Sharp Daily
No Result
View All Result
Friday, July 11, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Absa Bank Kenya To Finance Acquisition Of KRA’s Electronic Tax Invoice Devices

Editor SharpDaily by Editor SharpDaily
November 9, 2022
in News
Reading Time: 3 mins read
Interswitch Head of Sales & Market Daniel Kiriungi (left) and Absa Business Banking Director Elizabeth Wasunna display MOUs after assenting to a partnership to provide SMEs with Online Tax Invoice Management System (TIMS) devices.

Interswitch Head of Sales & Market Daniel Kiriungi (left) and Absa Business Banking Director Elizabeth Wasunna display MOUs after assenting to a partnership to provide SMEs with Online Tax Invoice Management System (TIMS) devices. [Photo/ Courtesy]

Absa Bank Kenya PLC has signed a partnership agreement with Interswitch, an electronic payments and infrastructure company, to provide financial and technical assistance to Small and Medium Enterprises (SMEs) for them to acquire the Kenya Revenue Authority (KRA) Online Tax Invoice Management System (TIMS) device.

Last year, KRA implemented the Electronic Tax Invoice requirements, which will replace the current Offline ETR machines. Against this backdrop, all VAT-registered businesses are expected to comply with the VAT (Electronic Tax Invoice) Regulations, 2020 regarding the implementation of the electronic tax invoice by November 30, 2022.

According to KRA, TIMS allows for real-time validation and authentication of tax invoices. Kenya currently has an estimated 600,000 VAT payers.

Speaking during the unveiling of the agreement, Absa Bank Kenya PLC’s Business Banking Director Elizabeth Wasunna said the partnership supports the government’s agenda to increase revenue collections while also enabling SMEs customers to comply with the KRA requirements without putting a strain on their cash flows, given the difficult operating environment.

RELATEDPOSTS

KCB, Cooperative, and Absa lead in Kenya’s sustainable finance awards

November 21, 2024

Absa Bank unveils KES 500 million initiative for entrepreneurship and environmental action

October 4, 2024

“We fully understand the difficult times that our SME customers are facing due to the challenging operating landscape, and as their partner for growth, we are committed to continuing to walk the journey with them during this tough phase as the economy begins to recover from the pandemic’s impact and the general slowdown in the macroeconomic circumstances,” Wasunna said.

Read: Yusuf Omari Appointed Interim CEO For Absa Bank Kenya

As part of the partnership, Interswitch will supply the devices and provide any requisite technical support to customers who will acquire the devices.

As part of the partnership, Interswitch will supply the devices and provide any requisite technical support to customers who will acquire the devices. Speaking at the event, Daniel Kiriungi from Interswitch hailed Absa for coming out strongly to support businesses to thrive by giving them the necessary support for compliance purposes.

“Our purpose as Interswitch is to Inspire Africa to Greatness through Innovation, Value Creation and Excellence. We believe there is no way businesses can achieve their potential without complying with the necessary regulatory requirements of the land. This partnership thus is in line with our clear goal of empowering businesses to grow to their level best and it’s such a convergence of our purpose to that of Absa of ‘Bringing Possibilities to Life’.

He said the partnership will make it easier for Absa ‘VATable’ businesses to achieve their aspirations.

“We also express our gratitude to our manufacturers – Total Solution Ltd- who have developed the high-quality TIMS machines that are fit for purpose,” Kiriungi said.

Read: Kenya Emerges Eighth In 2022 Absa Africa Financial Markets Index

The bank has spent the last two weeks meeting with its SME customers across the country to listen and learn from them about how it can help them reposition for recovery and growth. Some of the places toured include Kisumu, Kisii, Bungoma, Kitale, Eldoret and the Coastal region.

“Beyond financial solutions, we have adopted a holistic approach to SME empowerment where business owners are trained on business sustainability, funding, book-keeping and networking so as to ensure they become bankable. We are also committed to continuing supporting our SME customers with business insights, networks, and expertise to transform their businesses,” Wasunna added.

Email your news TIPS to editor@thesharpdaily.com

Previous Post

Fork Jembe Lodged In Boy’s Head And New DCI Among Most Searched In October

Next Post

IMF Approves KSh. 52 Billion More For Kenya

Editor SharpDaily

Editor SharpDaily

The latest in business, real estate, education, investments, tech and entrepreneurship, brought to you daily. Reach us through thesharpdaily@gmail.com

Related Posts

Business

Del Monte foods files for bankruptcy in USA

July 3, 2025
News

Private vs Public Pension Funds in Kenya

June 30, 2025
Investments

Investor shift to long term bonds drives oversubscription in CBK’s reopened auction

June 19, 2025
News

The real price of Israel – Iran Conflict for Kenya.

June 19, 2025
Economy

Resilient but strained: Kenyan firms speak out in May 2025 CEO survey.

June 19, 2025
News

Co-op Bank posts KES 6.9 billion profit in Q1’2025

May 16, 2025

LATEST STORIES

Why Employers Should Prioritize Pensions Over One-Time Gratuity Payments

July 10, 2025
Business and Finance Concept - Coin, Currency, Financial Item, Graph,

Opinion: Why lower taxes may be Kenya’s only escape route

July 10, 2025

Nvidia becomes the first company globally to hit USD 4.0 trillion market value

July 10, 2025

Privatization in Kenya: A new dawn for capital markets and fiscal stability

July 10, 2025

How Kenya is future-proofing its economy against illicit finance

July 9, 2025

The importance of Investment Policy Statements (IPS) for pension schemes in Kenya

July 4, 2025

Understanding Life Cover as an Additional Benefit in Retirement Benefit Schemes

July 4, 2025

Del Monte foods files for bankruptcy in USA

July 3, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024