Absa Group, in partnership with PureSoftware, has launched a digital wallet, Spark by Absa, in Botswana. In addition, Absa has successfully migrated its Timiza mobile banking offering in Kenya to the Arttha platform powered by PureSoftware.
Spark by Absa is an innovative bank account that lives outside the traditional bank branch and is available from any device. Spark by Absa enables financial transactions for both Absa’s customers and non-customers.
Spark allows users to easily make and receive payments, pay bills, buy airtime, withdraw cash at any Absa ATM, and transfer cash from Spark into another bank account. In addition to the Spark features, Timiza customers can also save money with goal-based savings, apply for pre-approved loans and more.
Since customers pay only for the transactions they make, Absa’s digital wallet offering is a cost-effective, inclusive product for individuals and small and medium enterprises.
Commenting on the launch, Manoj Puri, CIO for Africa Regional Operations at Absa Group, said: “Spark by Absa and Timiza are innovative products designed to conveniently fit into customers’ lives. These offerings allow users to bank seamlessly between virtual money and bank accounts, and bank anywhere on any device. As such, it’s perfectly suited to anyone looking for low-cost, high-functionality banking on the move. The Spark by Absa roll-out and Timiza migration also supports our response to the Covid-19 pandemic and evolving consumer preference, as it encourages alternative payment methods to cash,” said Puri.
‘Tremendous potential’
“As a financial services provider, we help to create, grow and protect our customers wealth, while playing a shaping role in Africa’s growth and sustainability. We are excited about the potential of Spark to give individuals and SME owners convenient, frictionless control over their finances and transactions. Spark has tremendous potential to expand the reach of the banking system and offer inclusive services to a broad segment of the Africa’s population.”
“We at Arttha have been driven by the objective to expand access to finance in emerging markets and are excited to team up with Absa to achieve this common goal,” said PureSoftware CEO Manish Sharma. “Arttha’s modern payment, digital lending and agent banking solutions will allow Absa to provide a user-friendly experience to their customers in these countries over mobile apps and USSD, which will enhance their customer service, efficiency and growth. We take pride in getting this opportunity to help make banking services easily accessible and accelerate financial inclusion in Africa.”
About Absa Group
Absa Group Limited is listed on the JSE and is one of Africa’s largest diversified financial services groups. Absa Group offers an integrated set of products and services across personal and business banking, corporate and investment banking, wealth and investment management, and insurance.
Absa operates in 14 African countries. The group owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (Absa Bank Tanzania and National Bank of Commerce), Uganda and Zambia and has insurance operations in Botswana, Kenya, Mozambique, South Africa, Tanzania and Zambia. Absa also has representative offices in Namibia and Nigeria, and securities entities in the UK and the US.
About PureSoftware and Arttha
PureSoftware is a global software product and services company that focuses on driving a differentiated customer experience, accelerating cycle time and improving business outcomes through the integration of digital solutions, robotic automation and non-linear commercial models. Arttha, from PureSoftware, is one of the fastest-growing financial technology platforms. It helps businesses embrace digital solutions in the areas of consumer and MSME banking, agency/branchless banking, digital lending, payments and merchant management. Delivering value for almost a decade, Arttha’s microservices-based cloud-ready architecture is increasingly the choice of banks and fintech service providers looking to expand their digital offerings.
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