Absa Bank Kenya will spend nearly Ksh. 2 billion on upgrading its digital systems to improve customers’ banking experience.
Among the initiatives announced by the lender is a platform that will allow customers to open Absa bank accounts remotely from their smartphones and other devices. The move aims to decentralize account opening by ensuring that customers do not need to visit bank branches to open an account.
Absa Bank Kenya Managing Director Jeremy Awori said the bank is enhancing its digital operations and will continue to invest in more digital-first innovative solutions.
“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,” he said.
At the same time, the lender introduced the Absa Digital Savings Account, which earns an introductory interest rate of 7% per annum. Awori said the account earns daily interests and pays out on a quarterly basis.
Other functionalities of the digital account include digital deposits and review of account balances.
The bank said it has invested Ksh. 1.6 billion in 60 different technology projects since last year, including a digital loan top-up that can be approved in just 15 minutes.
Recently, Absa Bank partnered with global card company Visa to develop a payment remittance solution aimed at easing local and cross-border transactions.
Mr. awori further said the digital investments “fuel Absa’s digital innovation strategy that aims to enhance customers’ experiences and promote financial access.”