Absa Kenya Unveils 0.3pct Cashback Plan to Encourage Cashless Payments

Absa Bank Kenya Thursday said it made a net profit of KSh1.95 billion in the first three months of this year, a growth of 6.5 percent compared to KSh1.83 billion recorded last year.

ABSA KENYA Nairobi Office

Absa Bank Kenya has made changes to some of its product aimed at encouraging its customers to make cashless payments using its debit cards.

“During this period, nothing is more important than our collective ability to protect ourselves and our loved ones from the virus. We have therefore taken a number of measures to enhance the health and safety of our colleagues and customers,”Absa  said in a statement.

It said customers will receive a guaranteed cashback of 0.3 per cent every time they pay with their Absa debit card.

“The offer starts on March 25 and will continue for 12 months. Cashback will be paid to customers’ current accounts on monthly basis,” said Absa in a statement.

Absa has also waived transaction fees charged when customers load cash to M-Pesa and Airtel Money from the accounts.

The bank says its clients will enjoy free money transfers between Safaricom M-Pesa and Timiza until June 30. 

In addition,  in order to support the transfer of large amounts of money below one million, it has waived all the fees charged on PesaLink transactions until 30 April 2020