3rd December 2022

Future of Absa Kenya is Being Customer-centric – CBK

Absa Bank Kenya Profit Dips 51pc to KSh3 Billion in Q3

L-R-Moses Muthui Head of strategy BBK Jeremy Awori Managing Director BBK Yusuf Omari Chief-Finance-Officer BBK

The Central Bank of Kenya (CBK) says ABSA Kenya needs to be cognizant of the challenges ahead and make the right investments to be able to offer customer-centric banking services to compete successfully in the future.

CBK says the financial sector is at a critical juncture with emerging opportunities but with attendant risks and it is time they worked for and with Kenyans ‘to realize their aspirations’.

“In particular, banks have been seen as not being sensitive to the needs of Kenyans through high cost of credit, opaqueness and poor customer service,” said the regulator in a statement on Barclays Bank of Kenya (BBK) unveiling its new corporate brand and name, ABSA Bank Kenya PLC (ABSA Kenya).

“Only by being more customer centric, fair and responsible in pricing, transparent and ethical will Absa Kenya breathe life into its transformation,” said Governor Patrick Njoroge in the statement.

“The true affirmation of ABSA Kenya’s transformation can only come from the changed lives of its customers through shared growth and prosperity of a broader segment of Kenya’s populace.”

Further, CBK said through the Banking Sector Charter in 2019, banks will move towards customer centricity, risk-based credit pricing, transparency and doing the right thing.

“There are however long-standing challenges bedeviling the banking sector that could threaten this favorable outlook.

Interest Rates: Why this Time Will be Different, CBK Governor

Barclays Bank of Kenya officially commenced trading on the Nairobi Securities Exchange (NSE) as ABSA Bank Kenya Plc on February 10, 2020. 

The rebranding brought an end to a process that began in 2018, following Barclays Plc’s reduction of its stake in Barclays Africa Group from 62.0% to 15.0%.