Absa wants to grow its market share in the most competitive low-income segment. It's planning to launch a USSD banking capability to serve customers who don't have smartphones. | Fin24
Absa's interim financial director Punki Modise says Barclays almost killed Absa's proposition in the low-income segment.Absa is making a clean break with the Barclays era, with its latest results showing a strong appetite for lending and a focus on the low-income market – both shunned by its former UK owner.
And while Absa rarely saw strong revenue growth – or increasing customer numbers – under Barclays, the group achieved both in the past year. "Revenue growth was better in constant currency, up 8%, our strongest performance for several years. It [revenue] is an area where we've generally lagged peers in the past. So, it's good to see that improvement," said Absa interim CEO Jason Quinn.Subscribe to News24 for just R75 per month to read all our investigative and in-depth journalism. You can cancel any time.
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