Absa partners with RedFest2025 to celebrate the stories of South Africa’s youth

As Youth Month kicks off, Absa is proud to spotlight its growing portfolio of programmes and partnerships that uplift and invest in South Africa’s youth. From entrepreneurship development and workplace readiness to creative expression and digital empowerment, Absa’s Youth Month campaign is designed to equip young people with the tools, confidence, and platforms to thrive.

“Youth Month is not just a calendar moment for us, it is a reflection of our long-standing commitment to see, support, and invest in young South Africans,” says Candice Thurston, Managing Executive: Brand and Marketing, Absa Group. “Whether it’s through creative platforms like RedFest, entrepreneurial programmes like JA (Junior Achievers) South Africa, Young African Entrepreneurs Institute (YAEI) and our Financial Literacy programme which aims at helping individuals and SMMEs make informed decisions, manage their finances confidently, and build long-term stability or digital tools like ReadytoWork, we’re focused on creating opportunities that empower youth to thrive. When we say We See Your Story, we mean we see potential, and we are backing it with tangible action.”

This year, one of the standout moments in Absa’s Youth Month calendar is its headline partnership with RedFest 2025, Johannesburg’s leading festival celebration of youth-led arts and culture. Hosted by Redhill School from 13 to 16 June 2025, the festival brings together thousands of people to honour the voices, talents, and stories of young South Africans.

At RedFest 2025, Absa brings its brand promise We See Your Story to life through immersive experiences and platforms that put youth expression at the centre. Highlights include:

• A reimagined Village on Oval social hub, supported by Absa and designed as a warm winter-ready space featuring live music, fire pits, artisanal vendors, and a sense of belonging.
• A high-energy Spin & Win competition offering CashSend vouchers, Takealot gift cards, and Absa-branded merchandise such as beanies, mugs, shopper bags, and caps.
• Three youth entrepreneurs, selected from the YAEI x Absa Youth
• Entrepreneurship Development Programme, will be given the opportunity to trade at the festival:
  • Eledi Home by Ellen (eledihome.com)
  • Ilanga Coils by Nomusa (www.com/ilangacoils)
  • Fibonacci Design by Katlego

Each entrepreneur will receive branded trading counters, gazebos, and business support to engage directly with over 7,000 expected festival-goers. These programmes not only provide direct exposure for these young business owners but also reinforce Absa’s commitment to building a sustainable entrepreneurship pipeline across South Africa.

In a powerful nod to youth-led creativity, Absa will also unveil an original art installation by Youth Artist Alpheus Ngoepe, who is aligned to the Absa L’Atelier programme, which is committed to supporting young artistic talent.(@alpheusngoepe). All artwork will be available for sale, with 100% of proceeds going directly to the artist. Originally from Limpopo and now based in Johannesburg, Alpheus Ngoepe is a visual artist whose work explores themes of identity, community, and urban life. His practice blends photography, painting, and text to create powerful abstract narratives that reflect the emotional and social landscapes of everyday South Africans.

Furthermore, a key cultural highlight of the weekend will be YouthFest on Youth Day (16 June), a showcase of the country’s most talented school-based performers in choir, marimba, orchestra, and dramatic arts. Absa’s sponsorship ensures that these voices are seen, celebrated, and heard on a national stage.

“RedFest isn’t just entertainment. It’s empowerment,” adds Thurston. “It’s where young people step into the spotlight not because someone gave them permission, but because they have something to say. That’s the spirit of Youth Month. That’s what We See Your Story is all about.”

Tickets for RedFest2025 are available via TicketPro for R250 per person. For the full programme, visit www.redfest.co.za and Follow the conversation on social media via #RedFest2025 #WeSeeYourStory #YourStoryMatters Instagram: @absa.southafrica | @redfestjhb

JA (Junior Achievement)  South Africa and Absa Group have marked the  successful continuation of their partnership at the launch of the second year of the JA Company of the year program (previously known as  Enterprise Program Plus EP+). The JA Company Program is JA’s flagship initiative that equips high school learners with essential entrepreneurship, financial literacy, and work readiness skills.

The partnership that kicked off last year reaffirms both organisations’ commitment to empowering youth through practical, hands-on learning that transforms classroom concepts into real-world business ventures. With over 1,000 Grade 10 – 11 learners expected to participate once again, the 2025 cohort will experience an enhanced curriculum and deeper mentorship, culminating in the prestigious JA South Africa Company of the Year (COY) competition. The partnership launch took place at Ponelopele Oracle High School in Kaalfontein, which saw two learners  who took part in last year’s program participate in the Girls in leadership training program in Ghana earlier this year.

During the launch, JA South Africa outlined the Company of the Year theme for calling for   ACT!: Action for Climate Transformation”, a theme that seeks to  challenge learners to imagine and build AI-driven, sustainable solutions that addresses environmental and societal challenge, with a specific focus on Innovation & Technology, Artificial Intelligence, Financial Technology, Digital Media & Creation, Renewable Energy, and Circular Economy & Sustainability, as they explore businesses in the six categories.

As with last year, learners will compete provincially before the top teams advance to the national finals in Gauteng.

“We are excited to see this impactful partnership with Absa Group grow from strength to strength. In year two, we are not only scaling the program’s reach but deepening its impact in life-changing ways. We’ve witnessed shy learners evolve into confident presenters, their pitches transforming from hesitant beginnings to polished business cases that impressed judges at provincial, national, and even regional levels. For some, this program sparks a passion for entrepreneurship that reawakened their love for learning—and revealed leadership and problem-solving abilities previously hidden in the traditional classroom. From boarding their first flight to getting their first passport, the exposure and inspiration these young people gain is truly priceless. These are not just student companies; they are launching pads for dreams’’ says Nelo Spies, Executive Director of Junior Achievement South Africa.

The second-year rollout will expand to more schools across South Africa’s nine provinces, offering learners enhanced opportunities to receive mentorship from Absa Group professionals and industry experts. Participants will also benefit from practical business exposure through site visits, guest lectures, and increased access to digital resources.

“For Absa Group, empowering youth through entrepreneurship education is not a once-off investment – it’s a sustained commitment to shaping South Africa’s future. We believe in the stories and dreams of every learner who steps into this programme. By building on the success of our first year, we’re doubling down on our mission to enable young people to take ownership of their economic futures’, says Dr. Steven Zwane, Managing Executive of Corporate Citizenship at Absa. “

This year the partnership will also highlight the journeys of the learners as they share how they are building thriving communities as they showcase how they grow their project companies.

• Newly formed Personal and Private Banking and separately the Business Banking divisions to bolster integrated Absa Group offering in South Africa
• Christine Wu and Geoffrey Lee, former Chief Executives for Everyday Banking and the Product Solutions Cluster respectively have been appointed as interim co-Chief Executives of Personal and Private Banking
• Faisal Mkhize, the Chief Executive for Relationship Banking, assumes the role of Chief Executive for Business Banking

As part of Absa Group’s journey to enhancing market competitiveness, the Group today announced a strengthened Retail and Business Banking leadership team and operating model, effective 2 June 2025.

“Today marks the beginning of a new era for Absa with the establishment of the Personal and Private Banking and the Business Banking divisions in South Africa,” said Charles Russon, Absa’s Interim Group Chief Executive Officer. “The strength of our personal and private banking and business banking franchises is integral to our performance as a Group, and this development bolsters a core revenue engine for the bank, ultimately enabling our ambition to deliver an integrated, seamless, and human-centred banking experience,” he said.

As Absa focuses on the establishment of Personal and Private Banking, Christine Wu and Geoffrey Lee, former Chief Executives for Everyday Banking and the Product Solutions Cluster respectively, have been appointed as interim co-Chief Executives for the newly formed Retail business. Absa veteran Faisal Mkhize, Chief Executive for Relationship Banking assumes the role of Chief Executive for Business Banking.

Key structural developments include:

• Everyday Banking (EB), the Product Solutions Cluster (PSC), and Private Wealth Banking (PWB) have been integrated into a new Retail segment known as Personal and Private Banking (PPB).
• Relationship Banking will now operate as Business Banking, enabling a more focused approach to serving our SME and Commercial clients in targeted sectors.
• Christine Wu, Geoffrey Lee and Faisal Mkhize will continue to serve on the Absa Group Executive Committee.

“There are clear commercial benefits that will flow from the new business construct, which will be steered by seasoned, experienced and established Absa executives. Faisal has been with Absa since 1996 in various leadership roles, while Geoffrey and Christine have more than 20 years of collective experience at Absa,” said Russon.

We are confident in their appointments and that of the Personal and Private Banking Executive Team that will complement Absa Group’s existing high-calibre and experienced leadership to support the bank’s strategy, ultimately allowing the Group to harness greater talent and transformation from the internal pipeline.

• Average age of homebuyers continues to decline, with first-time buyers now entering the market at 38 and property investors at 43.
• First-time buyers remain the most active segment, with improving affordability likely to sustain this momentum.
• Western Cape net migration remains positive but is slowing; Eastern Cape sees gains while KwaZulu-Natal experiences increased outward migration.

Absa’s Homeowners Sentiment Index (HSI) for the first quarter of 2025 reveals a growing aspiration among South African homeowners to live off-grid, with many seeking to replace municipal and state-provided services – particularly electricity and water – in pursuit of greater sustainability and self-sufficiency. More than three-quarters (76%) of respondents indicated a desire to move away from state-supplied electricity, while nearly half (49%) expressed interest in replacing municipal water sources.

In parallel, households are actively adopting more sustainable practices in their daily lives, with 57% cultivating fruit and vegetable gardens and 42% using solar power for electricity. A majority of homeowners (64%) are exploring borehole and filtration systems, while 53% are considering rainwater harvesting to improve water security.

“We’re seeing households take a more proactive stance on sustainability, not just through energy and water alternatives, but also through lifestyle changes that signal a broader recalibration of what homeownership means in today’s environment,” said Nondumiso Ncapai, Managing Executive: Absa Home Loans.

First developed in 2015, the Absa HSI is an indicator of the overall state of consumer confidence in South Africa’s property market. In Q1 2025, the Index was expanded to include new questions exploring consumer perspectives on sustainable living and emerging trends likely to influence this in the future.

Sentiment Across the Property Market

Overall homeowner sentiment declined slightly by 2 percentage points to 85% in Q1 2025, down from 87% in Q4 2024. The dip reflects growing uncertainty around U.S. policy direction and the South African Reserve Bank’s decision not to implement a widely anticipated rate cut in March. Despite this, the current reading remains the second-highest since the Index’s inception a decade ago.

• Buying sentiment held steady at 77% in Q1 2025, maintaining the gains recorded in the previous quarter. The average age of homebuyers continued to decline, with first-time buyers now entering the market at 38.
• Selling sentiment declined marginally to 49%, down from 51% in Q4 2024. Many sellers are still adopting a wait-and-see approach, anticipating that they will get better prices in the future.
• Buy-versus-rent sentiment dropped by 4 percentage points in Q1 2025. While many renters noted they had now saved enough for a deposit or sought more space, others continued to favour renting for its flexibility and perceived affordability.
• Renovation sentiment fell by 3 percentage points to 79%, with most homeowners citing value-adding improvements and quality-of-life enhancements as primary motivators. Rising input costs remain a barrier for many.
• Investment sentiment held firm at 85%, sustaining its highest level on record since the Index began. While concerns around economic conditions and the country’s long-term trajectory remain, property continues to be viewed as a resilient investment vehicle.

At a provincial level, the highest overall homeowner sentiment was recorded in Limpopo (93%), the Free State (92%) – marking its highest score on record – and the Northern Cape (92%). Migration trends continue to shape local dynamics: the Western Cape remains a net beneficiary of inward migration, although the pace has slowed over the past three quarters. The Eastern Cape continues to record positive net migration, while KwaZulu-Natal has seen an uptick in outward migration.

“The sustained strength in overall sentiment, particularly in buying and investment confidence, signals not only the resilience of South African consumers, but also a growing optimism around a medium- to long-term recovery in property market activity,” said Ncapai. “Despite near-term pressures, there is a clear belief that property remains a reliable store of value and a pathway to financial security. The momentum in positive sentiment over the last three quarters is expected to continue into the rest of 2025.”

Download  the Homeowners Sentiment Index here

• Mr Sello Moloko will step down as Chairman and Independent Non-Executive Director of the Board of Absa Group on 15 July 2025
• Mr René van Wyk will succeed Mr Moloko as Group Chairman, subject to regulatory approval
• The Absa Group Board thanks Mr Moloko for his leadership and service during his tenure
• Mr Moloko will work with Mr van Wyk in the coming months to ensure a smooth transition

Absa Group has announced that Mr Sello Moloko will be stepping down as Chairman of the Board and an Independent Non-Executive Director, effective 15 July 2025. Moloko, who has led the strategic work of the board, will be handing over the reins for the next phase of leadership and for him to focus on his family, personal business interests, and community commitments.

Mr René van Wyk will succeed Mr Moloko as Chairman of the Board effective 15 July 2025, subject to regulatory approval.

Moloko says, “I feel honoured to have worked alongside such a talented and dedicated Board and with a management team that has shown invaluable resilience. The Board dealt with several challenges in 2024, and as a result did work to reposition the Group for a more sustainable performance trajectory which included appointing a permanent Chief Executive and initiating the restructure of our retail operating model”.

“These challenges have got me to reflect on the demands on myself and on my time. I feel the time is ripe now for me to refocus my attention on my family, my community commitments and the several personal business initiatives outside the Group that I need to drive. This will, naturally, adversely affect my ability to devote the requisite time to a group of the scale of Absa. Indeed, it has been a great privilege to serve as Chairman of the Absa Group Board,” concludes Moloko.

Van Wyk was interim Group Chief Executive Officer in 2019. He re-joined the Absa board, after a cooling off period, as a non-executive director from 1 August 2020 and thereafter became an independent non-executive director from 1 August 2021.

He is the chairman of the Absa Group Risk and Capital Management Committee (GRCMC), and Group Credit Risk Committee (GCRC), and is a member of the Directors’ Affairs Committee (DAC) and the Group Audit and Compliance Committee (GACC) and was a member of the Board Finance Committee (BFC). Van Wyk’s committee memberships and chairmanships will be revised upon his appointment as Chairman.

Van Wyk is the former Registrar of Banks and head of banking supervision of the South African Reserve Bank (SARB) and retired from that position in May 2016. Prior to that, Van Wyk was with the Nedbank Group of companies from 1993 to 2011, where he occupied various positions, notably executive director responsible for risk at Nedcor Investment Bank, and CEO of Imperial Bank (a subsidiary of Nedbank).

Van Wyk holds a Bachelor of Commerce, Bachelor of Accounting Science (Hons), Advanced Management Programme (Insead), and is a Chartered Accountant, CA (SA).

Van Wyk says, “I am delighted to assume the reins as Absa Group’s Board Chair at an exciting time in the organisation’s history. The organisation is well-positioned to advance its strategic priorities, and I look forward to contributing to its growth and success, alongside a strong management team.” He goes on to say, “I am grateful to Sello for his guidance, and I look forward to working with him on a seamless transition in the coming months.”

The Board expresses its sincere appreciation to Mr Moloko for his leadership and service during his tenure, particularly his stewardship through a pivotal phase in Absa’s journey and wishes him continued success in his future endeavours. It welcomes Mr van Wyk in the role as Chairman of the Board.