Absa Kenya Unveils 0.3pct Cashback Plan to Encourage Cashless Payments

David Indeje is Khusoko’s Digital Editor, covering East African markets.
Absa Bank Kenya PLC reported KES.8.2Bn in Profit After Tax (PAT) Q3 2021, 328.3% growth compared to KES.2Bn Q3 2020 driven mainly by 23% decline in total operating expenses to KES.15.4Bn caused by 55.2% drop in loan loss provision to KES.3.4Bn.

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

David Indeje is Khusoko’s Digital Editor, covering East African markets.

In my role as Community Engagement Editor For Khusoko, I care about our audience. engaging them, getting news delivered to them across a variety of platforms, and expanding the diversity of voices on our website.

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