Why Barclays Kenya CEO is optimistic after Absa transition
Absa Kenya CEO Mr. Jeremy Awori says that the transition from Barclays Kenya marks a new chapter of good times for the lender and its customers.
He said that the transition was a major milestone for the business and that the lender would keep engaging stakeholders to celebrate the launch of Absa Kenya, after completion of a legal name change from Barclays Kenya on 10th February 2020.
Mr. Awori reassured Barclays customers that names may have changed, but everything that matters will remain only better. There will be no change to their account details, and they will continue to do their banking transactions smoothly at no extra cost.
All new credit and debit cards issued will be under the Absa brand but customers who hold Barclays cards can continue to use them until expiry. Last month Absa Kenya also unveiled a new range of vertical debit and credit cards that feature a tap and go technology for extra convenience.
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">.@Barclays_Kenya (Absa) has today unveiled a new range of vertical debit and credit cards that feature the tap-and-go technology. (Thread) <a href="https://t.co/Od7L6MlD4W">pic.twitter.com/Od7L6MlD4W</a></p>— Newsroom (@MaudhuiHouse) <a href="https://twitter.com/MaudhuiHouse/status/1221826329794007041?ref_src=twsrc%5Etfw">January 27, 2020</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The transition comes at a post-rate-cap period where the banking sector is also under pressure from fintechs. Absa Kenya is now prioritizing digital investments. For instance, during the transition period, the lender undertook over 70 technology-specific projects including a new SME tool and revamped Absa mobile banking app.
Absa, however, urged customers to remain Vigilant during this period, to avoid falling prey to fraudsters out rob them of their personal information.
Awori says that Absa will continue to be part of the Kenyan fabric and that the bank is committed to economic transformation of the Kenyan people.
Absa Kenya, formerly Barclays Kenya has had its operations in the country for over 104 years and has been one of the country’s leading financial players even before independence.
The transition journey began six years ago when Barclays PLC (UK) sold a controlling stake in Barclays Africa to Absa Group Limited in a deal that was valued at USD 2.1 Billion.
Parent company – Absa Group Limited; has an asset base of about Ksh 9 Trillion, which is larger than Kenya’s entire GDP and nine times larger than the country’s national budget. Kenya is Absa’s largest market outside South Africa.
