Absa bets on tech budget to power digital drive

Absa Bank of Kenya is ramping up investment in technology, with up to Sh3 billion annual spending to anchor its digital strategy amid growing customer preference for mobile-based banking services.

The lender, which has been diversifying into new lines such as bancassurance and asset management while investing in technologies that enable out-of-branch services, says it has set its annual technology spending at between Sh2 billion and Sh3 billion as part of its strategy to accelerate digital transformation.