This archive report was first published on 12 September 2019.
As of September 12, 2019, Barclays Kenya's transition to Absa is gaining momentum, with the rebranding process expected to be completed by June 2020.
With a presence in 12 markets, Absa is a well-capitalized African banking conglomerate that will help Barclays Kenya tap into its extensive footprint to unlock more value for its shareholders, customers, and stakeholders.
Absa's market capitalization on the Johannesburg Stock Exchange is approximately KES 1 trillion, equivalent to 30 times the cash used to build Thika Road.
The banking group has approximately KES 9 trillion worth of assets, more than twice the Kenyan banking sector assets as of 2017, and nearly three times the Kenyan annual budget for 2019/20.
With over 1,000 branches, nearly 10,000 ATMs, and over 40,000 employees, Absa is among the top biggest banking sector brands across the continent.
"Our transition journey to Absa has now gained momentum and is about 65% complete. We are making significant investments in technology, branch modernisation and branding, which will ultimately enable us to give our customers a better banking experience," said Barclays Kenya Managing Director, Jeremy Awori.
Barclays Kenya recorded a strong financial performance in the first half of 2019, with customer numbers crossing 4 million thanks to the bank's virtual banking wallet, Timiza. The bank's operating income grew by 13%, the fastest growth in 7 years, and non-funded income was up 13%, the fastest in 4 years.
As part of the transition, the bank has invested over KES 561 million in key projects, including technology upgrades, branch modernisation, and brand initiatives. The bank is confident that its investments in new services and digitization of its operations will make banking easier, faster, and convenient for its customers.
Barclays Kenya is committed to empowering young people in Kenya through its Readytowork programme, which has impacted over 215,000 youth so far. The bank has also offered 540 scholarships to the youth, empowering them to use limited resources to achieve more.
