#4
ABSA
After more than a century of Barclays Bank in Kenya, the international financial services giant embarked on a momentous journey of
transformation, successfully transitioning to the panafrican Absa Bank in 2020.
The transition in Kenya marked a significant milestone for the bank as it aimed to align its brand with its parent company, the
Amalgamated Banks of South Africa (Absa) Group, and reinforce its commitment to delivering world-class financial services to its customers. With
careful planning and meticulous execution, Absa Kenya navigated the complex process of rebranding, ensuring a smooth transition for its customers,
employees, and other stakeholders.
The successful transition was underpinned by a robust strategy that prioritized customer-obsession, innovation, and seamless integration. The bank adopted a phased approach, combining comprehensive communication initiatives with digital and technological advancements to minimize disruption and maximise customer satisfaction.
Through various channels, including social media, traditional advertising, and direct engagement, Absa effectively communicated the rebranding to its customers, providing reassurance and clarity throughout the process. Since then, Absa has been actively fostering a culture of collaboration and empowerment among its employees.
Extensive training programs are in implementation, to continuously equip the staff with the knowledge and tools necessary to deliver exceptional service under the new brand. Absa’s approach to prioritising customers goes beyond the ordinary. The bank has effectively achieved equilibrium between its high-end clientele and the middle class consumer market, by employing a strategic methodology that addresses the distinct requirements of both demographics.
The bank understands that the high-end customers seek personalized, exclusive services, while the middle class consumer market requires accessibility and affordability. A fine example of the bank’s dedication to its high-end customers is the corporate sponsorship of pro golfers at the Magical Kenya Open, the most prestigious and luxurious event in the Kenyan golf calendar.
Since the rebrand, Absa has consistently sponsored local golfers annually, and this year, it spent KES 2.7 million towards the golfers’ prize fund.
Moreover, for the third consecutive year, Absa is sponsoring the national athletics season. For instance, this year it expended KES 50 million towards the Kip Keino Classic Tour, named after the steeplechase icon Kipchoge Hezekiah Keino, that was held on May 13th 2023; as well as KES 10 million to support subsequent events in the Kenya athletics calendar.
Both the golf and athletics tournaments resonate with the bank’s brand spirit of Africanacity: the distinct ability and determination to always find ingenious ways to get things done despite the challenges people face.
One of Absa’s greatest banking products and services is catered towards women-owned and led small and medium enterprises (SMEs). The bank is cognizant that it has a significant role to play in sustainability, especially in supporting the underserved businesses that have little to no access to finance.
Late last year, in partnership with Melanin Kapital and the African Guarantee Fund (AGF), Absa launched the ‘Tuungane 2X Na Absa’ program. Over 600 SMEs have been invited to go through the credit-readiness program run by Melanin Kapital, after which they can apply for a loan from Absa that will be guaranteed by the AGF.
The targeted businesses then have access to Absa loans starting from KES 1 million worth of capital to scale their activities. Additionally, the program provides these SMEs with sustainability training, capacity building, mentor matchmaking and networking activities to prepare them to get access to credit and grow their business sustainably.
With a profit of KES 14.6 billion after tax for the year ended 31 December 2022, representing a 34 percent growth in comparison to the previous year, Absa is well-positioned to compete with other major banks in Kenya, leveraging its strong brand presence, expanded product offerings, and digital capabilities.
Absa’s newly appointed Managing Director (MD), Abdi Mohamed, is homegrown from Absa’s Tanzanian bakery, where he held the same position. He brings with him over 15 years of experience in senior leadership within the banking industry, and leads with a steadfast, insightful and visionary mindset.
Through its flawless transition, the bank has reaffirmed its dedication to the Kenyan market and its aspiration to be a leading financial services provider.
Absa has demonstrated its resilience, adaptability, and unwavering focus on meeting the evolving needs of its customers in the dynamic banking landscape, standing as a testament to the power of strategic planning, strong leadership, and customer obsession.
