All you need to know about ABSA Commercial Banking Services in Kenya

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Probably you want to apply for an account, buy shares or understand the banking services offered by ABSA bank. OR maybe you are wondering why you should choose ABSA as your banking partner. Well, worry not for all that will be broken down for you.

First, it is important to get a background of Absa. Absa Bank Kenya Plc was initially Barclays Bank Kenya Limited. It is a commercial bank here in the country, and a subsidiary of South Africa Absa Group Limited which has branches across 12 countries in Africa.

Absa bank Kenya is licensed by Central Bank of Kenya (CBK).

Absa bank Kenya brand itself as a future-focused bank that is moved by progress and desire to blossom in the digital age. They are focused on creating opportunities for their stakeholders, making their possibilities real and supporting them in every step of the way.

Absa bank Kenya has various services to offer its customers. Internet banking, personal banking, premier banking, Islamic banking, wealth and investment banking are examples of available services in Absa bank Kenya. Let’s take a closure look at what it really offers.

Online Banking services

Absa offers online banking services. With these services, you can manage your accounts and transact at the comfort of your home, office or even on a journey. All you need to use this service is to sign up online, which is free of charge. Also, you will need an internet connection.

What you can do with Absa online banking service is limitless. Here is what you get out of this service.

  • Access to the account dashboard 24/7 from anywhere you are.
  • You can view your account information.
  • View, download and print your statement for the last two years.
  • View and download proof of payment.
  • Transfer funds from one of your Absa account to another Absa account or even to other bank accounts.
  • Pay your utility bills, buy airtime and top up MPESA.
  • View foreign exchange and interest rates.
  • Send and receive a secure messages from the bank in case of any query you may have.
  • Link your other accounts and even change their names for easy identification.  As a matter of fact, there are up to 99 accounts that you can link to Absa online. Transactional, credit card, home loan, Personal loan, Absa Share Trading and car finance accounts are examples of some of the accounts that you can link.

Also, if you happen to apply for either saving account, investment account, personal loan or Unit Trust account in the real-time and it gets approved, you will be allowed to transact at the end of your online baking period.

It never gets better than this. But, with Absa all that is possible.

Absa bank Kenya wealth creation and investment management services.

 According to Absa bank wealth management, you get a holistic, top products and investment solutions that will help you grow and preserve your wealth. 

The private banking wealth management is not offered as a secluded service but as an all-inclusive financial plan.  

Wealth management service offers wealth creation, wealth protection, trust & fiduciary duty and Exchange-traded funds.

  • You get a chance to enjoy the retirement planning plans offered which are tailored financial programs that are often reviewed to ensure that you reach your set goals.
  • You will get access to exchange-traded funds (EFTs).
  • They offer life insurance products and services through the Absa Life.
  • They offer all-inclusive short-term insurance personalized for your needs.
  • You get support for will development and estate management.
  • You get exposure to a wide range of assets all across emerging and developing markets.
  • You get to enjoy a low fee structure to fit the performance of an index.

The investment management service will allow doing one if not all of the following.

  • Get a fresh perspective from the bank that will enable you to secure new opportunities for improved returns.
  • Get to choose the different options that will preserve your investments, reduce risk, reward and create additional income.
  • Enjoy exclusive investment solutions and products offered to selected individuals and institutions.

Absa bank Kenya Personal banking services

Personal banking services is a service that is offered in almost all banks around the world. Absa bank Kenya gives the option of banking at a personal level. Here, you can bank, borrow, save or invest.  You can also insure life, funeral, car & home, credit protection, legal needs, will, trust or estate.

Absa Islamic and Premier Banking Services 

Absa bank Kenya has Islamic banking services for those who want to bank differently. It is not primarily for the Muslim community only. It is guided by a panel of experts, the independent Shariah’s Supervisory board and its economics.

What you need to know about Islamic banking is that capitalization is done on the 31st of December every year and payment is made on the 25th of January every year. Gains are calculated on the average daily balance. The cash you deposit to this account and the TargetSave account is invested in Shari’ah investments. The profits made are then shared with you. 

The premier banking services offers a personalized interaction with the managerial team to get expertise on how to grow your wealth. Allows access to programmed overdrafts from Sh140,000 when you open an account. You get rights to the platinum credit and debit card which have cashback on swipe transaction. Also, 

Absa bank accounts for foreigners

Foreigners have a place in Absa Bank Kenya. As a foreigner, you can open an account and start banking. All you need to apply for an account opening is a valid passport, a utility bill to prove your current location and address,

So, why choose Absa Bank Kenya as your banking partner?

If the wide range of accounts offered all with outstanding services don’t fascinate you, then what will? Absa bank Kenya offers wealth management and investment management plans that hit a different nerve. The bank offers opportunities for improvement and growth. The online banking option with all the benefits it comes with is undoubtedly something to crave for.

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About Author

Anthony Kiratu is the Founder of Finsolutions. He is a financial analyst with over 5 years experience in research, investment advisory, valuation and financial modelling. Anthony is a member of the Institute of Certified Investment and Financial Analysts and Institute of Certified Public Accountants of Kenya. He is passionate about development of African Capital Markets through training of investors and dissemination of information for sound financial and investment decision making process. He is also a part-time lecturer in the Certified Investment and Financial Analyst course in the subjects of International Finance, Portfolio Management, Equity Investment Analysis, and Fixed Income Securities. Email: anthony@finsolutions.co.ke Contact: +254 780216631

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