Absa Bank reaffirms focus on affluent segment with an expanded offering

The reorganised affluent offering is a key component of Absa Bank's refreshed consumer banking business, which has transitioned from a product-driven to a customer segments-led division driven by customer insights.

The inclusive approach ensures that every customer, regardless of financial status, finds value in Absa’s offerings.

As part of this, consumer banking is now classified into three segments: The NextGen consumer, the Mass & Middle market consumer, and the Affluent Consumer.

Speaking about the enhanced services, Absa Consumer Banking Director, Moses Muthui, said Absa recognises that today’s banking space is shaped by evolving consumer behaviour and unprecedented market trends.

“As the wealthy look for better returns, we see new opportunities open across markets. We have seen a gap in how entry and mid-affluent consumers are served. With our strong history and loyal customer base, we are focusing on building even stronger relationships through personalized service and leadership in this space,” Mr Muthui said.

In response to evolving needs, Absa's affluent banking has reorganised itself as a clear enabler, supporting customers to achieve personal, professional, and business goals.

The expanded banking suite is based on a three-tiered structure designed to serve clients ranging from entry-level professionals and entrepreneurs with Prestige to the mid-tier affluent with Premier, and the top-tier clients with Premier Wealth.

As part of this commitment, the bank recently appointed a Director of Affluent Banking, reinforcing its dedication to providing services that meet the needs of customers throughout their financial journey.

Under the renewed approach, Prestige clients will be provided with financial guidance and opportunities tailored to their aspirations, helping them progress towards the Premier segment.

Likewise, Premier clients are supported in their unique journeys towards the Premier Wealth segment. Each tier benefits from a dedicated team of specialists, offering personalized advice on wealth creation, investment growth, protection, and preservation, aligned with individual goals.

On her part, Seema Desouza, the Director of Affluent Banking at Absa Bank Kenya, said: “Our affluent banking serves a broad spectrum of clients, driven by their unique insights to meet distinct financial goals and preferences. This laser focus reinforces our commitment to addressing the diverse needs of every segment we serve.”

Among other benefits, Prestige customers will now have access to a retrenchment cover as well as a Platinum Card providing benefits such as paid lounge access, up to a 50-day interest-free period, buy-now-pay-later, extended warranty and purchase protection.

Premier customers will access benefits such as a Signature Card with lifestyle benefits that include lounge access, meeting rooms at Premier Centres and access to exclusive experiential events, thought leadership and networking opportunities.

In addition to the recently launched Infinite Card, Premier Wealth customers will access wealth management solutions such as structured notes as well as estate planning and generational wealth transfer solutions.

According to the 2024 Africa Wealth Report, Africa's affluent market is expanding rapidly, with Kenya ranking as the continent's fourth wealthiest country.