal bankers and relationship managers will be available to discuss with you a suitable repayment plan. We will give you the option to either restructure your loan by reducing your monthly installments over a period of up to one year or take a short-term repayment holiday,” said Absa.

The Bank will assess each case based on its individual merit and respond to requests within 7 days. We hope and trust that this will help you cope with any financial difficulties during this period.