Absa Bank brings mobile banking to the masses
Building on its BASE24-eps® payments platform, Absa Bank has added mobile phone banking to its portfolio of retail banking services and has dramatically extended the reach of its banking services in South Africa. CashSend™ makes it easier to send cash securely and safely to any phone-owning recipient, anywhere in the country, and has added a new access channel to Absa’s existing customers. This is an ACI Worldwide case study.
The challenge - At the end of each month, many of Absa’s customers would withdraw large amounts of cash for distribution to workers and family members, often by taxi or courier. Absa wanted a new service that would enable its customers to send money to unbanked recipients and promote its services to potential new customers.
Absa, the country’s largest retail bank, is at the forefront of that movement. Absa Bank is the banking division of Absa Group Limited, one of South Africa’s largest financial services organizations. The bank already has nearly 11.5 million customers taking advantage of its complete range of banking, assurance and wealth management products and services. However, it is always looking for ways to identify opportunities to grow its value and to enter new markets by meeting the changing financial needs of all of its customers.