KCB Bank Kenya and Visa have officially launched a specialized Business Credit Card solution. The partnership aims to provide Small and Medium Enterprises (SMEs) with the financial flexibility and digital tools necessary to navigate a volatile economic environment.
SMEs are frequently cited as the backbone of the Kenyan economy, yet they continue to face systemic hurdles, particularly regarding cash flow management and access to formal credit.
The core of the new solution is a revolving credit line that grants business owners up to 45 days of interest-free credit. KCB and Visa are offering the card in both Kenya Shillings (Ksh.) and US Dollars (USD).
Key features of the solution include:
- Enhanced Cash Flow: Access to immediate working capital for day-to-day operations.
- Expense Control: Business owners can issue employee cards with customized spending limits.
- Simplified Accounting: Monthly reconciliation statements help separate personal and business expenses, a common challenge for many entrepreneurs.
- Exclusive Discounts: Cardholders gain access to “Visa Commercial Offers,” providing significant savings on business-related digital transformation tools and services.
During the launch event, Jane Isiaho, KCB Bank’s Director of Retail Banking, emphasized that while SMEs drive the economy, they often operate on razor-thin margins.
“Entrepreneurs normally operate on a very tight cashflow with limited resources,” Isiaho noted. “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.”
Chad Pollock, Vice-President and General Manager for Visa East Africa, echoed this sentiment, highlighting that efficiency is the primary goal. “By offering a faster and efficient payment system… we are able to solve their business needs, enabling them to prosper and run their business efficiently with limited downtime.”
This new KCB initiative follows the recent launch of the Tap to Phone contactless payment solution, which allows merchants to turn NFC-enabled smartphones into payment terminals.