Jeremy Awori the managing director of Absa Kenya says that Kenya has a very high mobile penetration, thus the digital and mobile-led strategy the bank has adopted. ABSA’s Timiza app is essentially a digital bank that enables customers to save, access lending, and make transactions such as pay insurance, pay for utilities, and buy goods and services.
Timiza has grown to have almost 5 million customers since it was launched in March 2018.
Speaking at the Nairobi Securities Exchange, Daniel Mminele, CEO of Absa Group noted that the macro environment in South Africa is dimmed and they are positioning Absa to react and gain as the economy recovers. However, Mminele feels the rest of Africa is encouraging with Kenya, Ghana, Mauritius, and Botswana standing out.
Mminele said Kenya is important to Absa and they will use it to learn. Kenya has made gains in financial inclusion and innovation and Absa group is keen to learn and leverage these across the group to grow. Mminele noted that Kenya has been their largest market outside South Africa in terms of contribution and is critical to the Absa Group.
Jeremy Awori stated that there has been a full inclusive customer awareness campaign as they were making the transition. The did interviews countrywide to inform customers of the new vibrant presence.
Absa Kenya is growing into a full financial institution offering products to institutional clients, high net worth individuals, and the common mwananchi.
