Absa Bank Kenya has announced a new interest rate of 10% per annum on its Absa Digital Savings account, up from the previous 9% per annum. The new rate is effective from December 12, 2023, and will last until March 2024.
The bank said the move is part of its efforts to empower its customers to save more and earn higher returns on their deposits. The Absa Digital Savings account is accessible to both Kenyans and the diaspora, who can open an account online via the app or website at any time.
The initiative is also in line with the bank’s strategy of using digital innovation to provide convenient, secure, and rewarding financial solutions to its customers.
Additionally, it supports the bank’s ongoing campaign, Every Kind of Financial Solution for Every Kind of You, which aims to celebrate Kenyans’ resilience and educate them on how to improve their financial wellness and achieve their goals.
Absa Bank Kenya is committed to fostering financial well-being among Kenyans by offering solutions, tools, and advice that help them navigate different aspects of their lives, understand the impact of their financial decisions, and cope with economic challenges.
The bank’s mobile banking wallet, Timiza, has also recorded impressive growth in loan disbursements, reaching KES 14.8 billion in the first nine months of 2023, a 35.7% increase from the same period in 2022. In the third quarter of 2023 alone, Timiza loans grew by 47% to KES 2.134 billion, compared to KES 1.454 billion in the same quarter of 2022. Since its launch in 2018, Timiza has advanced over KES 65 billion in loans to its customers.
The bank’s overall loan book also expanded by 14% to KES 331 billion in the third quarter of 2023, up from KES 289 billion in the same quarter of 2022. This boosted the bank’s revenue by 20% to KES 40.1 billion in the same period, up from KES 33.4 billion in 2022.
Absa Bank Kenya is looking to grow and diversify its conventional retail business, as well as transform Timiza into a standalone mobile-only financial services platform that offers savings, loans, payments, and insurance services.
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