DigitalCFO Newsroom | 10 February 2022
Spark by Absa is an innovative bank account that lives outside the traditional bank branch and is available from any device
Absa Group Limited (AGL), in partnership with PureSoftware, have launched a digital wallet, Spark by Absa in Botswana. In addition, AGL have successfully migrated their 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 (SMEs).
Commenting on the launch, Manoj Puri, Chief Information officer for Africa Regional Operations, said: “Spark by Absa and Timiza are an innovative product designed to conveniently fit into customers’ lives. These offerings enable 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 rollout and Timiza migration also supports our response to the COVID-19 pandemic and evolving consumer preference, as it encourages alternative payment methods to cash.”
Manoj Puri, added: “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 Manish Sharma, Chief Executive Officer of PureSoftware. He further added, “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.”