Absa Bank Tanzania announces its new brand promise

The Managing Director for Absa Bank Tanzania, Mr. Obedi Laiser (left), addresses a media conference during the media launch of the bank’s new brand promise dubbed ‘Your Story Matters’ in Dar es Salaam today. Looking is Absa Bank Head of Marketing and Corporate Affairs, Mr. Aron Luhanga.

Dar es Salaam, Monday, 26 February 2024 – Absa Bank Tanzania has announced its new brand promise which marks the next evolution to the Absa brand journey.

Absa Bank Tanzania made this announcement following a similar announcement made last week Friday by Absa Group Limited, its parent company, which is one of Africa’s largest diversified financial services groups that owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (Absa Bank Tanzania and National Bank of Commerce), Uganda and Zambia and has insurance operations in Botswana, Kenya, Mozambique, South Africa and Zambia. Absa also has representative offices in China, Namibia, Nigeria and the United States, as well as securities entities in the United Kingdom and the United States, along with technology support colleagues in the Czech Republic.

Speaking during the official announcement, Mr Obedi Laiser, The Bank’s Managing Director, said “Today we are taking the next step on our business and brand journey, revealing our newfound vision as a purpose led and values driven business, and communicating our new brand positioning.

Since we launched the Absa brand in Tanzania four years ago, the brand has gown significantly and it has now evolved to better reflect where we are now, our global ambitions and to align with our new purpose. We are concentrating on what we do AND why we do it: our purpose and aspiration - to be a leading African bank, empowering Africa’s tomorrow, together … one story at a time.”

The new brand promise which the bank has announced is encapsulated in a short and easy to remember phrase “Your Story Matters”.

When asked about what this new phrase means and what it promises to its stakeholders, Mr Aron Luhanga, the Bank’s Head of Marketing and Corporate Affairs, said “Your Story Matters is more than a phrase to us – it is a promise and a commitment. It reveals our customer-centric approach in which we listen to and care about the unique journey of each person and entity we serve. It speaks about how we as an organization value individual customers and want to be part of their personal and financial narratives. It defines us as a bank of the future; one that is more than just a financial services institution but also a partner on each customer’s life journey.”

Mr Luhanga went on to state that the new brand promise represents the culmination of the bank listening and learning from its customers, staff, and community at large, planning, strategising, collaborating, and co-creating a powerful purpose, honourable values, a clear vision and an unwavering commitment to create an Empowered African future, together… one story at a time.

In his concluding remarks, the Managing Director, said “Our customers, communities, colleagues, and the public at large should brace themselves for seeing a much more human-centred bank that takes interest in the unique journeys of all its stakeholders and excited to being part of their unique stories. We are committed to solutioning the challenges our customers, communities, and colleagues face in their life journeys in such a way that builds a lifetime legacy of true friendship and partnership, because their stories matter to us.”

For more information, please contact:

Aron Luhanga

Head, Marketing & Corporate Relations

Absa Bank Tanzania Limited

+255 768 221 717

aron.luhanga@absa.africa

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 (‘Absa Group’). Absa Group is listed on the Johannesburg Stock Exchange and is one of Africa’s largest diversified financial services groups.

Absa Group offers an integrated set of products and services across personal and business banking, corporate and investment banking, wealth and investment management and insurance.

Absa Group owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (Absa Bank Tanzania and National Bank of Commerce), Uganda and Zambia and has insurance operations in Botswana, Kenya, Mozambique, South Africa and Zambia. Absa also has representative offices in China, Namibia, Nigeria and the United States, as well as securities entities in the United Kingdom and the United States, along with technology support colleagues in the Czech Republic.

For more about Absa Bank Tanzania, its products and services, visit www.absa.co.tz

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Absa Bank's Naomi Mafwiri Takes the Helm as President of ACI Tanzania Charter

Newly elected President of the ACI Financial Markets Association of Tanzania Charter, Ms. Naomi Mafwiri, who is also Absa Bank Tanzania Markets Sales CIB and E-Channels, addresses the members of the association at an occasion of the Tanzania charter’s leadership exchanging ceremony held in Dar es Salaam recently.

Newly elected President of the ACI Financial Markets Association of Tanzania Charter, Ms. Naomi Mafwiri (second from the left), who is also Absa Bank Tanzania Markets Sales CIB and E-Channels, chats with some members of the association at an occasion of the Tanzania charter’s leadership exchanging ceremony held in Dar es Salaam recently.

*Pledging to Elevate Financial Markets Practices and Ethical Standards

Absa Bank Tanzania Markets Sales CIB and E-Channels Senior Official, Naomi Mafwiri, has been elected as the new President of ACI Tanzania Charter, a position she will serve for the next two years. Formed in 2002, ACI FMA Tanzania is the standard bearer for financial markets professionals in Tanzania.

ACI FMA Tanzania is affiliated with ACI – Financial Markets Association, a Paris-based global umbrella body of financial markets associations, which is a non-profit-making association founded in the interests of the financial markets dealing profession, essentially international. ACI Tanzania abides by Tanzania's laws and regulations and the FX Global Code of Conduct recognized by ACI – The Financial Markets Association. ACI FMA is the largest trade association in the global financial markets with over 13,000 members in 60 countries.

Speaking in Dar es Salaam at the occasion of the Tanzania chapter’s exchanging of leadership, the new ACI President, Ms. Naomi, said the decision to contest for the position as ACI President was not taken lightly. ‘I had to consult some other members, and after deep thought, I realized the crucial role the financial markets community plays in shaping values and ethics among key players in Tanzania, and that fact compelled me to step forward to work on the key ACI Tanzania’s objective to influence industry behavior and uphold best market practitioners,’ said Ms. Naomi.

She said the current ACI Tanzania chapter includes four candidates from Absa Bank Tanzania, making a significant milestone and showcasing the trust and confidence placed in our bank by the financial markets community in Tanzania.

'Engaging with ACI aligns us with efforts to promote best financial markets practices, and we are excited about the journey ahead and the opportunities this collaboration will bring.'

Ms. Naomi added, ‘I want to take this opportunity to commend the previous committee for launching the ACI UDSM branch. However, we will aim at introducing more initiatives such as facilitating certification of our back office, middle office, risk, and front office members, citing that up to date, only 50% of financial markets participants are certified.’

‘We will also be working on ACI identity, where we will enhance our visibility through office location and registration, which is crucial. Publicity is equally important, and our challenge is to ensure that our banking community recognizes and understands the fundamental role we play.'

She mentioned other key factors as stakeholder engagements, saying that acknowledgment of the transformation in markets, initiatives such as a move from being a money-based Monetary Policy approach to an Interest-based Monetary Policy Framework, issuance of circulars, and guidelines to promote stability in the financial sector, together with ongoing sessions among key players enhances confidence and transparency in our market. ‘I promise to continue with these engagements so as to create harmony and encourage an environment where business thrives and the economy excels,’ she added.

ACI Tanzania Charter is made among stakeholders, which include the banking sector, Ministry of Finance, Bank of Tanzania, DSE, CMSA, and TBA.

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Absa Bank Tanzania records remarkable financial performance in 2023

Jovial Absa Bank Tanzania Managing Director, Mr. Obedi Laiser (centre), Acting Chief Financial Officer, Mr. Bernard Tesha (left), and Absa’s Head of Marketing and Corporate Affairs, Mr. Aron Luhanga (right), displays a pamphlet contains some details of the bank’s 2023 performances, during a media conference in Dar es Salaam today.

Performance snapshot:

• 132% Profit before Tax growth year on year
• 37% growth in Customer Deposit year on year
• 19% growth in Total Assets from prior year
• Return on Equity (ROE) of 32%
• Cost to Income Ratio (CIR) of 53%

Dar es Salaam, Thursday 1 February 2024 – Absa Bank Tanzania has recorded a remarkable financial performance for the fiscal year 2023, marking a year of unprecedented growth and best ever success since its establishment in the country.

Despite the challenges posed by the global economic landscape, Absa Bank Tanzania has demonstrated resilience, adaptability, and unwavering commitment to its customers, stakeholders, and the community at large, seizing the opportunities presented in the market to deliver exceptional performance.

In 2023, Absa Bank Tanzania achieved record-breaking financial results, reflecting robust growth across key performance indicators. Profit Before Tax (PBT) surged to an all-time high of TZS 75billion, a staggering 132% increase from the previous year, which contributed to an impressive Return on Equity (ROE) of 32% in 2023. Overall revenue recorded an excellent annual growth of 30% on the back of a 21% growth in Net Interest Income (NII) and 41% increase in Non-Interest Income (NIR), with cost registering a very modest increase of 3% year on year - well below inflation, with all these contributing to a great improvement in the Cost to Income Ratio (CIR) to 53% in 2023, well within the regulatory threshold.

The bank’s total assets surged to an all-time high of TZS 1.42trillion, a 19% growth from prior year. This is accompanied by an exceptional growth in customer deposits of 37% year on year to TZS 1.1trillion and an impressive increase in customer loans and advances of 25% from previous year reaching TZS 784billion for the first time and the ratio of Non-Performing Loans (NPL) reducing to 4.5%, well within the regulatory threshold.

Commenting on the results, Bernard Tesha, The Bank’s Acting CFO, said “The significant growth in customer deposits is a true reflection of trust from our customers both existing and new to the bank. The bank continues to have a strong capital position and funding base and operates well above the regulatory and internal requirements. Our prudent risk management practices, strategic investments, and unwavering focus on customer-centric solutions have positioned us as a preferred banking partner in the financial services industry.”

On his part, the Bank’s CEO and MD, Mr Obedi Laiser, said “Our outstanding financial performance in 2023 is a testament to our steadfast dedication to excellence, innovation, and sustainable growth. We have and will continue to leverage technological advancements, expand our product and service offerings, and foster strategic partnerships to better serve the evolving needs of our diverse customer base.

Furthermore, our commitment to corporate social responsibility and community engagement remains unwavering. Throughout 2023, we have continued our support for various initiatives aimed at driving positive change, fostering financial literacy, and empowering communities to thrive in a rapidly changing world.

As we look ahead, Absa Bank Tanzania remains resolutely focused on delivering value, fostering trust, and driving inclusive prosperity for all our stakeholders. We are deeply grateful for the unwavering support of our customers, the dedication of our employees, the understanding of regulators and policy makers and the confidence of our shareholders, which have been instrumental in our success.”

For more information, please contact:

Aron Luhanga

Head, Marketing & Corporate Relations

Absa Bank Tanzania Limited

+255 768 221 717

aron.luhanga@absa.africa

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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