Two of Absa Group’s subsidiaries have been named overall winners of the Market Leader Award in the 2019 Euromoney Cash Management Survey.

Barclays Ghana and Barclays Zambia were each ranked overall winners in their respective markets in the Market Leader Award category. Barclays Ghana was further awarded the Best Service Overall prize.

Commenting on the recognition, Absa Regional Operations Deputy Chief Executive, Temi Ofong said: “Delivering consistent superior services is what builds long-term success for us as a business and for our customers. Our cash management services provide a holistic offering and includes managing cash flow, banking solutions and a host of additional services.

“We are delighted to receive this recognition and endeavor to continue meeting the evolving needs of our customers,” added Yasmin Masithela, Managing Executive for Transactional Banking in CIB.

The Euromoney Cash Management Survey recognises the leading providers of cash management products and services. The survey covers 12 product and client categories on a global and regional basis, ranking results in 56 countries.

EuroMoney surveys cash managers, treasurers and financial officers worldwide. The survey reports the standard of international and domestic cash management services that corporate customers receive from their bankers. The scope included international and domestic payments, collections, liquidity management and other services.

Respondents (Corporate customers, Financial and non-Financial) are asked which top three banks they mostly use for their cash management services and to rate services provided by their lead Cash Manager on sliding scale of 1 being poor to 7 being excellent.

Corporate customers were surveyed to provide their feedback directly to EuroMoney based on the experience they have had with Cash Management services.

Absa Group Ltd. advises of the appointment of Swithin J. Munyantwali, currently chairman of the Barclays Bank of Uganda board, as non-executive director to the Absa Group Ltd. board with effect from 15 September 2019.

Swithin, who was born in the United Kingdom and currently lives in Uganda, is the head of international law firm Appleton Luff’s East African office.  He is vice-chairman and co-founder of the International Law Institute African Centre for Legal Excellence.

“We are delighted with Swithin’s acceptance of the appointment, which, we believe, will enrich board discussion, given Swithin’s extensive international experience in a variety of roles in a number of countries,” said Wendy Lucas-Bull, Chairman at Absa Group Ltd.

Swithin currently serves as a board member of the African Philanthropy Forum, and International Law Institute, in Washington, DC.  He is also a member of the advisory boards of the Case Western Reserve University, Emerging and Frontier Markets Association, and The New Markets Lab.

He holds a B.Sc. in Criminal Justice from St Joseph’s University, a Juris Doctor from the Case Western Reserve University School of Law, and a Masters in International and Comparative Law from the Georgetown University Law Center, all in the United States.

Swithin will continue to serve as Chairman of Barclays Bank of Uganda until the end of February 2020.

WorkInProgress, Absa’s Innovation Lab, hosted a hackathon in Cape Town last week where students, business and academia came together to develop ideas on what Africa can do to influence the current and future industrial revolutions.

The challenge of the hackathon was to develop solutions to activate the financial sector in Africa’s fifth industrial revolution in order to access opportunities for integrating business and academia. Participants from a number of African countries, between the ages of 20 and 55, gathered at the Absa Dome on the side-lines of the World Economic Forum on Africa 2019, where this year’s theme was ‘shaping inclusive growth and shared futures’ in the current industrial era.

“Absa committed in 2018 to being a force for good and playing a shaping role in society,” says Charmaine Lambert, Manager at WorkInProgress, Absa’s Innovation Lab. “The WorkInProgress centre is key in facilitating and hosting debates and events aimed at finding new solutions that will ultimately make a difference in people’s lives.”

“Africa is not a bystander in the current or next industrial revolution,” she explains. “We have a significant part to play and events such as this hackathon give people from all walks of life the opportunity to bring solutions to the table.”

Lambert adds: “The winning team, who named themselves ‘Green Rover’, came up with a solution-driven platform called ‘Inte-Grate’, an idea which won them R40 000 and the opportunity to further develop and co-create their concept at our Innovation Lab.”

“Their solution is essentially a web and mobile platform, which is integrated into our education system that uses competitive and reward-based incentives to teach people about technology,” she explains. “The futuristic financial adviser will provide advice that is stored in a blockchain database.”

On how the winners were selected, Lambert says that they were adjudicated by a panel and judged on specific criteria such as teamwork, ideation process, thought process during the challenge, originality, uniqueness and execution of their solution.

“It was a very inspiring and innovative day with our 16 participants from South Africa, Rwanda, Congo, Kenya, Zambia and Israel and we are very fortunate to have such great minds to help our continent move towards future industrial revolutions,” concludes Lambert.

For more information, follow @WIP_CT (Twitter) or @Workinprogress (Facebook).

We have noted with grave concern the incidents of violence and looting in parts of Johannesburg and Pretoria in South Africa. The violence, which has also been directed at foreign owned businesses in these areas, is unacceptable and goes against South Africa’s constitutional values, and Absa’s own values.

We condemn it in the strongest terms.

Diversity is a strength that is at the heart of our business. In all our businesses we have colleagues from different African countries, something of which we are very proud. As Africans, we should be sharing goodwill that binds us together for mutual development and prosperity across our continent. We are therefore deeply disturbed that this is happening in our country, and wish to reiterate that Absa has zero tolerance for all forms of discrimination.

We appeal to everyone to spread a message of tolerance and good neighbourly relations to all their friends, family and communities.

Absa in partnership with the South African National Association for the Visual Arts (SANAVA) today announced the winners of the prestigious Absa L’Atelier competition, which celebrated its 34th year and saw rich and diverse talent emerge from across the continent.

Raji Bamidele, Nkhensani Rihlampfu, Winifrid Luena and Phoka Nyokong, were the top winners at the lavish event that took place at the Absa Dome, Cape Town, during the World Economic Forum (WEF) on Africa, which is the first time the awards have been held outside of Johannesburg.

Nigerian-based visual artist Raji Bamidele’s winning portfolio drew inspiration from the experiences that moulded him as young man and wove in differing materials and methods of contemporary and modern art forms to call into question the existence of time and being.

“My works examine the everyday innermost activities of mankind, exploring personal and political narratives, focusing mostly on the resilience of the human spirit,” he says.

South African multi-media artist Nkhensani Rihlampfu’s work aimed to expose the manipulation of communication through gesture and assumption by using fantastical figures to immerse viewers in a reality founded in perception.

“The work exists in the overlapping margin between truth and ideology; it is in this space that we each discover our identity and acknowledge the importance of communication. We are presented with familiar structures and recognisable characteristics, but never definitive facts,” he explains.

The third winner, Tanzanian visual artist Winifrid Luena’s work was a study of individuality over individualism. “There is a sense in the world at times that being an individual is a collective process – that it is part of a larger argument intended to bring some kind of human liberation, that it is an act of authority and power over the self – which is why I divide these two terms,” he says. “If individualism is a process, then individuality is a state.” His work strived to illustrate that dichotomy.

Nyokong walked away with the esteemed Absa L’Atelier Gerard Sekoto Award, which is bestowed on the most promising emerging South African artist aged 25 to 35 to enter the competition. Absa and SANAVA in partnership with the Embassy of France, IFAS and the Alliance Francaise in South Africa, introduced the award in 2004 to honour Sekoto’s legacy, which changed the narrative of how the work and lives of black South African artists is perceived, valued and documented.

Nyokong was selected as the Gerard Sekoto winner because his photography brought through the themes of gender (mis)identity, collective social anxiety and the temporality of the human material experience.

“The work, which uses the medium of studio photography to create a performative narrative, does this by imagining the human as a being whose social identity cannot be pinned down to mere rigid gender associations – a being whose socialized nature means that they may only negotiate even their most intimate emotions, particularly their fears, in the sociable structures within which they are born and bred,” he says.

Absa L’Atelier has always worked to provide the dynamic, inspiring and young visual artists from across the African continent the platform they need to explore these types of themes and contemporary issues and to bring their possibilities to life – and in its 34 years, it has built a strong legacy for achieving this.

“We believe in giving art light by nurturing the talent that we have within the continent, and we find it deeply inspiring to witness the multifaceted works that are presented year on year,” says Dr Paul Bayliss, Absa’s Senior Specialist Art Curator, Absa Art & Museum.

As a way of building on Absa L’Atelier’s legacy and to ensure that it remains at the cutting edge of the evolving art world to provide Africa’s promising up-and-coming artists with the right type of support, Absa L’Atelier introduced changes in the 34th installation of the competition where the entire adjudication process was for the first time streamlined through an online platform. The 4th Industrial Revolution signals a new era of shared prosperity, agility and driving a sustainable future, which is why the Absa L’Atelier has seen various adaptations this year.

Bamidele, Rihlampfu and Luena will become ambassadors and will get a simultaneous one-month residency in Paris, in March 2020. Partners from Cité Internationale des Arts will offer critical support by mentoring the ambassadors and connecting them to other artists. Ambassadors will then be brought back to South Africa in April 2020 for a three-month residency which will be divided into two parts, one with the University of Pretoria for one month and the other with the Nirox Foundation for two months. The residencies will aim to expose them to the Johannesburg visual art scene, as well as provide them with eight masterclasses with industry professionals that will assist them in building and managing their career. The residency will also give them time to work towards an exhibition featuring their own work and work made in collaboration with each other, which will open at the Absa Gallery in Johannesburg and then travel to their respective home countries.

“African artists contribute a unique aesthetic and cultural vision into a global arts industry. Artists remain an integral part of society’s conscious and a reservoir of cultural interpretations. This competition seeks to support the career of artists as ambassadors,” says SANAVA President, Avitha Sooful.

Nyokong, as the winner of the Gerard Sekoto award, will enjoy a three-month residency at the Cite Internationale des Arts in 2020 and a travelling exhibition through the Alliance Française network in South Africa in 2021.

“This competition, which has been supported for more than a decade by the Embassy of France, the French Institute and the Alliance Française, has created a true cultural dialogue between our two countries. Through a vibrant experience in France, and reinforced international recognition, it has allowed young artists to inspire and be inspired, to teach and learn, to explore and exhibit in a broader way,” says Ambassador of France in South Africa, Aurélien Lechevallier.

“We strongly encourage Africa’s young artists to pursue the opportunity provided by Absa L’Atelier and use the rich culture and inspiration that the continent offers to hone their craft and tell truly African stories,” concludes Dr Bayliss.

About Absa L’Atelier

The Absa L’Atelier art competition is one of Africa’s most prestigious art competitions, and 2019 sees the 34th iteration of the competition. The Absa L’Atelier art competition rewards young visual artists, aged 21 to 40, with the opportunity to develop their talents abroad. This is clearly evidenced by the previous winners and the benefits and experience they attained by participating.

Artists who are citizens and permanent residents of Botswana, Ghana, Kenya, Mauritius, Mozambique, Namibia, Nigeria, the Seychelles, South Africa, Tanzania, Uganda, and Zambia and who reside in the above countries, are eligible to participate in the Absa L’Atelier art competition and are hereby invited to enter.

The Absa L’Atelier art competition is hosted annually by Absa in partnership with the South African National Association for the Visual Arts (SANAVA). There are 12 countries that form part of the 2019 Absa L’Atelier. The 12 countries are randomly divided into three groups of four countries each. Artists within each group compete against each other. There is no competition between the three groups – artists compete within each group only. The winner of each group will be referred to as the Absa L’Atelier Ambassador.

The seasonally adjusted Absa Purchasing Managers’ Index (PMI) declined to 45.7 index points in August, down from 52.1 in July. While the magnitude of the decline may have been larger than anticipated, a fall in the PMI in August was not totally unexpected. This followed on July’s surprisingly solid reading despite the weak domestic demand environment and growing concerns about the health of the global economy.

All of the PMI’s major subcomponents came in below the neutral 50-point mark, signalling general weakness in the sector. For some time, the suppliers’ deliveries index had managed to remain (well) above 50 points, providing support to the headline index. However, even this indicator dropped in contractionary terrain in August. This was the first time this index declined to below 50 since April 2018. The business activity and new sales orders indices also slumped back in contractionary terrain during August after a single month above 50 points in July. Respondents continued to be fairly down beat about exports for a third straight month, while domestic demand likely also weighed on orders. This negatively impacted output levels, while the sustained weakness in output growth, in turn, affected employment. The employment index fell by four index points to reach a more than five-year low in August.

Worryingly, the index tracking expected business conditions in six months’ time also dipped back below the neutral 50-point markfor the first time since November 2018. This means that more purchasing managers expect conditions to worsen (from already weak levels) going forward.

Despite the decline in the diesel price in early August, the purchasing price index rose by 5.7 points to reach 73.6 in August –the highest level since March. The increase was likely driven by the sharply weaker rand exchange rate during the month compared to July.

• Absa PMI August 2019
• Absa PMI Infographic

Barclays has kicked off applications to its 2014 Pan Africa Graduate Development Programme (PAGDP) to attract, select and hire high calibre post graduates who will be exposed to technical, financial and professional training and mentoring on the African continent.

Since its inception in 2008, 645 graduates have been hired into the programme. PAGDP aims to provide a consistent talent pipeline to meet the demand for scarce and critical skills. The programme design is such that graduates are exposed to both on-the-job learning and behavioural competencies that are delivered through cross-border summits.

Graduates who meet the criteria are invited to apply for the programme. Applications close on 31 August 2013 for roles based in South Africa and 15 September 2013 for roles based in the rest of our African countries.

The programme commences in February 2014 with a two-week orientation in Johannesburg.

Graduates are the lifeblood of the economy. As an organisation that supports the development of young talent, we are striving to ensure that we play our part in helping you find your feet in the corporate world.

• Get more information

The seasonally adjusted Absa Purchasing Managers’ Index (PMI) measured 52.1 index points in July, up from 46.2 in June. This is the first reading above the neutral 50-point mark since December 2018 with the improvement well supported by the underlying subcomponents. Four of the five major subcomponents came in above the neutral 50-point mark, signalling an expansion in activity.

However, given growing concerns about the health of the global manufacturing sector, it remains to be seen whether this improvement can be sustained going forward. While purchasing managers continue to expect conditions to improve in six months’ time, they are less optimistic than before. The expected business conditions index declined to 54.5 index points in July, down from 62.3 just two months before and more than 12 points below the level recorded at the start of the year.

In July, the new sales orders index rose for a second consecutive month. The reported improvement in demand likely contributed to the rise in business activity. As a result, both indices rose well above the neutral 50-point mark. The purchasing inventories index also edged back above the neutral level to reach 50.9 points after averaging 42.5 points in the preceding three months. It is not clear what the catalyst for these notable increases was. It may be that a number of manufacturing firms in – or supplying to – sectors that are busy with wage negotiations (automotive and platinum mining, for example) increased output, or saw increased demand for their products, in July to guard against possible strike-related production disruptions. Should this be the case, the notable upward moves in July are unlikely to be repeated.

Unfortunately, job prospects remained bleak, with the employment index only ticking up to 43.1 index points, thus remaining in deep negative terrain.

The index tracking purchasing prices erased most of last month’s gain and fell back to 67.9 index points in July. Apart from May’s reading of 67.7 points, this is the lowest level since May 2018. The stronger rand exchange rate (on average) may have supported the decline in the index.

• Absa PMI July 2019
• Absa PMI Infographic

Absa has taken note of the Public Protector, Advocate Busisiwe Mkhwebane’s assertion today that her office subpoenaed Absa to provide bank account information relating to her investigation into the President.

We wish to place on record that Absa is not aware of such a supboena and therefore has not refused to cooperate with her investigation.

In the past 12 months, Absa has received two subpoenas from the Public Protector and has, in accordance with the law, complied with them. These subpoenas did not involve any information relating to the President.

The Public Protector’s assertion is therefore, refuted.