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 .
“Following comprehensive research and wide
consultations among our stakeholders from employees to customers and
regulators...and considering costs, the way forward was clear; we will
have one name across our operations. It will be a brand that unites and
reflects our collective unity,” she said.
“Our new name
and brand are an expression of our new purpose and strategic direction
which commits us to growing in Africa. We are rallying around a shared
sense of purpose and identity while celebrating diversity.”
Absa
Group deputy chief executive Peter Matlare said their particular
interest in Kenya is driven by the country’s giant strides in technology
adoption and innovation adding that their decision to set up a hub in
Nairobi was not arbitrary. He was, however, quick to add that whereas
technology is essential, it does not replace the need for face-to-face
interactions cautioning “ forcing people to go digital will see them go
elsewhere.”
He said with the rebranding of its African operations, Absa hopes to change the landscape of banking on the continent.
Mr
Matlare said the lender will opt for unique partnerships in each
country noting that agriculture is one of their top sectors they target.
His
parting shot for Kenya: “Get me those bright minds that can hack into
any system and we will take them on board in developing winning
products.”
Absa was created through the unification of
United Allied and Volkskas Banks in 1991 with Barclays acquiring a 55.5
stake in 2005.
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