Absa Bank Kenya has reaffirmed its commitment to meeting the evolving needs of modern customers, particularly focusing on the affluent segment through an expanded and differentiated offering. This restructured affluent service is a vital part of Absa’s refreshed consumer banking strategy, which has shifted from a product-driven model to a customer segments-led approach informed by insights into consumer behavior.
To cater to a broader clientele, Absa has classified its consumer banking into three segments: the NextGen consumer, the Mass & Middle market consumer, and the Affluent Consumer.
Moses Muthui, Absa’s Director of Consumer Banking, emphasized the importance of adapting to changing consumer behaviors and market trends. “As the wealthy seek better returns, new opportunities are emerging across markets.
We have identified a gap in the service provided to entry and mid-affluent consumers. Leveraging our strong history and loyal customer base, we aim to strengthen relationships through personalized service and leadership in this space,” Mr. Muthui stated.
In response to these evolving needs, Absa’s affluent banking has restructured itself as a facilitator, aiding customers in achieving their personal, professional, and business aspirations. The revamped banking suite is organized into a three-tier structure: **Prestige** for entry-level professionals and entrepreneurs, **Premier** for mid-tier affluent clients, and **Premier Wealth** for top-tier clients.
As part of this commitment, Absa recently appointed a Director of Affluent Banking, underscoring its dedication to offering services that align with customers’ financial journeys. Under the renewed strategy, Prestige clients will receive tailored financial guidance and opportunities designed to help them progress toward the Premier segment. Similarly, Premier clients will be supported in their unique paths to the Premier Wealth segment. Each tier benefits from a dedicated team of specialists who provide personalized advice on wealth creation, investment growth, protection, and preservation, aligned with individual goals.
Seema Desouza, the Director of Affluent Banking at Absa Bank Kenya, remarked, “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 the new benefits, Prestige customers will now enjoy access to a retrenchment cover, as well as a Platinum Card offering perks like paid lounge access, up to a 50-day interest-free period, buy-now-pay-later options, extended warranties, and purchase protection.
Premier customers will benefit from a Signature Card that provides lifestyle advantages such as lounge access, meeting rooms at Premier Centres, and entry to exclusive experiential events, along with opportunities for thought leadership and networking.
Furthermore, Premier Wealth customers will gain access to wealth management solutions, including structured notes and estate planning for generational wealth transfer, alongside the recently launched Infinite Card.
According to the 2024 Africa Wealth Report, Africa’s affluent market is rapidly expanding, with Kenya being ranked as the continent’s fourth wealthiest country.
