As a valued Absa customer, your views and insights are crucial in our efforts to develop products and services that will meet your needs and simplify your banking. That’s why we regularly host customer engagement sessions either online or in person to get your opinion on upcoming changes or improvements.

Who is involved in setting up customer engagement sessions?

Our Africa Design Office in partnership with our recruiters Vula Vula Research Services (company registration number 2014/040167/07) and Ethno Lab Pty Ltd (company registration number 2015/129321/07).

How do you contact me to take part in these sessions?

•  You will receive an SMS, email or call from our recruiters asking if you are interested to join a research or testing session.
• If you are interested, the recruiters will ask you broad questions before proposing a research/testing topic relevant to you.
• You will never be asked to share your personal details such as your ID number, banking details such as your account numbers, card details, PIN, ATM PIN, one-time-PIN (OTP), online banking or app login details.
• If you‘re asked for this information, end the communication immediately and call the Absa Fraud Hotline on 0860 557 557 or +27 (0)11 501 5089, or use the ‘Click to call’ functionality on your Banking App.

What are the next steps if I agree to take part in a session?

• The recruiter will set up a date and time for your session.
• You will need to sign a nondisclosure agreement (NDA) to ensure that your rights and Absa’s rights are protected.
• The recruiter will contact you before your session to confirm your session.
• After you have completed the research or testing session, you will get an incentive as a token of appreciation for your time.
• You will not receive any follow up marketing calls for taking part in the research or testing session.

 

Who do I contact to get more information?

 

Contact Carmen Da Silva at Carmen.DaSilva@absa.africa

 

The seasonally adjusted Absa Purchasing Managers’ Index (PMI) came in at 53.0 index points in January 2023 – virtually unchanged from 53.1 in December.

A decline in the employment and new sales orders indices to levels below 50 were offset by higher activity and inventories returning to positive terrain. Most encouraging was the significant, and surprising, improvement in the business activity index relative to the previous month. This was despite many respondents still flagging load-shedding as holding back production and new sales orders dipping lower in January. Should this translate into actual production growth, it would be a promising start to the year for the struggling sector.

• PMI January report 2023
• PMI January infographic 2023

Absa Group Ltd. today announced the appointment of three Group executives, with effect 1 January 2023, signalling further progress in its ambition to create a winning, talented and diverse team.

“The appointments build on the positive momentum that was achieved through Executive Committee changes and operating model refinement earlier this year,” said Absa Group Chief Executive Officer, Arrie Rautenbach. “The appointments strengthen our leadership team, adding to the bench of skill, experience and diversity appropriate to, and supportive of our ambition to be a leading Pan-African bank,” he said.

The appointments include:

Jeanett Modise, Absa Group Chief People Officer

Jeanett is an accomplished human resources (HR) professional with extensive experience at executive level, driving HR strategy, operations, turnaround and digital transformation in local and global organisations. Jeanett has worked with executive teams and boards for more than 20 years and has held several Board positions.

Johnson Idesoh, Absa Group Chief Information and Technology Officer

Johnson has 25 years of experience in leading digitalisation in regulated industries and a proven track record in delivering and embedding digital strategies that improve customer experience and increase digital customer numbers.

Sydney Mbhele, Absa Group Chief Brand, Marketing and Corporate Affairs Officer

Sydney has a 25-year career in the brand-building and marketing sector, working at blue-chip companies. He was nominated as 2022 marketer of the year (South Africa) and rated as a top five Chief Marketing Officer in Africa and the Middle East in 2021.

All three executives have significant experience, having operated across multiple markets on the continent and elsewhere.

“We have made significant progress in delivering on our strategic agenda and in strengthening leadership and organisational capability this year,” said Rautenbach. “We are well positioned for commercial outperformance going forward.”

The seasonally adjusted Absa Purchasing Managers’ Index (PMI) rose firmly back into expansionary terrain in November. The index rose to 52.6 points, up from 50 in October and an average level of 49.6 recorded in the third quarter. On its own, this suggests that the manufacturing sector could book another slight expansion in the fourth quarter. However, next week’s official data on factory production in October – and the extent to which this was impacted by the prolonged strike at Transnet – will help to firm up this view.

Encouragingly, both business activity and new sales orders improved for a second straight month after both had plunged lower during the load-shedding-heavy month of September. New sales order volumes expanded for the first time since May 2022. Even though it improved, the activity index remained stuck just below 50 points, while the employment index also lingered at a much lower level. As cautioned in the past, higher demand and output levels would likely need to be sustained for some time for any improvement in staffing levels to occur. Encouragingly, purchasing managers turned more upbeat about business conditions going forward. The index tracking expected business conditions in six months’ time rose to 51.7 from 49.2 in October.

The purchasing price index remained largely unchanged in November. This would correspond to price pressure at the start of the production process remaining elevated, but less intense than at the beginning of the year. The recent decline in the Brent crude oil price as well as a somewhat stronger rand exchange rate (against the US dollar) bode well for the general downward trend to continue through the final month of the year. Still, with load-shedding expected to continue, the (more) frequent usage of diesel-powered generators adds to the cost burden of producers.

Please note: December 2022 PMI will be released on 6 January 2023.

Sanlam and Absa are pleased to announce that all suspensive conditions have been successfully met, allowing implementation today (1 December 2022) of a transaction that combines their investment management businesses in South Africa.

The transaction sees Absa exchanging its investment management business, Absa Investments, for a stake in Sanlam Investment Holdings Proprietary Limited (SIH). Absa Investments comprises Absa Asset Management, Absa Alternative Asset Management, Absa Fund Managers and Absa Multi-Management.

The conclusion of the transaction significantly strengthens SIH’s offering through enhanced scale, broader distribution reach and a more holistic range of investment solutions. This further enhances SIH’s position as one of South Africa’s largest black-owned asset managers.

Absa has also entered into a 10-year distribution agreement with SIH, meaning the expanded operations will utilise the distribution networks of both Sanlam and Absa, which significantly broadens market reach for the enlarged SIH.

Sanlam Investment Group CEO, Mr Carl Roothman, said: “We are excited that the agreement to integrate the investment management businesses of Sanlam and Absa has been concluded. Sanlam and Absa clients will gain from the enhanced investment offering. This partnership will allow us to deliver investment solutions that sustain future generations.”

“Scale is critical in driving the product and service innovation required to meet clients’ financial goals. Combined capabilities, expertise and commitment to our clients will position us to be the preferred investment solutions provider in South Africa. Our promise is to serve our customers with pride and deliver world-class client experience and solutions,” Mr Roothman said.

Commenting on the transaction, Absa Group Financial Director, Mr Jason Quinn, said: “We are delighted with the successful conclusion of the transaction, which delivers the scale, capabilities and transformation which we view as essential to achieving strong and sustainable growth. Absa remains committed to the investment management sector through its shareholding in the combined entity and a 10-year distribution agreement, which will help us to offer an enhanced customer value proposition by creating a deeper, broader range of investment solutions for our clients.”

Upcoming product enhancements, including free Absa Rewards, and 2023 pricing revisions aimed at rewarding Absa’s best customers with significantly enhanced value.

Building on Absa’s half a billion rand pricing relief efforts last year, including below inflationary increases throughout the Covid-19 pandemic, the bank is intensifying support for loyal consumers with a further R500 million price reduction across Everyday Banking product offerings in 2023.

From 1 January 2023, the bank’s new-look pricing comes into effect, providing primary banked* customers with superb value for money while staying true to Absa’s commitment of addressing customer pain points. Wide-ranging enhancements to its pricing and fee structure and investments in key, market defining proposition refreshes throughout 2023 will offer unrivalled value.

Notably, Absa Rewards will now be free with more exciting enhancements on the horizon for primary banked customers including a new VIP Rewards programme. Headline changes in the latest pricing overhaul include more than R260 million in customer savings on Absa Rewards, and R230 million pricing relief for Flexi Account customers, with up to 90% reductions in key day-to-day digital transaction fees.

There will be no increases to monthly fees on Absa Transact, the cheapest account in the market** and fees for Digital Payments and External Debit Orders are slashed by 90% for Youth customers. Gold Value Bundle and Premium Banking customers will now benefit from free CashSend transactions as part of their monthly cash bundles keeping in line with the shift in consumer behaviour to digital banking.

“Remaining relevant to the rapidly changing needs of our customers and driving primacy is our highest priority. Absa’s latest pricing overhaul, and the positive progress we have made with previous pricing relief efforts is aimed at heavily rewarding our primary banked customers for their support. The raft of changes and impending product refreshes will provide best in class value. In essence, the more customers use Absa, the more they save,” says Christine Wu, Managing Executive: Consumer Product, Absa Everyday Banking.

Monthly fees on our credit cards remain unchanged for 2023 and customers who choose one of our market leading bundles can benefit from zero credit card monthly fees.  Gold and Premium transactional package monthly fees have been marginally increased for the first time in three years and cash-handling fees will see adjustments reflective of the high cost and risk associated with cash.

“Rewarding our loyal, primary-banked customers is at the heart of Absa’s pricing philosophy. This review lays the groundwork for wide-ranging product refreshes in 2023, which include a selection of new transactional packages and exciting personalised offers through our VIP programme. These market defining enhancements are based on fundamental shifts in transactional and banking behaviour noted over the past few years, and crucial insights gained from Absa’s previous pricing relief efforts,” Wu adds.

As a full-service bank, Absa offers the convenience of a digital bank backed by the benefit of the human touch through our extensive branch and frontline network. We are ready to assist,” says Wu.

As part of Absa’s 2023 pricing review, specific highlights include:

• Absa Rewards Now Free for Everyone
  • The Absa Rewards monthly fee of R23.20 has been waived, making it free for all Absa Rewards customers.
  • There will be some new and exciting enhancements to the programme in early 2023 for primary banked customers, who will receive superior value from Absa Rewards.
  • Dedicated Rewards Hub and new VIP programme to be launched in 2023 with a refreshed set of benefits to our customers.

• Youth and Students Continue to Bank for Free
  • Absa Student and youth accounts still carry zero monthly fees and continue to benefit from free embedded benefits such as 100mb free data per month and free vouchers.
  • In addition to unlimited free Absa ATM Cash withdrawals, Mega U customers to bank digitally with Absa will further benefit from 90% cheaper Digital Payments and External Debit Orders.

• No Monthly Fee Increases for Absa Transact
  • Absa Transact customers continue to benefit from R5 000 free lump-sum death benefit and with zero monthly fee increases in 2023.
  • Whilst ATM cash withdrawal fees will increase, customers have the benefit of unlimited free card-swipes, till-point withdrawals and rock bottom R1.00 per transaction digital payments and debit orders.

• Major Relief for Flexi Account customers
  • Flexi Account customers will benefit from the following price reductions:
    • Till-point withdrawals – Now free (Previously R2.00)
    • Debit Card Swipes – R1.00 per transaction (Previously R4.00)
    • Digital Payments – R1.00 per transaction (Previously R10.00)
    • External Debit Orders – R3.50 per transaction (Previously R10.00)
  • Monthly fees will increase to R40.00 pm but customers still get unrivalled value with free R15 000 lump-sum death benefit included as part of their monthly fee worth over R90.00pm.

• Digital Enhancements to Gold and Premium Bundles
  • To ensure we remain relevant to our evolving customers’ needs as they shift to digital banking, we now include cash-send in our Gold and Premium monthly free cash limits which will be R4 000 and R5 000 respectively.
  • Both offers continue to benefit from unlimited free digital transactions including card swipes, till-point withdrawals, debit orders, digital payments and transfers.
  • Gold and Premium Monthly fees will increase to R115 pm and R200 pm respectively (First time in three years).
  • Gold and Premium customers will continue to benefit from up to R25 000 free lump-sum death benefit.
  • Customers who seek to apply for an overdraft will now benefit with a flat R175 initiation fee.

* Primary banked customers are classified as those who have their salaries deposited into their transactional account.

** According to the Solidarity Banking Report 2022 Absa Transact is the cheapest account in South Africa.