Absa Bank Kenya Consumer Banking Director Moses Muthui, Absa Group Chief Executive for Personal & Private Banking, Sitoyo Lopokoiyit, Absa customer and influencer Judy Nyawira and Absa Bank Kenya Chief Executive Officer, Yusuf Omari during the launch of Absa Next, a fully integrated digital finance solution designed to meet the evolving needs and lifecycles of the next generation of consumers /HANDOUTAbsa Bank Kenya is taking the competition for digital banking customers beyond traditional account acquisition with a new platform that allows users to bring their financial accounts from other banks into one interface.
The lender says its new Absa Next platform is designed to consolidate customers’ financial activities, including bank accounts, payments, mobile money and credit, in a move that could intensify competition among lenders for control of customers’ daily financial transactions.
Unlike conventional banking applications that largely focus on a bank’s own products, Absa Next allows customers to link accounts with other banks and transact through the platform.
The strategy marks a shift in how banks compete for digital customers, with lenders increasingly seeking to become the main interface through which customers manage their finances rather than simply the institution where they hold an account.
“Our customers wants to have one place they can go to and actually do everything they want to do financially,” said Absa Bank Kenya’s head of digital banking Steven Omamo.
The platform is also linked to M-Pesa and includes features such as bill splitting, Chama and Harambee functions, as well as rewards for transactions.
Absa is targeting one million customers on the platform within its first year.
Omamo said the bank expects the platform to appeal beyond younger customers, despite its youthful design, as it seeks to expand its digital customer base.
Absa is also using credit as another tool to attract users. The platform offers personal and business credit solutions of up to Sh1 million, with the bank saying business customers can receive financing based on the flow of money through their accounts.
For personal customers, the lender says credit limits can be assessed in real time, allowing users to access funds for emergencies or personal projects.
The move puts Absa into closer competition with digital lenders and fintech platforms that have built their businesses around convenience, instant transactions and data-driven lending.
Omamo said the platform offers savings at around seven percent, while the bank plans to introduce investment products offering returns of up to 16 percent.
The new platform will initially operate alongside Timiza, Omamo said the bank will continue offering both platforms in the short term as it assesses customer needs and determines whether they should eventually be merged or retained as separate digital products.
Temiza customers will be able to migrate to Absa Next, which the bank describes as an expansion of its earlier push into simplified financial services and financial inclusion.
