SA’s Absa takes banking to the people in world 1st
In what it calls a world first, South Africa’s biggest retail bank, Absa, on Wednesday launched a portable device that enables the bank’s staff or agents to capture accounts, issue debit cards and select PINs in areas where people have limited access to a physical bank branch.
This invention is made possible through state-of-the-art technology, consisting of a portable kit with an embedded PC, thermal printer, scanner entry device and external modem. This remote delivery platform enables the capturing of account application information in areas where Absa is not currently represented or where there is limited representation.
“This innovative technology crosses the divide between the majority of the South African population who have no or limited access to banking facilities,” says Israel Skosana, Absa Group Executive Director.
“Banking the unbanked is one of Absa’s strategic focus areas and this new initiative is in line with Government’s call to local banks to serve the unbanked.”
The remote opening of savings accounts and issuance of debit cards is ideally suited for people who currently receive salaries or wages in cash and who will benefit from more secure and flexible banking and payment services.
Social grant beneficiaries could also benefit from this technology when they open an Absa Sekulula debit card to receive their social grants on a monthly basis. This innovative solution was also launched on Wednesday.
Advantages to customers include automation and speed, greater flexibility, and easier access. Potential customers will not have to wait in queues to open accounts with Absa, because Absa will now come to them — in their workplaces or community centres.
In future, this offering will be expanded to cheque accounts, non- payment system applications such as investment and insurance products and other markets such as retail, business and the higher income markets.
In support of this initiative, 75% of all new Absa ATMs will be in the rural or previously disadvantaged areas. Communities now also boast shared ownership in 32 Self Service Centres.
“Absa is discovering new tools that will address needs unique to the African banking environment.” – I-Net Bridge