Search company, investor...

About Absa Bank Kenya

Absa Bank Kenya is a financial institution with a focus on retail, business, corporate and investment banking. The company offers a variety of banking solutions including personal loans, home loans, car loans, credit cards, and asset management services. Its primary customers are individuals and businesses seeking financial products and services. It is based in Nairobi, Kenya.

Headquarters Location

Waiyaki Way

Nairobi, 00100,

Kenya

Loading...

Loading...

Latest Absa Bank Kenya News

Banks open to loan restructuring as higher rates, inflation raise defaults in East Africa

Feb 19, 2024

Getty Images James Anyanzwa, The East African February 19, 2024 PHOTO East Africa’s retail banks have announced measures to cushion borrowers from the prevailing hard economic conditions, precipitated by rising interest rates and inflation. Listed lenders have reverted to the Covid-19 debt relief measures, including debt restructuring and loan repayment moratoria, to bail out struggling businesses and households. The latest move is part of efforts to avert potential defaults and strengthen customer loyalty in a competitive banking sector. Several lenders sampled by The EastAfrican revealed plans to cushion their customers whose disposable incomes have been battered by high cost of living and high interest rates. These are KCB Group, Co-operative Bank of Kenya, I&M Group and Absa Bank Kenya. Read: Mass default fears as CBK loan rate hits 11-year highCo-op Bank says it is restructuring customer loans, to align their monthly repayment amounts with their currently reduced income levels, while at the same time extending repayment periods to provide for the reduced monthly payments.“We are supporting our customers by way of restructures to align monthly repayment amount with their current (lower) income levels, extension of repayment period to accommodate for reduced monthly payments,” the lender says in a statement.“We are also offering crucial non-financial services, notably customer training on debt management, to assist them to proactively build skills in prudent financial management to avoid debt distress.”GrowthCo-op Bank’s loans and advances to customers in the nine months to September 2023 stood at Ksh378.07 billion ($2.6 billion) from Ksh335.16 billion ($2.3 billion) in the same period the previous year (2022), representing a 12.8 percent growth. The lender, which is 64.56 percent owned by the Co-operative movement, has operations in South Sudan. KCB Group CEO Paul Russo says the challenging economic environment has forced the bank to look at ways of helping customers navigate the economic turbulence.“We believe that we have a role to play in cushioning businesses and individual customers to ensure a greater multiplier effect within the economy,” he said. Read: Moody’s sounds warning on Kenyan banks' defaults“On need basis, we are having conversations with customers to see how best we can accommodate them in light of their respective circumstances, especially as relates to existing facilities.”KCB has operations in Tanzania, South Sudan, Rwanda, Uganda, Burundi and the DRC. Its loan book grew to Ksh1.04 trillion ($7.15 billion) in the nine months to September 30, 2023, from Ksh758.81 billion ($5.22 billion) in the same period in 2022, largely as a result of the acquisition of the Congolese bank Trust Merchant Bank SA (TMB) in 2022. I&M Group says it has sustained its waiver of the transaction fees on money transfers between mobile wallets and bank accounts throughout this year and opened another window for the restructuring of customer loans, including extending moratorium on loan repayment, where necessary, to cushion customers on a case-by-case basis.“From a customer-centricity perspective, it is to know what our customers are dealing with and how can we support them through these tough times. Of course, if customers see that the increase in interest rates are going to impact their businesses adversely, then one of the options they have is to engage the bank and say, look I want to restructure my facility to fit my cash flows, can we talk about how that can be done,” said the group’s regional Chief Executive Kihara Maina. I&M Group, which has regional operations in Uganda, Rwanda, Tanzania and a joint venture in Mauritius, is keen on building inroads into retail banking by offering innovative solutions that support the growth of its customer base. Read: World Bank lends $250m for Kenya’s public finance reforms“Last year, every bank was restoring charges on transfers to mobile wallets. We decided not to and it is saving customers significant money in terms of the cost they pay on transfer fees from bank to wallet and from wallet to bank. This will continue this year and it has been well received by the customers,” said Mr Maina. Absa Bank Kenya says it intends to take a personalised approach in managing the financial challenges of its customers.“We recognise that each customer's situation is unique, and as a brand, we believe in taking a personalised approach to managing their financial challenges,” said Chiera Waithaka, the bank’s chief risk officer.“We are encouraging our customers to reach out to us through their relationship managers or by walking to our branches to discuss ways in which they can meet their financial obligations.”Banks across the region are staring at the aftermath of rate increases with fears of massive defaults and reduced credit to the private sector looming large. East African central banks have either increased their policy rates or left them unchanged to rein in rising inflation and weakening local currencies against the dollar. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. ( Syndigate.info ). Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here . DISCOVER MORE

Absa Bank Kenya Frequently Asked Questions (FAQ)

  • Where is Absa Bank Kenya's headquarters?

    Absa Bank Kenya's headquarters is located at Waiyaki Way, Nairobi.

  • Who are Absa Bank Kenya's competitors?

    Competitors of Absa Bank Kenya include Kappa and 6 more.

Loading...

Compare Absa Bank Kenya to Competitors

W
Watu

Watu provides a microfinance service in inclusive finance. It provides access to capital for the benefit of micro-small, medium enterprises, and low and middle-income households. The company was founded in 2015 and is based in Nyali-Mombasa, Kenya.

Kenya Mortgage Refinance Company Logo
Kenya Mortgage Refinance Company

Kenya Mortgage Refinance Company (KMRC) is a non-deposit-taking financial institution. It provides long-term funds to primary mortgage lenders (PMLs) for the purpose of increasing the availability of home loans. It was founded in 2018 and is based in Nairobi, Kenya.

KWFT Logo
KWFT

KWFT, also known as Kenya Women Microfinance Bank PLC, is a microfinance institution focused on providing financial services to underbanked women. The company offers savings accounts, loan portfolios, banking services, and insurance products designed to be affordable and tailored to the financial needs of its customers. KWFT primarily serves the microfinance sector with a focus on empowering women economically. KWFT was formerly known as Kenya Women Finance Trust. It was founded in 2008 and is based in Nairobi, Kenya.

I
Izwe Loans

Izwe Loans is a financial services provider specializing in asset-backed and unsecured lending. The company offers personal and business loans, including logbook loans, landed property loans, and auto loans, designed to meet the financial needs of individuals, entrepreneurs, and SMEs. Izwe Loans primarily serves the financial services industry, catering to private individuals, small businesses, civil servants, and members of selected parastatals and private institutions. It is based in Nairobi, Kenya.

Konvergenz Network Solutions Logo
Konvergenz Network Solutions

Konvergenz Network Solutions focuses on providing IT and communications solutions across various business sectors. They offer a suite of end-to-end services including enterprise security, infrastructure consolidation, systems modernization, and support and managed services. The company primarily caters to businesses looking to improve operational efficiency and undergo digital transformation. It is based in Nairobi, Kenya.

K
Kenanga Capital

Kenanga Capital is a financial services provider specializing in financing solutions within the investment banking sector. The company offers a range of financing options including share margin financing, structured financing, and loans for corporate and individual clients for investment and working capital purposes. Kenanga Capital primarily serves clients in the equity capital market and debt capital markets. It was founded in 2000 and is based in Kuala Lumpur, Malaysia.

Loading...

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.