Aspira rolls out asset finance scheme for SMEs
In Kenya, SMEs contribute significantly to the economy.
What you need to know:
- Aspira Kenya is a subsidiary of Cim Financial Services Group based in Mauritius
- Aspira Bizna allows eligible businesses to access up to Sh3,000,000 in financing
Small and medium-sized enterprises (SMEs) can now acquire assets such as equipment, machinery, vehicles, or other fixed assets to help grow their businesses.
This has been made possible by Aspira Kenya, a subsidiary of Cim Financial Services Group based in Mauritius, which has launched Aspira Bizna.
Aspira Bizna allows eligible businesses to access up to Sh3,000,000 in financing with a maximum term of 24 months at a monthly interest charge of only 2 per cent.
Access to capital
The new Aspira facility aims to provide fundamental access to capital for SMEs to purchase essential equipment such as tools, machinery, desks, and computers to boost productivity and expand operations.
Aspira will facilitate prompt 48-hour decisions for real-time access to funding through a network of over 200 partners to serve qualifying customers.
CIM Financial Services Group CEO Mark van Beuningen said, "Since we launched our operations in Kenya, Aspira has been an ardent supporter of Kenyans, enabling access to funding for them to thrive. I am pleased to witness another milestone with the emergence of the SME Business Finance offering in Kenya. It is well poised and will be opening up new avenues to equip this underserved market with the necessary tools SMEs need to prosper in an innovative environment."
Access to funding
In Kenya, SMEs contribute significantly to the economy, with 80 per cent of employment stemming from this sector. This segment is also establishing a new middle class and stimulating the demand for prospective goods and services.
However, most SMEs fall under the informal sector, which is estimated to constitute 98 per cent of businesses in Kenya, contributing 30 per cent of jobs and 3 per cent of Kenya’s GDP.
According to van Beuningen, "safeguarding the SME sector is vital to safeguarding the current and future economic health of the Kenyan economy. In order to ensure a robust business environment for SMEs, we must unlock their access to funding."
With the launch of Aspira Bizna, Aspira Kenya aims to support the growth and development of SMEs in Kenya, enabling them to access the capital they need to expand and thrive.
