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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Absa Group confirms the departure of CEO Daniel Mminele

SOUTH AFRICA – Absa Group’s chief executive officer Daniel Mminele is set to step down just 16 months in the position. The financial services group has officially confirmed. Daniel Mminele was Absa Bank first black Chief Executive Officer. Confirming the reports, Absa bank announced, through the Johannesburg Stock Exchange  sent statement, that it was working on a separation agreement with group chief executive Daniel Mminele. The bank said: “In response to press speculation, shareholders are advised that the boards of directors of Absa Group and Absa Bank (“Boards”) and their…

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Absa Bank Kenya launches asset management unit, promises diverse financial solutions

KENYA – Financial institution Absa Bank Kenya, formerly Barclays Bank of Kenya, has launched the Absa Asset Management Limited (AAML), a subsidiary of the bank that will offer fund and wealth management solutions for its customers. The announcement comes after the bank received a greenlight from both Kenya’s Capital Markets Authority (CMA) and the Retirement Benefits Authority of Kenya (RBA) as a fund manager. Speaking during the launch of the subsidiary, Absa Bank CEO Mr. Jeremy Awori noted that the new subsidiary fits in well with the bank’s growth strategy…

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Absa Bank to shut down its money market fund in July 2021

SOUTH AFRICA – Banking group Absa Bank has announced it will shut down its investment vehicle Absa Money Market Fund (AMMF) in July 2021, ending its 25-year-old money market unit trust because, it says, many investors mistakenly believe it guarantees returns. The company says many of its investors and clients have a wrong idea about the fund’s management and structuring.  “However, the [money market unit trust] is not a bank account – it is a collective investment schemes product (also known as a “unit trust”). We have therefore decided to…

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Absa reports 58% profit drop, holds off on dividend

SOUTH AFRICA – Absa Group has said that it would not declare a full-year dividend after its profit fell 58%, falling behind two key rivals who managed to restore shareholder pay-outs in recent weeks. After the central bank of South Africa cautiously relaxed guidance advising lenders against dividends just weeks before results season, investors had been widely expecting a restoration of dividends from some lenders but were less certain about others, including Absa, whose capital position is not as strong as some peers. “Given the group’s focus on preserving capital,…

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