Absa Group has written off R2.4-billion in software assets after a revision of its overall strategy led to changes in investment priorities and faster-than-expected technology obsolescence, its annual financial statements show. The software impairments – more than 13 times the R179-million written off a year earlier – were spread across the group, with the largest…
Lauren Wortmann, MD of application services at NTT Data in Middle East and Africa. NTT Data has signed a five-year contract extension with Absa to continue providing application management services for the bank’s SAP S/4HANA financial consolidation and reporting systems. The deal covers the technology landscape Absa uses for group-wide financial control. According to the…
Absa Group has announced a series of executive leadership changes, headlined by the appointment of former M-Pesa Africa MD Sitoyo Lopokoiyit as CEO of its personal and private banking division. Lopokoiyit, who takes up the role on 1 April, joins from Safaricom, where he led the strategy and growth of M-Pesa, Africa’s largest fintech platform….
Absa Group has made several strategic executive appointments. (Image: 123RF) Absa has made several executive appointments to strengthen leadership capability across the group, bringing onboard tech and telecoms sector leaders. Among the appointees are M-Pesa Africa MD and Safaricom chief financial services officer Sitoyo Lopokoiyit, and former EOH chief risk officer Fatima Newman. They are…
Nomonde White-Ndlovu rejoins Absa as CIO for group compliance. Seasoned technology executive Nomonde White-Ndlovu has taken up a new role as chief information officer (CIO) for group compliance at Absa, effective February. This marks White-Ndlovu’s return to the banking group, after previously spending over nine years with the organisation. In her previous roles, she was…
Absa expects that growth of buy now, pay later (BNPL) services will boost Black Friday sales this year for e-commerce merchants. It said in a statement on Wednesday that last year, e-commerce was not as strong as in prior years. However, it believes that from the perspective of the retail client, BNPL will remain a…
Absa Bank has announced a major strategic partnership with blockchain specialist Ripple to introduce institutional-grade custody solutions for tokenised assets, including cryptocurrencies, in South Africa. This move is significant, marking a turning point for how major traditional African banks engage with the burgeoning digital asset economy. Read: Bandwidth Blog & Smile 90.4FM Tech Tuesday: EV…
Absa will leverage Ripple’s digital asset custody technology. Big-four bank Absa has entered into a strategic partnership with Ripple, a provider of digital asset infrastructure for financial institutions, to provide digital asset custody to its customers in South Africa. In a statement, the bank says through the partnership, Absa will leverage Ripple’s digital asset custody…
Absa has announced a partnership with Ripple under which it will adopt the blockchain infrastructure specialist’s institutional-grade custody platform to offer secure storage solutions for tokenised assets – including cryptocurrencies – to institutional clients in South Africa. The move is significant as it may mark a turning point in how traditional banks in Africa engage…
Absa’s Nick Nkosi Banking group Absa is preparing to launch a mobile virtual network operator, making it the last of South Africa’s largest banks to enter the MVNO market. Nick Nkosi, managing executive for transactional and deposits at Absa Group, told TechCentral in an exclusive interview on Friday that the bank has been conducting research…
