afb Launches Retail Credit Card In Kenya

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afb, a consumer finance company has recently opened a new office in Nairobi, Kenya, in a Ksh. 250 million capital investment. This development brings the number of afb’s offices across the African continent to four, with other offices operational in Lusaka, Accra and Cape Town.

“Nairobi’s reputation as an African commerce, trade and development hub made it a strategically sound location for afb. We believe it is a natural recognition of Kenya’s role as the financial heart of the East Africa region.” said afb’s Chief Executive Officer Karl Westvig

Apart from being a high growth-market and an important hub, Kenya is part of a region that is experiencing rapid improvements in income levels and infrastructure, has an abundance of well-educated and quality staff and offers a huge promise of continued growth for many organizations as a consumer market.

At the same time, the company unveiled its retail credit card, a ground breaking card for Kenya, focusing on empowering the average Kenyan to improve their lifestyle.

The Card allows customers to spread the cost of their purchase into affordable monthly instalments over a period of six months.

“Our unsecured revolving credit products offer our Kenyan customers a convenient and flexible way to get instant access to the credit they need when they want it. Traditional banks do not cater for the mass market and at afb we make affordable credit available to consumers in a responsible way,” said Westvig.

afb expect to build a Debtors book of between $17m and $20m in the first year of operation, which will be financed through a combination of equity and debt.

Westvig said bringing the benefits of card payments to people of Kenya and by and large, across the African continent is a primary focus for afb, adding that Kenya, and indeed Africa as a whole, had always been heavily reliant on cash – both in the consumer and corporate sectors.

afb has already signed partnership deal with several retail outlets across Nairobi where its cards will be transacted including supermarkets, glassware shops, clothing shops, bookshops, among others.

How To Apply For AFB Card

• one has to be 18 years of age or older
• earn a monthly salary
• have a valid identity document
• have employment details (if self-employed, provide last 3 months bank statements)
• have their income and expense details available

The repayment is made through any of the participating retails outlets or through M-pesa.

Photos Courtesy of afb.com