Absa is doubling down on its cloud strategy as the bank adopts new technologies like AI.
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With one notable exception, IT spend in South Africa’s banking sector has remained relatively stable.
Absa Group’s IT spend for the six months to 30 June reached R8.2-billion as it ramped up spending on security and AI.
Absa will offer cash back to Shoprite Group customers of up to 60% during a two-month launch phase.
Use cases for the blockchain are expanding beyond cryptocurrency as more African countries embrace the technology.
Absa Group’s new CEO, Kenny Fihla, is aiming to turn the bank’s retail unit into the biggest in South Africa.
René van Wyk will succeed Sello Moloko as chairman of the Absa board, subject to regulatory approval.
South Africa looks set for much better growth in 2025, according to analysts at Absa Group,
Outgoing Standard Bank South Africa CEO Kenny Fihla will be Absa’s next group CEO with effect from mid-June.
PepsiCo’s South African development fund and Absa are backing the Khula mobile marketplace app for farmers.