Categories
Media release

Visa Partners with Absa to Launch 2024 She’s Next Programme

Visa Partners with Absa to Launch 2024 She’s Next Programme

scroll for more

Global leader in payments technology, Visa, has announced its collaboration with Absa for the 2024 She’s Next programme.  She’s Next programme is a global advocacy programme that aims to support women-owned small businesses through funding, training and mentorship. The programme extends beyond conventional business paradigms to champion meaningful impact towards the progress of women across societies.

As part of this partnership, Visa and Absa will spearhead the women in business empowerment initiative, advocating for and supporting women entrepreneurs throughout South Africa. Both organizations remain steadfast in their pursuit of a dual purpose – excelling in business while effecting positive societal change. Together, they aim to amplify their reach and offerings in digital payments, with a specific focus on the burgeoning youth market, strengthening small and medium-sized enterprises (SMEs), and empowering women entrepreneurs.

She’s Next offers participants a chance to win over R1 million worth of prizes. In addition to the monetary prizes, the top applicants will receive training and capacity building sessions courtesy of Visa, Absa and its partners.

“We are proud to once again bring our successful ‘She’s Next’ global programme to Africa. As the number of female entrepreneurs in Sub-Saharan Africa continues to increase, Visa, together with our partners, is broadening the reach of the She’s Next initiative to empower more women entrepreneurs in the region. As a business that recognises the potential of women entrepreneurs, we endeavor to provide them with practical insights and valuable tools necessary for the growth and advancement of their businesses,” emphasised Lineshree Moodley, Country Manager of Visa South Africa.

Visa has already digitally empowered 16 million small and micro businesses (SMBs) worldwide, surpassing its multi-year goal set in 2020 to digitize 50 million SMBs. Additionally, the Visa Foundation has allocated $1 million in funding to organizations across Sub-Saharan Africa that support SMBs. This funding encompasses grants and impact investments in programs offering SMBs training, support services, and access to capital, with a focus on gender inclusivity and diversity. She’s Next in Sub-Saharan Africa will further extend the reach and impact of this programme.

Steven Zwane, Absa’s Managing Executive of Corporate Citizenship says, “We are incredibly excited to be part of the 2024 She’s Next program, championing the success of women entrepreneurs. This partnership represents a natural extension and continuation of the substantial work that Absa has embarked upon to comprehensively understand the unique needs of women-owned small businesses, and ultimately, to help them succeed. Through Absa and Visa’s joint efforts, we hope to make a meaningful, tangible impact in society”.

She’s Next underscores its belief in the transformative power of empowering women in business. Going beyond mere recognition, the initiative offers tangible support to women entrepreneurs, including a grant, a one-year coaching membership, and strategic partnerships with influential figures in various industries.

This year, the global advocacy program will span across five countries:  South Africa, Kenya, Côte d’Ivoire, Senegal and the Democratic Republic of Congo (DRC), marking significant strides in advancing opportunities for women entrepreneurs across Africa.

 

Categories
Media release

Absa declares bold new business & brand promise across all of its markets

Absa declares bold new business & brand promise across all of its markets

scroll for more

Repositioned brand marks a commitment to a more human-centred, empathetic approach to banking, backed by an intuitive and seamless customer experience  

Absa has today launched its repositioned brand to the market signalling a shift to being a more deliberately customer-centric business with the new brand promise of ‘Your Story Matters’. The bank has set a clear trajectory to ensure that Absa’s entire suite of services and offerings lives up to this crucial pivot towards a more human-centred, empathetic banking service ethos across the continent.  The refreshed brand strapline is part of the business’ ambitions to align their offerings and brand experience with their internal corporate purpose launched last year of ‘Empowering Africa’s tomorrow together, one story at a time’.

“As a full-service bank, we cater for customers from all walks of life – from clients who only interact with us digitally, to those who prefer the reassurance of talking to one of our colleagues in-branch, we are a bank for all seasons,” says Arrie Rautenbach, Group CEO of Absa. “Your Story Matters is more than a strapline, it is a declaration of our intent that our customers are much more than mere account numbers, they matter to us and so do the stories behind the individuals. Gaining this context will allow Absa to serve them in a more meaningful manner,” he adds.

The reimagining of the brand follows a detailed review of customer insights, feedback and research.   “A very consistent message comes across in research into perceptions of banks and banking,” says Sydney Nhlanhla Mbhele, Absa’s Group Chief Marketing and Corporate Affairs Officer. “Customers feel that the relationship is one-sided and that banks don’t understand either their life situations or their individual needs. This often leaves them feeling helpless as well as disconnected from opportunities to improve their individual or business prospects,” he adds.

Infusing a bit more humanity into the Absa ecosystem that already sees the very best digital offerings that banking has to offer, coexisting with an extensive physical network was central to this approach. As a global bank with a presence in ten Pan-African countries and five representative offices in strategic markets including London, New York and Beijing, Absa understands that customer needs vary widely. What can they expect as the bank embarks on the next stage of its own strategic journey?

“Essentially, we’re making a step-change throughout the organisation; one that will involve enhancing the value of our products, improving our levels of customer service, and vastly improving our capacity to deliver banking solutions that will be timely and relevant to our customers throughout their lives,” says Mbhele.

This process is already underway – the R1 billion pricing relief we provided in South Africa over the last few years, free Absa Rewards, our market leading renewable energy deals across Africa and the plethora of employer and digital awards that Absa has received - is just the beginning.

In South Africa, for instance, Absa is the first and still the only bank to allow customers the ability to download a pre-populated Unemployment Insurance Fund (UIF) claim form, and process this from one of 5000+ ATMs nationwide. This is making a tangible difference to some of the most vulnerable in society, seeking unemployment benefits. We are also tackling financial inclusion head-on with the introduction of ChatWallet, a new wallet that enables banking services for all WhatsApp users. Born from the success of Absa’s ChatBanking launched in South Africa on Facebook and WhatsApp in 2018, users can securely manage money without the need for an existing bank account, bridging the gap to financial inclusion.

Across the African continent, Absa Mobi Tap was recently launched in key markets, enabling small businesses to accept card-based payments on their NFC-enabled Android smartphones; creating a new, convenient, and seamless solution for our customers to grow their sales opportunities. Leveraging an innovative partnership with the Mastercard Foundation in Ghana, Absa rolled out a game-changing SME offering at an unprecedented interest rate of ten percent, 60% lower than the market average, completely transforming how women and youth access financing.

In four African markets Absa launched Women in Business offerings to directly address the needs of female entrepreneurs, supported by mentorship programmes that have contributed to the performance and sustainability of women-led businesses. Absa’s financial literacy projects and ‘Ready to Work’ programmes continue to ensure that our customers and youth are supported with knowledge in order to be informed, savvy economic actors.

Absa also listed the first ever Sustainable Bond on the Botswana Stock Exchange in January 2024, which will ultimately help create opportunities for companies to drive meaningful social impact through financial inclusion and job creation targeting women and youth.

“This repositioning is not just a marketing exercise – it is a company-wide business transformation and reaffirmation of a more human-centred approach to banking coupled with a seamless experience across our touchpoints. The entire company has bought into this renewed vision, and we have worked tirelessly to take our colleagues, particularly our frontline on this journey. While this is the beginning of the journey, customers can expect improved levels of service experience, underpinned by empathy,” adds Mbhele.

“The overwhelming challenge for financial institutions is to effectively navigate the immense complexity and market contradictions that are pervasive wherever we operate. Some of these paradoxes include the fact that our collective informal economies are as diverse as our formal economies, while there are numerous geographic hurdles. These challenges have ultimately forced Absa to innovate rapidly. This was the genesis of ‘Your Story Matters’ and a more human centred approach – and these will be our guiding principles going forward as the new brand positioning takes root,” says Rautenbach.

This bold repositioning of the Absa brand comes five years after Absa became a standalone African bank and marks a significant point in its growth and development. “Ultimately Your Story Matters positions us as a bank that values individual customers and wants to be part of their personal and financial narratives,” says Mbhele. “It suggests a customer-centric approach in which the bank listens to and cares about the unique journey of each person they serve. It defines Absa as a bank of the future; one that is more than just a financial services institution but also a partner on each customer’s life journey.”

Your story matters to us

There are many stories: stories of love, stories of hope, and stories of courage. Stories with pages you want to read over and over again, and stories with pages that you want to tear out. All of them have the power to inspire.

Categories
Our Voices

The rise of generative AI gives Africa another leapfrog opportunity

The rise of generative AI gives Africa another leapfrog opportunity

scroll for more

Generative artificial intelligence (AI), which is capable of producing conversational text, code, images, video and audio, provides Africa with another opportunity to leapfrog older technologies and enhance its development – although a number of risks need to be managed along the way. Africa has done this before with other technological revolutions. For instance, the continent largely skipped landline telephones and went straight to mobile, in the process developing a highly sophisticated fintech ecosystem – which has played a major role in plugging the financial inclusion gap and lifting economic growth rates. Look no further than MPesa in Kenya.

The next opportunity to bypass outdated technologies has arrived. Led by OpenAI’s ChatGPT, generative AI is breaking down language barriers and democratising AI tools, education, and the dissemination of information more broadly.

For Africa as a whole, the benefits could be immense, from productivity enhancements to advancing financial and digital inclusion.

On the productivity front, Absa Group is already seeing the benefits on a micro scale. Around 350 of our web developers have been using generative AI as a virtual assistant, and the consensus is that their productivity rates have improved by a substantial 40%.

Productivity gains of this magnitude would be a huge boost for Africa, whose growth is being at least partly curbed by a shortage of specialised skills, at least for the time being. Recognising that technology is the commodity, but having the right people with the right skills in place to take the tech forward in an ethical manner is critical.

At the same time, the technology can be harnessed to further advance financial and digital inclusion.

On the ‘back-end’, it can help financial service providers to develop products faster and, on the ‘front-end’, such as on a banking app, it can assist customers in a more conversational way. Customer and client interactions such as onboarding, account setup and servicing can be streamlined and made smarter. In so doing, generative AI can be leveraged to improve the understanding and therefore adoption of products such as insurance, which are critical financial safety nets that help households to recover from natural disasters or theft but remain vastly underutilised on the continent.

African entrepreneurs and small, medium and micro enterprises (SMMEs) can also use the technology to create innovative solutions to uniquely African challenges.

These endeavours previously required significant capital investment. However, in the era of generative AI, cloud computing and big data, human capital is the order of the day, and this clearly favours Africa.

The continent has a fast-growing and youthful population, rich in soft skills such as empathy, and has already produced highly innovative digital companies that are solving some of the continent’s challenges.

Moove, for example, developed a revenue-based vehicle financing model to assist mobility entrepreneurs in need of funding. The fintech started in Lagos but has since expanded across the continent.

It is not surprising then that global technology giants are expanding into Africa, which could start to position itself as a new hub of innovation.

Further, there are opportunities to build an industry around improving generative AI itself. For example, Africa could train a large cohort of “prompt engineers”, whose job is to craft queries in such a way that AI models are better able to understand local languages and nuances.

For now, most AI models are trained in the Chinese and English language, which means nuance is often lost in large parts of the world.

To make the most of these opportunities, Africa will need to accelerate efforts to bridge the digital divide and equip its youth with the necessary skills.

Here, large corporates, including financial services companies and telecommunications groups, have an important role to play. Absa is intent on playing its part by upskilling its workforce and constantly adapting its tech learnership programmes.

Mitigating risks
There is, of course, the other side to the AI boom. In particular, the technology risks exacerbating cybersecurity challenges while also strengthening our defences. And it causes concern, in many cases needlessly, about job displacement.

This makes it even more important for governments and companies to remain ahead of the curve, and requires proactive policymaking, education, and training initiatives, as well as collaboration between regulators, industries, schools, and universities.

Pushing back against this technological revolution would be futile. Instead, we must carefully manage its risks and ensure the continent is well placed to capitalise on it.

At Absa, we are actively exploring generative AI use cases and are building our skills in this area as we embark on the next phase of our digital transformation.

As a start, we plan to use this technology to make our chatbots more conversational so that we can better service our clients, and many of our employees are using it as a virtual assistant, often to summarise complex reports or to make sense of large data sets.

We do, however, understand that AI models are only as good as the data that feeds them, which is why all consequential decisions will continue to remain in the hands of our employees.

We believe that, when combined with deeply human qualities such as empathy and creativity, generative AI is fast becoming a competitive advantage for companies – as well as a major opportunity for Africa.

This article was first published by ITWeb Africa, 16 February 2024.

Categories
Media release

Absa Wins 2023 BEE Deal of the Year Award for its B-BBEE Transaction

Absa Wins 2023 BEE Deal of the Year Award for its B-BBEE Transaction

scroll for more

Absa Group is proud to have been named the winner of the BEE Deal of the Year at the prestigious annual DealMakers awards on 13 February 2024. The award, sponsored by Exxaro, recognises Absa’s achievement in implementing one of the largest broad-based black economic empowerment (B-BBEE) schemes in recent times, placing 7% of the Group shareholding in the hands of employees and communities.

“We are very proud of the transaction and pleased that it has been recognised through the award,” said Arrie Rautenbach, Absa Group Chief Executive Officer. “The transaction underscores our commitment to transformation, diversity and inclusion, while enabling employees and communities to participate in the value generated by the Group.”

Nominations were considered based on criteria including execution complexity, potential value creation, deal size and transformational impact.  Absa’s B-BBEE transaction exemplified these criteria with its innovative structure and far-reaching benefits.

With a total allocation of R11.2 billion, including a 4% evergreen Corporate Social Investment (CSI) Trust and a 3% vesting staff element, the deal highlights Absa’s commitment to driving sustainable change and prosperity. Additionally, the inclusion of colleagues from participating Absa subsidiaries outside South Africa in a cash-equivalent staff scheme further demonstrates Absa’s dedication to creating opportunities across borders.

Absa enlisted the help of specialists from its own M&A advisory team, Oxford Partners, UBS and ENS to advise on the design and structure of a transaction which enhances Absa’s B-BBEE credentials whilst  navigating numerous and complex legal, tax and financial considerations.

The transformative B-BBEE and staff incentive transaction stands to make a tangible difference in the lives of approximately 35,000 individuals employed by Absa across 14 jurisdictions through the Absa eKhaya Colleague Share Scheme, while simultaneously benefiting a broader constituency of community beneficiaries in South Africa through the CSI Trust. By promoting economic empowerment and social progress, Absa continues to demonstrate commitment to being an active force for good.

The DealMakers independent panel included Naspers CEO Phuthi Mahanyele-Dabengwa, former JSE CEO and chairman of the Stellenbosch University Council Nicky Newton-King as well as former RMB CEO James Formby.

Members of Absa’s Corporate Development and Legal teams accepted the BEE Deal of the Year award at a gala event on 13 February. Pictured are Arie Maree, Ansarada; Molefi Nthoba, Assistant VP: Absa Corporate Development; Jan-Hendrik du Plessis, Principal: Absa Corporate Development; Ling-Ling Mothapo, Exxaro; Mark Antoncich, Group Head: Absa Corporate Development; Jason Janse van Vuuren, Head: Absa Group Corporate Legal.
Members of Absa’s Corporate Development and Legal teams accepted the BEE Deal of the Year award at a gala event on 13 February. Pictured are Arie Maree, Ansarada; Molefi Nthoba, Assistant VP: Absa Corporate Development; Jan-Hendrik du Plessis, Principal: Absa Corporate Development; Ling-Ling Mothapo, Exxaro; Mark Antoncich, Group Head: Absa Corporate Development; Jason Janse van Vuuren, Head: Absa Group Corporate Legal.
Categories
Our Voices

Embed inclusivity to address problems affecting African economies

Embed inclusivity to address problems affecting African economies

By Deon Raju

scroll for more

Inclusivity is a word that has been echoing in our collective narratives. When we speak of inclusivity, we are referencing not just economic indicators, but a way of living and governing that ensures everyone has an equal chance at prosperity.

From the policies enacted by governments to the strategies adopted by businesses, from the educational systems to the very fabric of our people, inclusivity requires an approach that places the well-being and opportunities of every individual at its heart.

Inclusivity is not only about financial prosperity, but about creating environments where every voice is heard, every potential is nurtured, and every individual, irrespective of background, has an unobstructed path to realise their dreams and aspirations. This holistic view ensures that as we progress, no one is left behind; it is progress in its truest form.

Yet, as we look ahead, the path to inclusive growth is strewn with difficulties.

A primary concern is global risks, which bring uncertainty, particularly affecting the growth and development prospects of South Africa and the African continent. Indeed, macroeconomic factors, both globally and locally, exert immense pressure on countries, companies, and individuals. These strains become evident when we see global and local liquidity and cash flow stresses. The era of cheap and abundant liquidity seems to be ending.

Sub-Saharan Africa economies remain under pressure, but they are working towards macroeconomic stability and a more sustainable growth path. Many of the region’s key economies are under International Monetary Fund (IMF) programmes and have embarked on reforms to address macroeconomic imbalances by implementing fiscal consolidation, strengthening governance and moving towards more inclusive growth.

While many economies, particularly in East and Southern Africa, are holding quite firm, some of the region’s larger economies continue to waver. Global geopolitical concerns, along with regional insecurity, climate shocks, elevated living costs and interest rates, persistently tight global financial conditions, fiscal constraints, a stronger US dollar, foreign exchange liquidity problems and softer commodity prices continue to weigh on the region’s growth outlook.

That said, there is hope that the current reforms, despite being painful and a drag on growth, will help spur growth on a higher trajectory in the long run. In addition, energy sector developments across the region, including in Mozambique, Uganda, Namibia and Tanzania, could further improve the long-term story in these markets.

The risk environment, particularly for sectors such as financial services, is further complicated by increased compliance risks arising from new and emergent regulations and oversight. The accelerating pace of these changes necessitates vigilant monitoring.

Simultaneously, the tangible effects of environmental and social risks, both in their evolving nature and our ability to monitor them, cast a shadow of uncertainty over businesses and the broader environment in which they operate. Looking ahead, we can anticipate a surge in resilience, fraud, financial crime, people and cyber risks, elevating strategic, execution, and business risks for many organisations due to myriad factors.

Some of the imminent risks that we anticipate will probably affect most businesses:

• Geopolitical instability and conflicts leading to global polarisation are affecting trade blocs, with movements, such as de-dollarisation gaining
momentum.
• Country and sovereign risks have surfaced because of rising concerns about debt sustainability and liquidity pressures on sovereign entities.
• Operational resilience risks are becoming more prevalent because of deteriorating infrastructure, external threats like ransomware, fraud
and other security challenges.
• Consumers face immense stress caused by higher interest rates, the cost-of-living crisis and shrinking economic opportunities.

The rapidly evolving dynamics of geopolitics, the shifting sands of trade wars, the shocks in the global financial markets, and the unprecedented crises created by climate change — they all resonate differently here than in more developed nations. While some regions have the financial muscle and established institutions to withstand such shocks, many African nations continue to grapple with foundational problems that amplify the effect of these global risks.

In South Africa, for example, we have seen how global oil prices can swiftly translate into inflationary pressures, affecting people’s purchasing power.

The issue of electricity supply also remains a potential growth risk for the economy, although we believe that ongoing efforts in private generation will make the economy more resilient over time. Nonetheless, a broader investment cycle remains unlikely given the weak business confidence and we see this continuing to constrain growth prospects.

On the broader African canvas, the implications of climate change are not just theoretical models or distant forecasts; they manifest as droughts, flooding, and locust infestations that directly threaten lives and livelihoods.

But every challenge presents an opportunity.

While we must be prudent about the risks, it is also incumbent upon us to harness the opportunities that come with them. The threats of climate change have put Africa on the global map as a potential leader in green energy, with our abundant renewable resources. Uncertainties in traditional global trade dynamics have prompted African nations to look inwards, fostering regional trade and leveraging the African Continental Free Trade Area.

In the face of these uncertainties, financial institutions stand at the forefront of driving positive change, and in particular, inclusive growth. But it is only when all the players in the ecosystem come to the party that economies full potential can be unlocked for all to benefit.

We believe that every party holds the power to inspire change, to uplift lives and to knit together the rich tapestry that is Africa’s future. Each story represents a chapter in Africa’s evolving narrative, and together, we form the roadmap to a brighter, more prosperous future.

 

*This article was first published by the ‘Mail & Guardian’ on 13 February 2024.

Categories
Media release

Absa Raises R1.5 million for sustainable food gardens, bringing green initiatives to schools across five provinces through the Absa Run Your City Series

Absa Raises R1.5 million for sustainable food gardens, bringing green initiatives to schools across five provinces through the Absa Run Your City Series

scroll for more

Absa has reaffirmed its commitment to making a meaningful impact in the communities it serves, by launching sustainable food gardens in schools across five provinces.

As the proud title sponsor of the Absa Run Your City 10K Series since 2021, the bank unveiled its 2023 campaign, aptly named "Together we can do more, Siyabangena". The initiative aims to inspire Absa employees, customers and community members to actively contribute to positive change by raising funds through the Strava* community. Under this campaign, for every kilometre run or walked by a Team Absa member on Strava, the bank generously pledged a donation of R1, reinforcing its commitment to making a meaningful impact in the community. Strava, which is recognised as the premier fitness app for cyclists and runners worldwide, serves as the ideal platform for participants to track and share their fitness endeavours.

The bank successfully raised R1.5 million, earmarked for the establishment of sustainable food gardens in schools and aiding local communities in distress. Five deserving schools and communities have been chosen for this impactful initiative. The selected beneficiaries are Mautse Primary School in Rosendal, Free State; Ndunakazi Primary School in KwaXimba, KwaZulu-Natal; Strelitzia Primary School in Bethelsdorp, Eastern Cape; Ennis Thabong Primary School in Hartbeespoort, North West; and Northern Cape Agricultural High School in the Northern Cape.

Jabulile Nsibanyoni, Head of Sponsorships at Absa, said, "At its heart, the Absa Run Your City partnership is both a physical test of endurance through our beautiful cities, and an opportunity to uplift our communities by sowing the seeds of a healthier future. We are delighted to have raised R1.5 million through the 2023 series, which will now be used to provide sustainable solutions and contribute towards the growth and development of young learners across the country. We know these gardens will immeasurably change the lives of thousands of community members in the long term, one school at a time."

As part of Absa's ongoing efforts to be a force for good, the bank has also partnered with Urban Harvest, who will assist in equipping the schools with training skills and all the tools needed to grow a range of herbs and vegetables. This will allow the learners and teachers to engage in experiential learning and develop an awareness of environmental responsibility.

"Thank you to everyone who participated and joined the force-for-good movement last year. Whether you ran or walked, your kilometres count and have helped us reach this milestone. Through everyone's collective efforts, we are delivering on our promise of empowering Africa's tomorrow, together … one story at a time," concludes Nsibanyoni.

For more information on the Absa Run Your City Series, visit RunYourCitySeries.com

*Strava is an internet service for tracking physical exercise, which incorporates social network features. It connects millions of runners, cyclists, hikers, walkers and other active people.

Categories
Media release

Absa Group confirms expansion into China with new office

Absa Group confirms expansion into China with new office

scroll for more

Absa Group today announced its physical expansion into the People’s Republic of China with the opening of a new non-banking subsidiary in Beijing.

The non-banking subsidiary is now open, with the official launch event in Beijing, scheduled for the 8 May 2024. At a ceremony in Johannesburg, South Africa today, attended by Enoch Godongwana, the Minister of Finance of South Africa and Chen Xiaodong, the Chinese Ambassador to South Africa – Absa Group showcased the continued growth of its international footprint alongside its commitment to fostering new opportunities between Africa and China.

The new office will enable Absa Group to offer local support to Chinese clients and stakeholders to conclude transactions across the African continent, helping to support clients’ needs, goals, and ambitions. This is part of a wider commitment from Absa to expand its operations with international representative offices in strategic markets and offer deep expertise in African markets to its overseas clients.

“We’re thrilled to add our office in China to our global footprint”, commented Arrie Rautenbach, Group CEO of Absa Group. “Today’s announcement reinforces our ambition to grow our international strategy – particularly as China is such a strategically important market for Africa. Our expansion into this dynamic market represents an exciting opportunity to unlock new avenues of growth and prosperity for Africa and China.”

The China-Africa investment relationship has flourished over the past few decades, with China emerging as the continent’s largest bilateral trade partner. This has been fuelled by Chinese investment in Africa’s vast natural resources and infrastructure projects, creating huge commercial opportunities for both regions.

“Our presence in China will help to firmly establish Absa’s capability to provide general advisory services to clients based in China for concluding transactions across the African continent, offering us new opportunities with our clients in the region”, says Charles Russon, CEO of Absa Corporate & Investment Bank. “Establishing our base there will not only give us a physical presence in the region but also help us to meet the needs of our clients operating in this rapidly growing market.”

Categories
Media release

Absa leaves a lasting legacy in Karkloof, transforming lives and empowering the community

Absa leaves a lasting legacy in Karkloof, transforming lives and empowering the community

scroll for more

Absa, a proudly Pan-African bank, hosted its annual Team Absa Training Camp at Karkloof Country Club in KwaZulu-Natal from 25 to 28 January in preparation for the 2024 Absa Cape Epic.

Absa demonstrated its unwavering commitment to community empowerment through education during this year's training camp activities. The bank’s key stakeholders took charge of spearheading significant upgrades and refurbishments at Yarrow Intermediate School, reaffirming Absa's dedication to being an active force for good in the communities it serves. Notably, this school holds special significance for Absa, as it is the same institution where the bank previously donated a stationary bus. The bus has now been transformed into a library, capable of simultaneously accommodating up to 60 children from Grade R to Grade 7. This initiative aligns with the bank’s commitment to empowering communities through education and being an active force for good in everything it does.

Mary Gray, Yarrow Intermediate School Project Coordinator, stated, "Our sincere thanks to Absa for its continued support at Yarrow School. The upgrades to the Grade R and Grade 1 blocks were fundamental for the beginning of the school year, and we are grateful for their support."

Tina Venter, Executive: Marketing Operations, Absa Group Marketing and Corporate Affairs, says, “Absa aims to create a meaningful impact by developing the communities we operate in. The refurbishments and upgrades at the Yarrow Intermediate School at the start of the 2024 school year are another milestone for the Group. We pride ourselves on empowering Africa’s tomorrow, together … one story at a time, by contributing to the success of our country's literacy rate."

The new partnership between Absa and the official charity partner of the Absa Cape Epic, ILoveBoobies, saw the provision of 400 free breast examinations to South African women in the communities surrounding the Karkloof Valley, during Team Absa Training Camp weekend.

Next up is the 20th edition of the Absa Cape Epic, which starts on Sunday, 17 March 2024. This race has undoubtedly earned its rightful place as one of the most exhilarating and life-changing mountain biking races in the world.

APM02784
DSC09680
APM02767 (1)
Categories
Media release

Absa steps forward as title sponsor for the African Icons Invitational: a commitment to support South African police families

Absa steps forward as title sponsor for the African Icons Invitational: a commitment to support South African police families

scroll for more

Absa is thrilled to announce its title sponsorship of the African Icons Invitational, an annual cycling charity event set to take place from 22 to 25 February 2024, amid the captivating scenery of the Drakensberg.

This partnership follows Absa's donations and support to the charity over the past two years, solidifying its commitment to supporting African Icons’ mission to make a positive impact on South African police families who have lost their breadwinners in the line of duty.

African Icons comprises a three-stage mountain bike ride event set in the scenic Drakensberg, forming part of the African Icons Invitational series. These cycling events aim to generate funds to support the families of South African police officers who have made the ultimate sacrifice in the line of duty. The raised funds are directed to the Widows and Orphans Fund (WOF) and the SA Police Service Education Trust (SAPSET), offering direct assistance to the beneficiaries in areas where their needs require urgent support.

A group of 50 riders, including participants from Absa's #SheUntamed community, will start the four-day social expedition on 22 February, in the Drakensberg. The #SheUntamed community, an Absa initiative that promotes diversity and inclusion in cycling, focuses on empowering women in the cycling realm.

Rory Steyn, founder of the African Icons Invitational and former policeman of more than 17 years, says, "We are thrilled to welcome Absa as the title sponsor for the African Icons Invitational. Their support will empower us to reach more families and make a lasting impact on the lives of those affected by the loss of their loved ones in the line of duty."

In the pursuit of making a meaningful difference in the lives of South African police families, the Absa African Icons serves as a fundraising platform, bringing together cycling enthusiasts, supporters and some of the world's most esteemed athletes to champion the cause. Among the distinguished African Icons, are Greg Minnaar, a South African world champion mountain bike racer with four world championships to his name; Joel Stransky, a renowned former rugby union player celebrated for his role as a flyhalf, and particularly for scoring all South Africa's points, including the winning drop goal, in the 1995 Rugby World Cup final against New Zealand; and Caroline Matsimela, founder of Matsimela Ladies Clinics, an organisation teaching African ladies to cycle, and a mentor and ambassador to #SheUntamed, Absa’s initiative for women in cycling.

Tina Venter, Executive: Marketing Operations, Absa Group Marketing and Corporate Affairs, says, "Absa is proud to stand alongside the African Icons Invitational in its mission to support South African police families. Absa is playing an active role in building a better South Africa and living up to its commitment to being an active force for good in the communities in which it operates. We believe in the power of community and are committed to making a meaningful difference in the lives of those who have sacrificed so much for the safety and wellbeing of others."

To find out more about Absa African Icons, visit https://www.africanicons.org.za/, https://www.instagram.com/africaniconsinv/ on Instagram or https://www.absa.africa/media-centre/media-statements/.

Categories
Media release

Absa Bank Retains Top Employer Certification for Third Consecutive Year Across Five Markets

Absa Bank Retains Top Employer Certification for Third Consecutive Year Across Five Markets

scroll for more

A growing number of Absa’s workforce comprises of boomerang employees

Absa is proud to announce its continued recognition as a Top Employer for 2023 by the prestigious Top Employer Institute for the third consecutive year, across five markets – including South Africa, Zambia, Ghana, Botswana and Kenya. This certification reaffirms Absa’s commitment to maintaining exemplary people practice and initiatives that consistently meet and exceed rigorous global benchmarks.

The Top Employer Institute has acknowledged Absa’s outstanding performance in digital HR, learning, career development, ethics and integrity, placing the Group above industry standards. This recognition highlights Absa’s dedication to providing a human centred work environment, nurturing talent at all organisational levels, and continually optimising the employee experiences.

Jeanett Modise, Absa Group Chief People Officer, says “We are incredibly proud to receive this certification once again. This achievement underscores our unwavering commitment to fostering a workplace where excellence thrives, and our people practices set the standard for the industry. This recognition is a testament to the dedication of our entire team and reaffirms Absa’s position as a leading employer of choice in the financial services sector.”

In the journey towards building an empowering organisation, Absa launched our landmark broad-based black economic empowerment (B-BBEE) and staff scheme last year. The B-BBEE transaction includes a Colleague Share Scheme which will provide colleagues in South Africa with an equity ownership interest in Absa Group. Colleagues in participating ARO (Absa Regional Operations) and other international operations entities will participate in a Colleague Phantom Share Scheme, which is the cash equivalent of that implemented in South Africa. In naming the scheme eKhaya, meaning “home” in isiZulu, Absa captured this opportunity that has been created for each colleague to own a portion of our Absa home.

“This strategic move to award our employees with shares, not only reinforces Absa’s dedication to being an active force for good but also underscores the organisation’s mission of “Empowering Africa’s Tomorrow, Together, One Story at a Time”, Modise added.

The Top Employer certification also attests to Absa’s adoption of a flexible and hybrid work model, demonstrating a keen appreciation of the evolving Human Capital landscape. Absa’s leaders are equipped and experienced in leading winning teams remotely, showcasing the bank’s adaptability in the changing work environment.

“Another noteworthy achievement for Absa is that a growing number of its workforce comprises boomerang employees, reflecting the organisation’s culture and affirming that Absa is a place where employees find inspiration and continuously return. Boomerang employees are workers returning to a former employer after a stint working elsewhere. This statistic is a testament to Absa’s status as a great workplace, inspiring others in the industry”, Modise shares.

In 2023, Absa was rated top among “the 25 best workplaces to grow your career” in an annual survey by LinkedIn, the world’s largest professional network with more than 900 million members. Forbes also recognised the bank as a top African organisation championing women at work (ranked 36th out of 400 companies internationally). Lastly, Absa was also recognised in the fourth edition of Forbes’s World’s Best Employers ranking in the same year.

Absa remains committed to excellence, fostering diversity and inclusion, and empowering its workforce to shape a brighter future for Africa.