Absa signs 1m e-banking users

South Africa's largest retail bank, Absa, has become the first bank in the country to reach 1m internet banking users.

"This is a significant milestone and we are delighted so many clients recognise the convenience and security of our electronic banking options,” says Steve Booysen, group chief executive, Absa.

"We have made substantial investments in innovation, to ensure our customers enjoy state-of-the-art internet and Cell phone Banking facilities that are available anywhere, any time.”
In 1996, Absa became the first South African bank to offer an internet banking service, and was the only bank in the country to offer internet access to its customers back in 2001.

Alfie Naidoo, Absa's executive director of Retail Banking, comments: “We are seeing the growth in users accelerating more sharply now than it was a couple of years ago. Evidently, customers enjoy the speed, convenience and control they have with internet banking. In the past 12 months, the total value of the transactions processed by our internet banking service is over R660bn ($48bn)," says Naidoo.

The service is complemented by Absa's m-banking services - which allow people anywhere in South Africa, with any type of handset, to do almost all their banking from the palm of their hand.

"We actively encourage those clients who have not yet done so, to sign up and use our internet banking facilities. Not only will they find it wonderfully convenient but it will also result in significant savings in bank charges and fees," Booysen says.