Absa Bank Tanzania Managing Director, Mr. Obedi Laiser (second from the left), together with some of his senior staff, from left; Head of Marketing and Corporate Relations, Mr. Aron Luhanga, Head of Retail Banking, Ms. Ndabu Lilian Swere, and Head of Products Segment and Business Strategy, Mr. Heristraton Genesis, displayed the placards to symbolize the official launch of the Absa agency banking service in Dar es Salaam.
* Targeting the unbanked population
* Aims to increase access to finance and drive Financial Inclusion in the country
Dar es Salaam, Tuesday, 19 September 2023 – In a strategic move to reach the country's unbanked population and enhance financial inclusion, Absa Bank Tanzania has officially launched Agency Banking services under the name Absa Wakala.
With a network of 15 branches across 10 regions and a network of 63 ATMs nationwide, the launch of Absa Wakala will enable Absa customers to access financial services at any time and from anywhere at their convenience. The introduction of Absa Wakala aligns with the bank's new purpose of "Empowering Africa's tomorrow, together – one story at a time," as it brings financial services closer to customers, particularly increasing financial inclusion among the unbanked population in various regions of our country.
Speaking today in Dar es Salaam while announcing the launch of Absa Wakala, Absa Bank Tanzania Managing Director, Mr Obedi Laiser, mentioned that the bank will continue to leverage technology and innovation in its service delivery to consistently provide unparalleled customer experience in the Tanzanian banking industry. "This is part of our mission as a financial institution to embark on 'Empowering Africa's tomorrow, together – one story at a time,' to help the continent overcome its socioeconomic challenges".
"Low incomes, high banking costs, lengthy procedures, and the obvious lack of extensive banking networks have deprived many Tanzanians of the valuable financial services provided by banks, thereby hindering our country's development," Mr. Laiser added. "As a bank, we are committed to ensuring that reliable banking services are easily accessible, and the Agency Banking model offers the right solution that the financial services industry needs."
"The Agency Banking model will provide a uniquely positioned and profitable avenue to serve the unbanked population within the existing banking environment, ultimately contributing to the bank's customer growth by reaching the retail market and attracting customers from the bottom of the pyramid," said Mr. Laiser, adding that all Absa Bank Tanzania customers can access banking services through approved agents available nationwide starting today.
Absa Wakala not only eliminates the need for customers to travel long distances for services but also makes it more affordable for them to access our products and services.
The comprehensive Absa banking services offered through Agency Banking include Card-based Withdrawal Transactions, Cardless Deposits, Card-based Deposits, Card-based Mini Statements, Card-based Balance Enquiries, and Card-based Funds Transfers (Absa to Absa). "These comprehensive services will be offered by our agents through the current phase we are launching today; subsequently, the bank is committed to continue enhancing the proposition by rolling out additional services given our adaptive to technology advances and innovations and will gradually expand our offering through this channel," Mr. Laiser stated.
On her part, Ndabu Lilian Swere, the Head of Retail Banking, alluded that Absa Bank Tanzania has demonstrated significant growth in its customer base and profitability overtime, and this has necessitated the deployment of agency banking solution to better serve its customers. She highlighted that Absa Wakala solution is one of the bank’s testimonials that cement the bank’s promise of taking banking services closer to its customers through various cost-effective channels with enhanced convenience. She further announced that with the launch of Absa Wakala, the bank has introduced a two-months promotional offer that allows Absa customers to transact through Absa Wakala free of charge from the launch date. Post that period customers will continue enjoying banking services at the bank’s affordable tariff guide displayed at Absa Wakala premises.
In his concluding remarks, the MD further emphasized that while the bank is actively expanding its physical presence in major towns across the country, it will continue to invest heavily in technological innovations to bring more innovative and world-class services that ensure affordability, reliability and convenience to the bank’s customers and help the bank to continue hold its position as the leading digital bank in Tanzania.
"Our aim is to continue investing in new ways of delivering our products and services in a manner that will empower our customers and support their growth, while maintaining our leadership position in digital banking in the country.”, affirmed the MD.
For more information, please contact:
Aron Luhanga
Head, Marketing & Corporate Relations
Absa Bank Tanzania Limited
Call: +255 768 221 717
About Absa Bank Tanzania
Absa Bank Tanzania Limited is one of Tanzania’s leading financial institutions offering an integrated set of products and services across Corporate and Investment Banking, Business Banking with solutions for SMEs, and Retail Banking. Backed by its 21-year legacy in Tanzania and inspired by the people it serves, Absa is committed to finding local solutions to uniquely local challenges and everything we do is focused on bringing possibility to life.
Absa Bank Tanzania is part of Absa Group Limited, one of Africa’s largest diversified financial services groups. Absa Group employees approximately 40, 000 professionals operating in South Africa, Zambia, Botswana, Mozambique, Seychelles, Mauritius, Kenya, Tanzania, Uganda, Ghana. The Group has representative offices in Nigeria, Namibia, London and New York, as well as insurance operations in Botswana, Kenya, Mozambique, South Africa, Tanzania and Zambia. Absa is a truly African brand, inspired by the people we serve and determined to be the financial services Group Africa can be proud of.
For more about Absa Bank Tanzania, its products and services, visit www.absa.co.tz
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