Absa spices up cashless economy with digital initiatives

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Absa Bank Tanzania Head of Retail Banking, Ndabu Swere (far right) and the bank’s Chief Financial Officer, Bernard Tesha(second right), cut a ribbon to officially launch the Spend and Win card usage campaign in Dar es Salaam, on Tuesday. (Photo by a Correspondent

DAR ES SALAAM: THE shift towards a cashless economy is gaining momentum, driven by initiatives such as the increased use of mobile money services, career programmes, and digital banking solutions that improve access to financial services.

Lenders in the country are increasingly offering digital banking services, including online banking, mobile banking apps and electronic funds transfers, which contribute to the reduction of cash transactions.

Absa Tanzania’s Chief Financial Officer, Mr Benard Tesha, said yesterday that digital adoption not only offers convenience but also reduces cash-based transactions, aligning with the government’s push for financial inclusion.

“We have made significant investments in digital transformation to address the evolving needs of our customers and support the government’s agenda for greater financial inclusion,” Mr Tesha said during the launch of the bank’s campaign to promote cashless transactions.

The campaign, titled ‘Spend and Win,’ aims to encourage the use of digital banking channels and underscores Absa’s commitment to advancing financial inclusion

Last year’s Finscope report showed formal financial inclusion has improved in the last six years from 65 per cent in 2017 to 76 per cent in 2023.

Absa Bank Tanzania’s Chief Financial Officer, Mr. Bernard Tesha (right), Head of Retail Banking, Ms. Ndabu Swere, and Marketing and Communications Manager, Mr. Beda Biswalo, display the keys to three brand-new 2024 Subaru Forester cars, to be won by the winners of the just-launched Absa “Spend and Win” card usage campaign during a function in Dar es Salaam on Tuesday

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Despite the progress, initiatives are still needed to improve since there is still a vast of people untapped.

Additionally, Absa Tanzania’s Marketing and Communication Manager Mr Beda Biswalo said the bank has been making strides towards the cashless promotion through various initiatives including the financial awareness career programmes to the youths at universities.

“Through our social services, we offer financial education to young people in schools and universities, aiming to boost their financial literacy and improve their inclusion in the sector,” said Mr Biswalo.

The campaign runs for three months effectively from yesterday to December 10 this year.

According to the lender, a month winner will be handed a SUV car.

Absa Tanzania’s Head of Retail Banking Ms Ndabu Swere said the campaign also supports the lender’s goal of broadening financial inclusion in the country by encouraging customers to shift from traditional banking methods to digital transactions.