In an ever-evolving business landscape, managing your business spending requires more than basic accounting. It calls for tools that are secure and efficient to help you keep up with the daily operations of your business.
In Kenya, 98% of businesses are made up of Micro, Small and Medium Enterprises (MSMEs) that employ a majority of the informal workforce. These businesses have a huge hurdle to scale to ensure their survival: financial discipline.
Internal fraud, especially involving corporate credit cards remains one of the single most threats to the stability of MSMEs. From fictitious transactions to unauthorised spending, many businesses are grappling with ways to secure uncurbed spending that erodes profitability and derails growth plans. This is where the Absa Visa Business Credit Card – a collaboration between Absa Bank Kenya and Visa Kenya, becomes more than a mere payment toolkit- it becomes a business safeguard.
Many MSMEs are quite vulnerable to financial fraud because they lack internal audit departments and automated control systems. For a high-interest environment like Kenya, a shilling lost is a missed investment opportunity. For this reason alone, it is crucial to empower MSMEs with a tool that combines financial access and fraud prevention.
The Absa Business Credit Card is developed with these exposures in mind, offering smart, secure and scalable solutions for long-term sustainability and survival.
Here are a few key features of the Absa Business Card, designed to give you peace of mind as you transact and build a business that can compete at a much higher level;
- 24/7 support
This service is key in empowering you to quickly report any suspicious transaction. Additionally, cardholders are assured of assistance from Absa Bank Kenya round-the-clock. With this, as a business you can easily do emergency card blocking.
- Online spend management tools
The card leverages the Visa Spend Clarity tool to manage expenses by enabling business proprietors or managers to track every transaction, flag suspicious expenses and receive alerts to mitigate any misuse of the credit card. This is key in stopping fraudulent transactions before they grow into big losses for the business.
- Real-time transaction alerts
Absa Business Credit cardholders get instant short message service (SMS) or email notifications whenever a transaction is made using their card. This is key in helping you as a cardholder to immediately flag any suspicious transaction and swiftly respond by for instance alerting Absa Bank Kenya to decline processing the transaction.
- Visa’s advanced fraud detection system
The Absa Business Credit Card benefits from Visa’s advanced fraud detection technology that uses artificial intelligence to monitor and flag suspicious transaction patterns.
In addition, the card has real-time transaction monitoring which detects and alerts you about potential fictitious transactions before they are completed.
- Multi-user control
For businesses that require multiple Absa Business Credit Cards, Absa Bank Kenya issues the cards then offers authorised personnel ability to monitor where, when and how much transactions are made on each card. This empowers businesses to stop any suspicious transaction, thereby minimise the risk of fraudulent transactions.
Therefore, the Absa Business Credit Card stands out for its user control features, artificial intelligence monitoring and alerts that protect businesses from unauthorised or fraudulent transactions.
“We are in partnership with Visa, thrilled to be one of the pioneering financial institutions on the continent to launch the new Absa Business Credit Card that is designed for our Business and Corporate customers,” Absa Bank Kenya Business Banking Director, Elizabeth Wasunna-Ochwa said in Nairobi during the launch of the card.
The other benefits of the Absa Business Credit Card include:
- Interest free credit
Cardholders get between 20 to 50 days of interest free credit on payables. This frees your cashflow to be channelled to your core business, which ultimately powers your growth. As a small business this is a relief given the high cost of credit in Kenya (often a two-digit interest rate), therefore reducing your financing costs.
- Digital card management
The Absa Business Credit Card has features enabling businesses to track and manage their expenses with detailed business reporting and spend management solutions. This is particularly key for small businesses that are increasingly automating and incorporating technology in their operations to enhance efficiency.
- Cross-border transactions support
The card supports cross-border payments by facilitating remittances and international procurement. This is key especially for businesses that import either key raw materials, inputs, stock or sell products to buyers outside Kenya.
- Travel benefits
Cardholders can use the card for airport lounge access, travel insurance and get discounts on car rental service.