ABSA and Vodacom partner for mobile banking
ABSA has said its unique partnership with mobile operator Vodacom gives it the technology platform to be market leaders in mobile banking.
The deal allows customers of both companies access to internet banking and enables transactions to be made on any handset model without needing to have airtime on your phone.
With experts predicting cellphone banking in Africa to become even more popular in the coming months, the battle to gain market share is set to heat up.
ABSA Retail Chief Executive Gavin Opperman said the deal is valued at a potential R800m, calculated on the basis of several benefits that would accrue to ABSA customers using the Vodacom network.
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Opperman said 1.2 million people would benefit from the scrapping of airtime fees on Absa’s Cellphone Banking Lite service.
The service allows clients to request free mini-statements and balances, purchase airtime and electricity, and make payments via ABSA ATMs.
"The collaboration will accelerate the pace of mobile innovation and expand the range of banking and mobile services on offer to consumers," said Mr Opperman.
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