Absa Bank is set to introduce a new wallet for WhatsApp banking in South Africa. South African Absa Bank has now introduced ChatWallet. This is a new wallet for direct banking services on WhatsApp in the region. And users who do not have a bank account in the company can easily manage their funds by making use of the ChatWallet.
Absa Bank WhatsApp Banking in South Africa
Absa Bank, a key entity under the Absa Group umbrella, serves a broad spectrum of clients across South Africa, providing a range of retail, business, and corporate banking solutions. The bank is acknowledged as one of South Africa’s foremost banking institutions, holding a prominent position in terms of assets.
Following its initial foray into digital banking with the ChatBanking tool on Facebook Messenger and WhatsApp in July 2018, Absa has now introduced a new wallet service. Since the launch of the ChatBanking platform, the bank has successfully engaged over 10,000 customers.
In a similar timeframe, Access Bank, UBA, and First Bank South Africa also unveiled their banking services on WhatsApp, paralleling Absa’s digital initiatives. Nonetheless, Absa differentiates its wallet service with unique usage channels, pricing models, and product offerings.
WhatsApp Serves As a Vital Channel for Absa’s New Wallet Service
WhatsApp, with its overwhelming popularity among South African internet users—over 90% of them use the app—serves as a vital channel for Absa’s new wallet service. Projections indicate that WhatsApp’s user base in South Africa will grow from 23 million in 2021 to 28 million by 2026. Concurrently, internet usage in the country is expected to see a 17% increase from 2024 to 2027.
The newly launched wallet on WhatsApp is designed to seamlessly guide users towards adopting transactional bank accounts, featuring an intuitive menu. It facilitates a variety of services, including the ability to send and receive payments, buy airtime and data, manage beneficiaries, and perform cash withdrawals and deposits.
How to Access the Wallet
To access the wallet, users must be at least 18 years old and possess a valid, Rica’d South African mobile number linked to WhatsApp. Absa has implemented stringent security measures, such as biometric registration and PIN creation, to safeguard access to the wallet. The bank will also perform additional identity verifications to ensure user authenticity.
Absa Group’s Presence in Several Other African Countries
Beyond South Africa, Absa Group has a presence in several other African countries, including Botswana, Ghana, Kenya, Mauritius, Mozambique, and the Seychelles. Notably, Absa Bank Kenya introduced “Abby,” a WhatsApp banking solution, in 2021, enabling users to conduct basic transactions such as bill payments, balance inquiries, and transfers between bank accounts and mobile money services.
Other Banks with Similar Services
Moreover, in January 2024, Centenary Bank in Uganda joined the trend by launching CenteWhatsApp, a WhatsApp banking service that supports various banking activities, including account inquiries, transfers, payments, loan applications, and real-time notifications.
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