Absa Expands Focus On Affluent Segment With New Offerings

Absa Bank has strengthened its presence in the affluent market by reorganizing its affluent banking division. This move aims to address the evolving needs of modern consumers, particularly those in the affluent segment, through a more comprehensive and personalized range of services.

The bank’s new strategy marks a shift from a product-focused model to a customer segment-led approach, based on consumer insights. Absa’s revamped consumer banking structure now divides customers into three key groups: NextGen consumers, Mass and Middle-market consumers, and the Affluent Consumer segment.

Moses Muthui, Absa’s Consumer Banking Director, explained that the change is a response to shifting consumer behaviors and market dynamics. “As the wealthy seek better returns, new opportunities are emerging across markets. We’ve identified a gap in how entry and mid-level affluent consumers are served. Our goal is to strengthen relationships through personalized service and leadership in this space.”

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Seema Desouza, Director of Affluent Banking at Absa, reiterated the bank’s dedication to meeting the diverse financial needs of its affluent clients. “Our focus is on understanding the unique financial goals and preferences of each client. This ensures that we provide services that address the distinct needs of every segment we serve.”

Absa’s reorganized affluent banking division is designed to support clients in achieving their personal, professional, and business objectives. The bank has introduced a new suite of services categorized into three tiers: Prestige, Premier, and Premier Wealth.

Prestige clients, who are primarily entry-level professionals and entrepreneurs, will receive benefits such as financial guidance and a Platinum Card, which offers perks like paid lounge access, buy-now-pay-later options, and retrenchment cover.

Premier customers, who represent mid-tier affluent clients, will be offered a Signature Card and access to exclusive events and networking opportunities.

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Top-tier Premier Wealth clients will gain access to wealth management solutions, including structured notes and estate planning services.

Kenya’s affluent market is expanding, with the country ranked as the fourth wealthiest in Africa, according to the 2024 Africa Wealth Report.