Absa Botswana rolls out new Fintech solution to extend market reach
Absa Bank Botswana has announced the roll out of a new digital wallet offering, dubbed ‘Spark by Absa’, targeted at banked and unbanked citizens, as well as businesses that are digitally transforming.
The solution is offered through two channels - the Spark by Absa Banking App and USSD for transactions.
USSD transactions includes money transfer, bill payments, pay via QR Code, wallet on POS payments, sending money request to another digital wallet user, bank to wallet, wallet to bank, ATM cash out and card to wallet transactions.
Valeta Mthimkhulu, Retail Director at Absa Bank Botswana, said formal and informal businesses can use the solution’s QR payment codes to facilitate contactless Instant payments between individual wallet customers and businesses.
She believes the solution will support many of the traditional cash-focused businesses such as transport, car wash, local grocers, street food vendors etc. with their digital inclusion journey.
Spark by Absa creates an ecosystem in which a variety of customers are able to interconnect and carry out financial transactions on the same platform, Mthimkhulu added.
“We are always looking for ways to extend financial services to Batswana and also recognise that technology plays an integral role in driving financial inclusion,” she said.
According to Mthimkhulu Absa remains focused on the unbanked population across different geographical markets and this latest solutions is designed to facilitate transactions for both Absa and non-Absa customers.