August 23, 2013

afb Signs 100th Merchant

afb has signed up the 100th Merchant three months after the company was officially launched into the Kenyan market. Mr. Brett Van Aswegen, afb’s Managing Director for Cards, said,

“We are pleased to cross the century mark for our merchants – this is a major milestone for afb. I would like to thank our team in Kenya, whose efforts and commitment have made this milestone possible. We are building a diverse portfolio of retail partners that will give our customers wider offering and spread.”

“The company also signed up its 5000th customer, Jemimah Wainaina, who will get her first purchase for free as a mark of appreciation by afb.”

“This is an innovative product and I’m grateful to afb for coming to my rescue at my hour of need. I badly needed some cash to buy some essential tools for my salon business until my friend introduced me to afb. I believe this will have a positive impact on my business and my life too.”

said Ms. Wainaina.

The card allows customers to spread the cost of their purchase into affordable monthly installments 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 as attested to by Ms. Wainaina. Traditional banks do not cater for the mass market and at afb we make affordable credit available to consumers in a responsible way.”

“We believe afb is unlocking and will continue to unlock the potential of the Kenyan people by giving them access to credit which will greatly improve their lives. We have seen in recent months that as much as 70% of applicants applying for credit are self-employed. We expect our application demographics to reflect the demographics of the market where the majority of our people are informally or self-employed,”

Mr. Aswegen said the company was encouraged by the growth that the company is seeing and is recruiting aggressively to build its local capacity to service the business.

“We have taken a 6 year lease for a 750 sq meter office to build a 160 seat Call Center. We continue to invest heavily in our infrastructure with plans to recruit more staff.”

To apply for an 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 three months’ bank statements), and have their income and expense details available.

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