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AFB invests KES 250m in Kenya

24 April 2013, 16:16 Omondi Oloo

Nairobi - African Business Finance (AFB) has expanded into Kenya with a KES 250 million (US$ 2.9 million) capital investment that is expected to create at least 150 new jobs.

The Mauritius-based finance company also unveiled a retail credit card unit, and plans to increase its operations to safeguard the jobs of people.

The new jobs would be a mix of different professionals but mostly call centre agents and sales people.

“We expect to employ over 150 staff within the cards unit over the next 12 months,” said Julian Mitchell, Country director AFB Kenya.

He said in addition to this, as the other pillars of the business develop they would also employ more staff in the country.

“We will employ five more people shortly,” Mitchell said.

The firm said it would use services of local employment agencies to undertake new recruitments. Currently majority of the firm’s recruitment is being done through agencies, particularly Summit Recruitment and Skills Geographic.

The company employs over 1,500 people, servicing over 45,000 customers in Ghana and South Africa.

Besides Kenya, the company said it is planning to start operations in Zambia later this year. The firm expects its Kenyan operations to be a springboard for further expansion across the East African region.

Mitchell noted the sizable pool of well-educated human resource in Kenya among the key reasons why the company chose to set up here.

He said apart from being a high growth-market and an important hub, Kenya is part of a region that is experiencing rapid improvements in income levels and infrastructure.

“It has an abundance of well-educated and quality staff and offers a huge promise of continued growth for many organisations as a consumer market,” said Mitchell.

The consumer finance business hopes to play part in shifting consumer attitudes in the country from traditional cash to non-cash payment systems.

It is partnering with local retail outlets where shoppers can use AFB credit cards.

According to Mitchell, the firm has been eyeing the Kenyan market for a long time.

This, he added, was after a research indicated it is one of the countries in Africa with well-developed financial and retail infrastructures.

AFB Chief Executive, Karl Westvig said the firm wants to use the opportunity to make gateways into the wider East African region.

He said the region has a lot of promise in terms of returns on investment.

- CAJ News


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