I&M Bank, Redington Roll out Stock Financing Solution for MSME Customers
I&M Bank has entered a strategic stock financing partnership with leading IT supply chain company Redington, to offer unsecured loans to its customers and distributors.
This exclusive deal aims to provide a short-term revolving Stock Financing limit of either Ksh. 5M or USD 30,000 The Bank will avail the credit facility for an agreed 30-day over a 12-month renewable period.
Through this partnership, distributors and customers will have access to a line of credit that will finance up to 100% of Redington’s invoice value.
Speaking during the launch, Redington’s General Manager Vipul Rathod & Senior Manager Mr. Ravi Shankar in presence of Mr. Sivanandam Balasubramanian Head of Finance highlighted the work capital support & need for business development & benefits of having the stock finance used & the impact it is going to have on business scalability on either sides. Redington also highlighted the cashflow & business turns its partners are going to benefit with.
Also at the launch, I&M Bank, Kenya, CEO, Mr. Gul Khan commented on the partnership:
“This partnership is aligned to our unrelenting focus on customer needs and open tailor-made credit lines for customers and distributors in business with Redington. We believe that through this exclusive partnership, authorised Redington distributors and customers will gain access to quick and convenient working capital to facilitate orders for additional stocks and ease the current strain on MSME cashflows,” said Mr. Gul Khan
Mr. Gul Khan added: “Further, we believe that this strategic tie-up is crucial, as it will help Redington, who is our anchor client in this Stock Financing offering, to enhance its business efficiencies and ease payment processes from their distributors.”
I&M Bank through its Corporate Strategy has a keen focus on driving business growth through deeper penetration in the retail and MSME target segments. The Stock Financing Programme is expected to support this strategic initiative, with an objective improving the Bank’s loan book quality and portfolio, by building quality interest earning assets via partnerships such as these, especially those that support the MSME market segment.
About Redington KENYA Limited
Redington KENYA Limited is a leading IT technology solutions provider across Information Technology, Mobility, Telecom, Lifestyle products.
The company was incorporated in 2009 & since inception has been the market leaders of products dealt with.
Our Vision is to be No.1 Value added Distributor and Service provider for all Global brands in IT & Telecommunication.
Redington Media Contact
(M) + 254 738999208
About I&M Bank Limited
I&M Bank is a leading Tier 1 commercial bank headquartered in Kenya, with a growing regional presence currently extending to Mauritius, Tanzania, Rwanda, and Uganda. Since its inception in 1974, the Bank has evolved from a community financial institution to a publicly listed Kenyan-based regional commercial bank offering a full range of Corporate, Business, Premium Client, and Personal financial services.
I&M Bank is wholly owned by I&M Group PLC which is listed on the Nairobi Securities Exchange. CDC Group PLC owns approximately 10.68% of I&M Group PLC. I&M prides itself on its strong values and key strengths of innovative service and strong customer relationships and through these pillars, I&M Bank aspires to be Kenya’s Leading Financial Partner for Growth through provision of innovative and market driven banking solutions for its target segments.
For more information visit www.imbankgroup.com
I&M Bank Media Contact
Head of Marketing & Communication
E: [email protected]
T: + 254 719088205