Absa bank To invest Sh2 billion On Digital

Absa Bank Kenya has announced a Sh 2 billion investment in technological upgrades aimed at improving customers’ banking experience. 

Part of the investment has gone towards the creation of an online account opening platform that will allow customers to open Absa accounts remotely via the internet or smartphone at any time.

The online platform also allows customers to open accounts from any location and start transacting without visiting a branch.

Absa Bank Kenya Managing Director Jeremy Awori said the move demonstrates the bank’s commitment to continue investing in digitally-led innovative solutions that are aligned with their evolving demands and expectations, as most of them prefer to transact on the go.

“This introduction is inspired in many ways by customers’ and businesses’ desire for a simple yet efficient banking experience. The online account opening is a real game changer for customers and the market, as it will provide customers with a new level of ease by eliminating the need for applicants to fill out paper applications or provide multiple documents when opening an account,” Awori said.

Awori said that the digital enhancements fuel Absa’s digital innovation strategy meant to enhance customers’ experiences and promote financial access.

Customers who open a new account will have the option of accessing the newly introduced Absa Digital Savings Account, which has an introductory interest rate of 7 per cent per annum.

The account earns daily interest and pays it out quarterly. Customers can also deposit funds quickly after activating their accounts and securely access their balance at any time and from any location.

As part of its ongoing digital transformation, Absa invested up to Sh 1.6 billion in 60 different technology projects last year, including digital loan top-ups in 15 minutes and Abby, a 24/7 WhatsApp banking virtual assistant.