By JACKSON OKOTH
It is now possible for those without bank accounts or not in formal employment to make purchases at selected retail outlets using a credit card. This is if a card holder is able to repay the credit.
This is because the applicant’s information is sent to the credit reference bureau, enabling those with no credit history to access cash from a commercial bank. “We appreciate the high level of fraud in the card business and are setting up a call centre that will be able to stop all fraudulent transactions at no cost to the card holder,” said Brett Van Aswegen, Managing Director, Cards, at AFB Consumer Finance Company.
The firm is also testing a biometric system that will use fingerprints as identification. “We are creating a pool of retailers ranging from dealers in footware to hardware stores to increase the outlets where this card will be accepted,” said Aswegen.
The finance company is presently testing a range of credit limits of between Sh8,000 and Sh25,000. There are over 50 retail partners already signed up at its Parkside Towers offices on Mombasa Road.
The firm has also signed a lease for a 800-square metre office to base its 160-seat call centre in Reliable Towers in Parklands.
With its headquarters in Mauritius, AFB has injected Sh250 million capital in the investment. The development brings the number of AFB’s offices across the African continent to four, with other offices operational in Lusaka, Accra and Cape Town.
The card allows customers to spread the cost of their purchases into affordable monthly installments over a period of six months. The unsecured revolving credit card offers customers a convenient and flexible way to get instant access to the credit they need when they want it.
While traditional banks cater for the high income segments as well as wealthy middle-class, AFB is eyeing those left out by the banks.