Absa, KMA ink Deal to Advance Unsecured Loans to Businesses

Absa Bank has partnered with Kenya Medical Association (KMA) to advance unsecured loans of up to Sh10 million to members KMA

The neew doctor’s customer value proposition will benefit 10,000 medical practitioners affiliated with Kenya Medical Association (KMA).

 Under this partnership, medical practitioners will receive Absa prepaid multi-currency smartcards that double as both membership identification and a prepaid card that enables doctors to access electronic payments, among other financial benefits.

 KMA members will also enjoy among other credit access with business unsecured loans of up to KES10 million, personal unsecured loans of up to Sh6 million, and tailor-made asset financing and mortgage facilities.

Absa Bank’s Head of Premier Banking Simon Gachahi said that the new proposition is aligned with the bank’s strategy to accelerate organic growth through sector-focused customer and product segmentation to enhance competitiveness.

 “We have been speaking to our customers and professionals from different fields in a bid to understand their specific needs and this new proposition for our doctors is just one among many others that we are rolling out for our customers in various disciplines,” said Mr. Gachahi.

Kenya Medical Association CEO Dr. Njoki Fernandes noted that  Under this partnership, medical professionals licensed by the Kenya Medical Practitioners and Dentist Council (KMPDC) and practicing in both private and public health care sectors will receive prepaid cards that will also act as a KMA membership card.

 “This partnership offers our members peace of mind when making their financial decisions while also positively enabling them to undertake various transactions cashless. We are excited to be working with Absa in this ‘cash light’ journey,” said Dr. Fernandes.

These cards also possess transactional capabilities where members can load funds via Absa online banking, MPESA or a visit to any Absa branch. KMA can also load funds to any member’s cards undertaking travel or other activities on behalf of KMA.

 The partnership comes at a time when the country’s financial sector is fast-tracking the adoption of digital money systems thus making digital payments critical in the post-pandemic era.

 “As we continue to push for escalated financial inclusion, we have witnessed a sharp rise in the number of people switching to cashless transactions to conveniently settle payments,” added Mr. Gachahi.

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