Absa Bank says virtual banking app users reach almost 5 million

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Absa Bank says virtual banking app users reach almost 5 million

Johannesburg, South Africa-based financial services company, Absa Group Limited, operating in merger with the Bank of South Africa and owned by the Barclays group, said later last week that its Kenyan arm, Absa Bank’s virtual banking platform had clocked nearly 5 million customers, marking up a remarkable growth momentum in one of the fastest-growing developing countries in the African continent.

Besides, followed by the Absa Bank’s Wednesday’s (February 19th) statement, the Kenyan lender’s Chief Executive, Jeremy Awori was quoted saying that the Barclays-owned Kenyan lender was betting heavily on its virtual banking platform as a critical driver for future growth in Kenya, which had been digitalized rapidly over the past decade.

On top of that, the Absa Bank’s virtual banking platform appeared to have become an iconic role model for other lenders operating in the country, since during its launch in Kenya back in the March of 2018, it had 300,000 customers, nonetheless, the lender’s virtual banking app named as “Timiza,” had 3 million clients at the end of 2018, while as of December 31st 2018, Absa Bank had lent roughly 10 billion Kenyan shillings or $98.91.

Meanwhile, referring to Absa Bank’s virtual banking platform’s stupendous growth momentum, Awori said in a news conference later this week, “We have seen our app grow in leaps and bounds. We are now roughly under 5 million [Timiza] customers, and we really are looking forward to growing that number in the future. ”