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CBA eyes suppliers with new financing package - 8 months ago, 13 June 19:01

By: Sophie Kinoti

Regional lender Commercial Bank of Africa (CBA) has launched banking service aimed at speeding up supplier payments.

The move comes as an estimated Sh40 billion worth of goods remains unpaid for, that has seen suppliers suffer from serious financial challenges

CBA has teamed up with Kenyan based financial technology firm Ennovative Capital to offer supply chain financing where the bank will cover the retailers due and recoup the same once goods are sold.

CBA Managing Director Jeremy Ngunze said the service will be offered through an open platform, giving participating buyers and suppliers access to liquidity.

“This initiative is a really culmination of feedback from our customers in terms of helping them get better access to credit. We have been doing this but on a small scale. Today through the open platform we are able to provide access to SMEs who supply the corporate buyers,” Mr Ngunze said.

A survey carried out by the ministry ...
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