Absa has announced the launch of its In-store Banking facility at several of its existing merchant retail stores.
In-store Banking enables Absa customers to transact at the merchant retail stores, to withdraw from or deposit money into their accounts, purchase air-time, obtain mini-statements and check balances at point-of-sale machines.
Additionally, In-store Banking forms part of Absa’s overall Branchless Banking strategy, which aims to provide comprehensive banking services outside of the bank’s traditional branches and to extend these services to its growing base of seven million entry level clients.
“As the leading Bank in South Africa, Absa not only endeavours to be at the cutting edge in terms of providing financial services, but we are also cognisant of our broader responsibility in facilitating the inclusiveness of the unacceptably large numbers of previously unbanked and under-banked South Africans,” said Lawrence Twigg, Managing Executive of Absa’s Entry Level and Inclusive Banking (ELIB).
“It is essential that we provide easier and cheaper options that will contribute towards bringing this sector of the market into formal banking,” emphasised Twigg.
He added: “By capitalising on our extensive retail footprint, we are able to extend our In-store Banking facility to many of our existing retailers countrywide, thereby ensuring maximum reach and accessibility to a larger customer base.”
Absa aims to deploy one thousand In-store Banking facilities across the country by the end of 2011 and a further 2000 by the end of 2012.
“Providing comprehensive banking services outside traditional branches to customers in the ELIB and unbanked segments continues to be a key focus of ours. We aim to attract a large percentage of the unbanked and under-banked market, while expanding the scope of transactional platforms for our existing customers,” concludes Twigg.
