ABSA EYES EXPANSION AFTER BARCLAYS ‘DIVORCE’

Absa Group Limited Chief Executive Maria Ramos.

Over 130,000 interviews in a brand name survey and a 12 billion rand (Sh90bn) ‘divorce’ settlement from the Barclays PLC, the Amalgamated Banks of South Africa (Absa) went live on the Johannesburg Stock Exchange last week with the lender promising to shake the banking landscape.

And immediately following the move the lender, with an eye on a pan-African look, said it will adopt a digital-first strategy in offering its products. It has set its sights on a 12 per cent market share of banking revenues in Africa promising a bruising battle for customers through acquisitions and strategic partnerships.

In an interview with Smart Company, Absa Group Limited Chief Executive Maria Ramos said the group will be banking on the newly launched WhatsApp banking platform to provide an easy way for customers to access services.

“We will create a superior consumer finance franchise, build a leading global payments hub and launch a winning transaction banking platform,” she said.

And to assure its Kenya customers Ms Ramos (right) said: “Yes, the new brand is not currently being rolled out in any country rather than South Africa. However, when it is rolled out in your country, it will not affect functionality and products or services. Existing Barclays platforms, products and services including cards will continue to work in each market as they did before.”

The group says it has until 2020 to finish the roll-out of the new look in countries which include Kenya, Uganda, Ghana, Mozambique, Tanzania, Botswana, Nigeria and Zambia. Absa also has a presence in Seychelles and Mauritius.

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