Aspira Kenya, a subsidiary of Mauritius-based Cim Financial Services Group, has launched Aspira Bizna, a new asset finance offering tailored for Kenya’s SMEs.

Aspira Bizna allows eligible businesses to unlock up to Ksh.3 million in finance, with a maximum term of twenty-four months at only 2% monthly interest charge.

This new Aspira facility will provide fundamental access to capital for SMEs to purchase the equipment they need including tools, machinery, desks and computers to drive productivity and further expand.

“Since we launched our operations in Kenya, Aspira has been an ardent supporter of Kenyans, enabling access to funding for them to thrive. I am pleased to witness another milestone with the emergence of the SME Bizna financing offering in Kenya," said Cim Financial Services Group CEO Mark van Beuningen.

"It is well poised and will be opening up new avenues to equip this underserved market with the necessary tools SMEs need to prosper in an innovative environment.”

Aspira will facilitate real-time access to funding through prompt 48-hour decisions and a 200+ partner network to serve qualifying customers.

“Shouldering the SME sector is vital to safeguarding the current and future economic health of the Kenyan economy. In order to ensure a robust business environment for SMEs, we must unlock their access to funding,” van Beuningen added.

In Kenya, 80 per cent of employment stems from SMEs. Concurrently, this sector is establishing a new middle class and stimulating the demand for prospective goods and services.

Most SMEs fall under the informal sector, which is estimated to constitute 98 per cent of businesses in Kenya, thus contributing to 30 per cent of jobs and 3 per cent of Kenya’s GDP.