Absa is one of the banks in South Africa’s vast financial system. The bank which used to be Amalgamated Banks of South Africa and formerly ABSA Group Limited is today a subsidiary of Barclays Bank Plc in South Africa.
Although the bank is one of the “younger” banks in the country, it has been able to forge its way among the banks with very good services in south Africa.
Also known as Abs bank, the bank was founded in 1991, from a merger of different financial institutions. These institutions include the South Africa’s United Bank, the Allied Bank (South Africa), the Volkskas Bank Group as well as various interests of the Sage Group.
In 1992, the bank added to its assets base by acquiring the entire shareholding of the Bankorp Group which included Trustbank, Senbank, and Bankfin.
After the acquisition, all these banks operated independently within the ABSA group, hence using their names until 1998, when they were joined to form a single brand.
It was in 2005 that the United Kingdom’s Barclays Bank acquired more than 56% shares of the bank, making it the largest shareholder. According to Barclays which sought to improve its international holdings, buying the bank was its largest investment outside its shores.
Barclays increased its shares to over 62 percent in 2013. It was after this that the name changed from ‘Absa Group Limited’ to ‘Barclays Africa Group Limited’.
The bank is today ranked among the top banks in the country, and as a financial institution, it has after so many years maintained its relevance in the scheme of things. In 2009, the bank went away with the African Banker award for the most Innovative Bank in Africa. It has won other awards such as the coolest bank in south Africa (2011), from Sunday Times generation next survey, and the Best Mobile Phone Banking and Best Retail Bank in south Africa from Asian Banker.
Absa bank internet banking
The bank is leading a heavy charge in its attempt towards providing the best internet banking services in South Africa. This, the bank has attempted through continuous innovations.
Through its internet banking, the bank provides personal banking services, private banking services, business banking services as well as corporate and investment services. The bank provides for one to be able to initiate various Islamic banking services and activities, youth and student banking, credit card services and loan services through its personal banking.
On its site, there are different other services provided for that would benefit other forms of banking including corporate and investments .
The bank has launched the first social media chat service for Facebook and twitter. This first of its kind banking technology in the world was designed by the bank to allow customers bank while still on their social networking sites.
The bank’s Facebook messenger and its ChatBanking on twitter have the following transaction abilities:
Checking account balance
Purchasing data and airtime
Getting statements of account
Buying prepaid electricity bills for some municipalities
Making transfers to existing beneficiaries.
According to Columinate’s 2016 SITEisfaction report, the bank has significantly improved on its internet banking services. The report indicates that while it was 39% in 2014 and 2015 from its client survey, the bank grew to a 54% in 2016.
Although the rating shows that the bank is trailing behind other banks including FNB, Capitec, Standard bank and Nedbank, the bank is improving quite rapidly with its online activities.
Absa mobile banking (Absa mobi)
One important aspect of the bank’s internet activities is the Absa cell phone banking, which allows individuals carry out banking activities through their phones.
Once one log on, one will be able to access services including personal loans, and credit card services. One can as well access tools such as branch locator, financial indicators, and ATM locator. Through its mobile banking, one will be able to buy prepaid airtime, pay accounts, traffic fines and transfer money locally and internationally, among other things.
One can easily download Absa banking app for mobile phones from different stores online for free. The app is available for androids, blackberry, windows phones and all other phones.
One can as well get jobs with the bank through its career page on its website. On the site, the bank shows the available vacancies as well as opportunities for training and coaching programmes in various entrepreneurial areas.
Absa branch code, which is its Universal branch code is 632 005.