Have you downloaded the Absa Next app from the Google Play Store or Apple App Store yet? If not, here is what the digital banking platform offers customers.
Absa Next brings banking services including account opening, credit, savings and investments together on a single digital platform, making access to financial services faster and more convenient.
One of its main features is digital account opening, allowing customers to complete the onboarding process within minutes without lengthy paperwork or a visit to a bank branch.
“The only thing we ask of you is your mobile number, ID number, and you’re in. It takes you less than a minute to get in and to start off,” says Absa Bank Kenya Head of Digital Banking Steve Omamo. “And then based on what you consume within Absa Next, we’ll then be able to ask you to give us a bit more.”
The service is available to Kenyans whether or not they are existing Absa Bank customers, while Kenyans living in the diaspora can also onboard remotely.
Customers can apply for instant credit ranging from Ksh 500 to Ksh 1 million, with the facility available to individuals, groups and small and medium-sized enterprises (SMEs), subject to eligibility. The platform uses customer data to assess applications, potentially shortening the time taken to access credit.
Absa Next also offers customers an interest rate of up to 7% on savings, providing an option to earn a return on money held in the account. The rate is higher than the 3.54% average savings deposit rate according to data from the Central Bank of Kenya (CBK).
“In terms of the growth of wealth from somebody who wants to save, we haven’t just defined a saving solution for our customers for the sake of savings. But our saving solutions help you actually grow and generate wealth,” says Omamo.
For customers seeking investment opportunities, Absa Next provides access to unit trusts and money market funds. Here, Absa Next promises returns of up to 16%. At the time of publication, however, the investment service displayed a “coming soon” message on the app, indicating that some of these features had not yet gone live. The returns will rank among the best with other firms in Kenya offering as low as 5% annually as interest on Money Market Funds.
The platform also caters for Chamas and other savings groups, allowing administrators to monitor members’ contributions and identify outstanding payments. This helps groups organise savings towards shared goals such as buying land, funding holidays or financing other projects.
I have noticed that some users struggle with the initial setup process. A specific technical glitch occurs when syncing the accounts across different devices.