African bank to exceed 1 million internet banking users, Absa has
reached another key milestone by becoming the country’s first bank
to register 1 million mobile banking customers.
In addition, over 40,000 small businesses are using Absa’s
mobile banking service, noted Absa Digital Channels’ managing
executive Christo Very.
He added that uptake of Absa’s mobile banking service is growing
apace with up to 5,000 new clients registering for the service each
“From observing the registration and usage numbers, 2009 will be
the year in which cell phone [mobile] banking develops serious
traction in the market such that it is poised to overtake the
number of Absa internet banking clients this year,” said Very.
Absa reported in August 2008 that its internet banking service
had exceeded 1 million users for the first time.
Launched in 2000, Absa’s mobile banking service enables users to
load beneficiaries and make payments, purchase airtime, make
inter-account transfers, view balances and statements, send notices
of payments and make cardless ATM payments using Absa’s CashSend
facility. The service operates on three technology platforms: short
message service, mobile internet and unstructured supplementary
Absa’ mobile banking service has a diversity of users, noted
“For some clients, it is a convenient substitute for other
methods of banking when travelling around. For others, particularly
those living in more remote areas, it is their primary method of
accessing their banking service,” he explained.
There are currently 1.7 million log-ons each month to Absa’s
mobile banking services, while usage tends to rise sharply in the
holiday month of December, he added.
Absa has also received a positive response to other mobile
“Taking into account the clients that receive account
notification messages and [internet] log-on authentication alerts
via their cellphone, the total number of Absa clients using their
cellphone to keep in touch with their bank is now over 4 million,”
Absa reported that it had 10 million customers at the end of
2008, making it South Africa’s largest retail bank. UK bank
Barclays currently has a 56 percent stake in Absa.