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Kenyan consumers and small businesses can now manage a range of financial activities through a single mobile app, potentially transforming how they interact with financial services.
The new model allows users to save and invest individually or in groups, offering flexible savings with returns up to 7 per cent and investment products yielding up to 16 per cent.
Additionally, users can borrow money without collateral, ranging from Sh500 to Sh1 million for personal or business needs. They can also track their finances in one place without switching between platforms.
Consumers are now seeking financial solutions that are easy to use, personalised, and well integrated, as stated by Yusuf Omar, Managing Director and CEO of Absa Bank Kenya.
The app allows users to link both Absa and non-Absa Visa cards, helping them manage bills and shared expenses efficiently, regardless of the card provider. It uses open banking to gather data from multiple financial institutions, giving users a complete overview of their finances.
Moreover, it uses multiple methods to assess creditworthiness, taking into account various financial behaviours. This could help individuals and small businesses with limited credit histories access traditional credit.
This new platform has the potential to reshape competition in retail banking and digital lending by improving consumer understanding and increasing transparency in lending practices. Absa Next is positioned as a benchmark for digital banking in Africa and can now be downloaded from Google Play and the Apple App Store.
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Kenyan consumers and small businesses can now manage a range of financial activities through a single mobile app, potentially transforming how they interact with financial services.
The new model allows users to save and invest individually or in groups, offering flexible savings with returns up to 7 per cent and investment products yielding up to 16 per cent.
Additionally, users can borrow money without collateral, ranging from Sh500 to Sh1 million for personal or business needs. They can also track their finances in one place without switching between platforms.
Consumers are now seeking financial solutions that are easy to use, personalised, and well integrated, as stated by Yusuf Omar, Managing Director and CEO of Absa Bank Kenya.
The app allows users to link both Absa and non-Absa Visa cards, helping them manage bills and shared expenses efficiently, regardless of the card provider. It uses open banking to gather data from multiple financial institutions, giving users a complete overview of their finances.
Moreover, it uses multiple methods to assess creditworthiness, taking into account various financial behaviours. This could help individuals and small businesses with limited credit histories access traditional credit.
This new platform has the potential to reshape competition in retail banking and digital lending by improving consumer understanding and increasing transparency in lending practices. Absa Next is positioned as a benchmark for digital banking in Africa and can now be downloaded from Google Play and the Apple App Store.
By John Maina