Jul 17, 2013

Consumer Finance Firm afb Signs Credit Deal with Airtel

Airtel and afb, a consumer finance company have entered into a strategic partnership deal that will see Airtel Kenya subscribers access innovative products in the coming few months.

Over five million subscribers currently hooked to the Airtel network are expected to benefit from the credit pact with the service initially available in Nairobi and a planned countrywide rollout in the comings months.

afb launched operations in Kenya in October 2012 and offers affordable and instant credit to low and middle income segments of the market. Unlike banks that offer credit based on the borrowers account relationship status with the bank, afb lends based on the credit record of the borrower.

The company headquartered in Mauritius will be seeking to leverage on the strong countrywide market footprint of Airtel to grow its market in Kenya even as it plans to roll out operations in the regional countries of Tanzania, Zambia and Uganda.

Apart from Kenya, afb is currently present in Mauritius, Ghana and South Africa with plans to launch in Zambia later this year.

Airtel Money is now widely used for sending and receiving money across the country and for paying utility bills such as electricity, water and DStv. The process is fully automated and reflects in real time providing customers with a faster and more secure mode of carrying out transactions.

Airtel ventured into the local mobile commerce business two years ago and also provides e-commerce solutions including online payments, online banking, utility bill payments for electricity, DSTV, and water. Airtel Money currently has a vast dealer network of more than 9,500 agents which include banks, bank agents, supermarket chains and Posta outlets.