Absa Bank Kenya is set to launch 60 various technology projects on the back of its target to go branchless in the next decade. For that reason, the bank has announced its plans to invest more than Sh1.6 billion in technology to enhance delivery service.
The 60 new technology projects will be aimed at improving customer experiences, according to Absa Managing Director Jeremy Awori. He told the media, “In many ways, Covid-19 really challenged us to live up to our commitments to all our stakeholders. The pandemic has taught businesses across the world that we must really be prepared to live and operate in a volatile, uncertain, complex and ambiguous environment, and be agile enough to quickly adapt to changing realities.”
The bank has completed a year in the Kenyan market. Its various technology projects will comprise automation of loan top-up process which is a fist in the market, media reports said. Despite all macroeconomic challenges, the bank continued its lending activities to various customers. A significant portion of the lending was directed towards SME businesses.
Additionally, the bank has committed to Sh50 million for community-based initiatives in response to the coronavirus pandemic. The pandemic has forced businesses globally to adapt a new normal and become agile in an ever-changing environment. Last year, the bank had offered loan relief and restructures that were valued at more than Sh62 billion. The valuation was equivalent to a third of its credit portfolio, media reports said.