Absa Kenya reports 846% jump in half year profit to US$51m

KENYA – Absa Bank Kenya has reported sharp jump in net profit for the first half of the year ended 30th June 2021 outperforming its peers to post 846% growth in Profit After Tax to Kshs 5.6 billion (US$51 million) compared to Kshs 600 million in the same in 2020. The impressive performance was mainly driven by growth in interest income particularly in the small and medium enterprises segment as the Bank accelerated its efforts in supporting businesses to recover from the effects of the pandemic and reposition for growth.…

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Globeleq closes US$362m renewables refinancing in South Africa

SOUTH AFRICA – Globeleq, an independent power producer (IPP), has announced that it has completed the senior debt refinancing of three of its renewable energy plants in South Africa totaling 238 MW. The power producer said it has secured a debt financing package of ZAR 5.2 billion (US$ 362m) for which Absa Bank, part of financial services group Absa Group Ltd, served as the mandated lead arranger and sole underwriter. The transaction represents the second refinancing of renewable assets under the Department of Mineral Resources and Energy’s (DMRE) Independent Power…

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Absa Bank Kenya launches WhatsApp banking for its customers

KENYA – Absa Bank Kenya PLC has launched a new innovation that allows its customers to access their bank accounts and transact via WhatsApp. Through this innovation, Absa customers will be in a position to conduct some of the most popular digital transactions in the market such as account-to-Mpesa/Airtel Money transfers, inter-account transfers, bill payments, balance inquiries, among others, on WhatsApp.   Absa joins another Kenyan bank KCB which rolled out WhatsApp Service to improve its customer service in 2019. Speaking during the official launch of this service, Absa Bank Kenya Managing Director Jeremy Awori said that the move is a demonstration…

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Absa and AREP partner to launch renewable energy investment platform in South Africa

SOUTH AFRICA – African Rainbow Energy and Power (AREP) and Absa have launched a new entity as an African-led, world-class, renewable energy investment platform, African Rainbow Energy. The establishment of African Rainbow Energy expands the pool of funding available for renewable energy developments in South Africa, at a time when the country is accelerating its plans to expand and diversify its energy base through the Renewable Energy Independent Power Producer Programme (REIPPP). “The private sector is simultaneously expanding its energy supply, an important step for the South African economy, which…

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Absa Kenya unveils 25-year mortgage facility targeting middle income earners

KENYA – Financial institution Absa Bank Kenya has introduced a 25-year mortgage facility targeting middle-income families seeking affordable homes within Nairobi, Kenya.  The proposition seeks to increase mortgage uptake by prospective homeowners, offering options towards homeownership such as construction loans and home loans for self-employed individuals (SMEs) with a dedicated team of experts who will walk customers through every step of buying or constructing their dream home. Absa customers will also benefit from established partnerships with players in the homeownership value chain such as property developers, furnishing partners and home…

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Absa secures US$50m risk sharing facility from CDC Group to supports MSMEs

SOUTH AFRICA – Absa Bank, South Africa’s third-largest bank by assets, will receive a US$50 million risk-sharing financial facility to provide loans to micro, small and medium-sized enterprises (MSMEs) and households. The loans will be in local currency with medium to long-term repayment terms and the capital raised by Absa from the British agency CDC Group will be deployed to Covid-19 affected companies seeking financing. “We are thrilled to once again partner with Absa. This is CDC Group’s first risk-sharing facility, providing a local currency solution to micro, small and medium-sized…

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Invest Africa and Absa Group announce strategic collaboration to support investment in the continent

AFRICA – Invest Africa, the leading business and investment platform for African markets, and Absa Group, one of Africa’s largest diversified financial services groups, have announced a strategic collaboration, aimed at supporting the development of business and investment on the continent, and the growth of Absa Group as a leading African retail, corporate and investment bank.The new alliance combines Absa Group’s position as experts in providing a gateway to opportunities in Africa, with Invest Africa’s well-established network, in order to promote trade and investment across the African continent. The collaboration will…

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Absa Bank gets US$150m loan from IFC for green financing in South Africa

SOUTH AFRICA – The International Finance Corporation (IFC0, a member of the World Bank Group, will provide Absa Bank, one of Africa’s largest financial services groups, with a loan of up to US$150 million  to support the bank’s strategy to expand its climate finance business and help South Africa meet its greenhouse gas reduction targets. Africa’s first certified green loan, announced by the International Finance Corporation to Absa Bank, would increase funding for biomass and other renewable energy projects in South Africa, supporting the country’s power sector and economic recovery…

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Absa Bank introduces QR payments for its customers

SOUTH AFRICA – Financial services group Absa,  is expanding its digital payment options with the introduction of QR Payments, a “drastic shifts in banking behaviour towards digital banking and e-commerce”. In a statement, the bank said it has taken its latest step towards expanding its ever-growing digital payments universe with the launch of QR payments “With our QR Payments functionality, which is free of charge, Absa customers registered on the Absa Mobile Banking App can now scan any QR code in the market and Absa will process payments, without the need to…

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Absa Bank appoints Punki Modise as interim financial director

SOUTH AFRICA – Financial services group Absa has appointed Punki Modise as an interim financial director and as an executive director on the boards of Absa bank. The announcement made by the financial institution comes after Jason Quinn who held the position of financial director was appointed interim Group Chief Executive. Quinn replaced Daniel Mminele who stepped down due to ’divergent professional views and approaches’ with Absa board. Commenting on his departure, the former CEO said: “It is indeed regrettable that we should have had to part ways so soon…

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