Absa Bank Kenya has revamped its affluent segment with an expanded, differentiated offering by classifying consumer banking in three segments, namely, the NextGen consumer, Mass & Middle market consumer, and the Affluent Consumer.
Among other benefits, Prestige customers will now have access to a retrenchment cover as well as a Platinum Card providing benefits such as paid lounge access, up to 50-day interest free period, buy-now-pay-later, extended warranty and purchase protection.
Premier customers will access benefits such as a Signature Card with lifestyle benefits that include lounge access, meeting rooms at Premier Centres and access to exclusive experiential events, thought leadership and networking opportunities.
The new expanded banking suite is based on a three-tiered structure designed to serve clients ranging from entry-level professionals and entrepreneurs with Prestige, to the mid-tier affluent with Premier, and the top-tier clients with Premier Wealth.
Absa Bank Kenya, Consumer Banking Director, Moses Muthui, said: “As the wealthy look for better returns, we are seeing new opportunities open across markets. We have seen a gap in how entry and mid-affluent consumers are served. With our strong history and loyal customer base, we are focusing on building even stronger relationships through personalized service and leadership in this space.”
Under the renewed approach, Prestige clients will be provided with financial guidance and opportunities tailored to their aspirations, helping them progress towards Premier segment. Likewise, Premier clients are supported in their unique journeys towards Premier Wealth segment. Each tier benefits from a dedicated team of specialists, offering personalized advice on wealth creation, investment growth, protection, and preservation, aligned with individual goals.
Absa Bank Kenya, Director of Affluent Banking, Seema Desouza, said: “Our affluent banking serves a broad spectrum of clients, driven by their unique insights to meet distinct financial goals and preferences. This laser focus reinforces our commitment to addressing the diverse needs of every segment we serve.”
In addition to the recently launched Infinite Card, Premier Wealth customers will access wealth management solutions such as structured notes as well as estate planning and generational wealth transfer solutions.
According to the 2024 Africa Wealth Report, Africa’s affluent market is expanding rapidly, with Kenya ranking as the continent’s fourth wealthiest country.