Absa Bank Kenya has launched a digital platform that bundles banking, savings, investments, loans and lifestyle services into a single app, as lenders compete for younger, mobile-first customers.
The platform, Absa Next, is open to both existing Absa customers and non-customers, the lender said on Friday.
Users can borrow instantly from as little as Sh500 up to Sh1 million for personal or business needs, with the bank using alternative credit scoring that draws on a wider range of financial behaviour and data to widen access to loans.
The app also offers individual and group savings earning up to seven percent, and investment products with returns of up to 16 percent.
“Rather than digitising traditional banking, we have reimagined the banking experience around our customers’ goals, behaviours and aspirations,” said Absa Bank Kenya managing director Yusuf Omari.
Mr Omari said consumer expectations were changing rapidly, with people seeking financial services that are intuitive, personalised and built into their daily lives.
Through open banking, customers can pull accounts held with other financial institutions into a single view and link Visa cards issued by Absa and other banks.
The app also lets users manage personal and business finances from one dashboard, split bills with family and friends, and use goal-based and gamified savings tools.
Absa billed the platform as Kenya’s first integrated digital financial solution.
The app was built in Kenya on cloud-based infrastructure and will serve as a blueprint for digital banking across the wider Absa Group footprint.
“Kenya has consistently demonstrated its ability to develop innovations that solve real customer challenges and influence financial services across the continent,” said Sitoyo Lopokoiyit, Absa Group’s chief executive for personal and private banking.
Mr Lopokoiyit said the platform had the potential to shape how the group serves customers across Africa.
Absa Bank Kenya consumer banking director Moses Muthui said digital had become the main way people engage with brands, services and their finances.
“The next generation of consumers expects banking to be simple, intelligent and always accessible,” Mr Muthui said.
Absa Next is available for download on the Google Play Store and Apple App Store.
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