BUSINESSNews

Absa Kenya to Invest Ksh1.6 Billion in Digital Products

The bank plans to roll out over 60 different technology projects this year


People are reluctantly visiting bank halls due to proliferation of mobile banking that has made it easier for customers to do nearly everything at their fingertips. Absa Bank, formerly Barclays Bank of Kenya, is in for the revolution and plans to inject Ksh 1.6 billion in the shift.

The bank said the technology investment would help them enhance the customer service experience.

Absa Managing Director Jeremy Awori reveals they will roll out over 60 different technology projects next year.

Among the upcoming projects is an automated loan top-up process, enabling customers to apply and get top-ups on their existing loans within 15 minutes, a first in the country.

“We will also be rolling out a fully-fledged online business banking platform among other exciting innovations across our business segments,” Awori said.

Most of the banks’ customers have shifted to digital platforms due to the covid-19 induced disruption, and, according to Awori, the trend will is unlikely to reverse as time goes by.

The restrictions imposed to help curb the virus’s spread greatly affected the number of customers visiting Absa’s branches by 40 per cent.

“In many ways, Covid-19 really challenged us to live up to our commitments to all our stakeholders. The pandemic has taught businesses across the world that we must really be prepared to live and operate in a Volatile, Uncertain, Complex, and Ambiguous environment, and be agile enough to quickly adapt to changing realities,” Awori said.

The bank recently celebrated its first anniversary in Kenya since rebranding.

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Alvin Wanjala

Alvin is a freelance tech journalist. Talk to me via email at alvinwanjala[at]pm[dot]me

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