‘Absa is laser-focused on strategy execution’

Bank enhances credit policy to adapt to the current business climate Refreshes SMEs offering in line with CEE plans The Managing Director of Absa Bank Botswana, Keabetswe Pheko-Moshagane, says the bank remains consistent in the execution of its strategy despite the challenging economic environment. These challenges include developments such as rising oil and food prices as well as rising inflation. The bank’s strategic pillars hinge around people and leadership, being a primary banker for clients, revenue growth and diversification, being a digitally-powered business, and being a force for good in everything that Absa does. [ihc-hide-content ihc_mb_type="show" ihc_mb_who="1,2,3,4" ihc_mb_template="3" ] Giving an update on the strategy as the bank announced its half-year financials for 2022 recently, the MD said the latest results are an indication that Absa is on the right path in its strategy execution. Regarding the first pillar, Pheko-Moshagane noted that the bank has customers’ feedback and continues to build meaningful relationships with its clients through deliberate engagements such as the Corporate and Investment Banking’s (CIB) first in the market Non-Bank Financial Institutions (NBFIs) conference that focused on the insurance sector. “Through the conference, we hosted various partners to engage and discuss lessons learnt from the COVID-19 pandemic and how businesses can be future-fit for the client of today,” she said. “We enhanced our credit policy to adapt it to the current economic environment and business climate.” According to the Absa Botswana MD, this was aimed at supporting customers to ease into recovering from the effects of COVID-19 and realise their growth ambitions. The bank has also refreshed its Small Medium Enterprises (SMEs) offerings in line with the Citizenship Economic Empowerment plans. “Specifically, the increased focus on the Enterprise and Supply Chain Development (ESD) programme to shift from just providing funding to include capacity building such as training on project management, finance and record keeping,” she explained. “High inflation and rising interest rates have significantly eroded our customers’ purchasing power and their ability to save. To this effect, we eased the burden on our customers by enhancing our loyalty and reward programme.” Pheko-Mogashane said the bank is aware of the challenging economic environment, subdued household income, and cautious recovery strategies from corporates. Therefore, its revenue diversification strategy has mainly been driven by an innovative customer value proposition offering that is solutioning for the prevailing realities such as risk management products, enhanced lending frameworks, and transactional banking offerings. The strategy has also been supported by reviewing focus sectors and being deliberate about where to defend, grow and explore new opportunities. “In a nutshell, I am pleased to report an improving contribution of our Net Fee Income (NFI) to the total revenue pool,” she said. She stated that Absa has made positive strides on the strategic pillar of “Building a Winning, Talented and Diverse team through Distributed Leadership”. Absa started the year well by being recognised as the Top Employer in the country by the Top Employers Institute. “This is just one example that shows that we remain focused on our people who are key to the execution of our strategy,” the MD pointed out. “We remain laser-focused on investing in the development of our talent to ensure a future-fit team, building an entrepreneurial culture, which we believe is fundamental for morale and talent retention.” Pheko-Mogashane emphasised that significant efforts have been placed on refreshing its employee value proposition mainly on meeting the social, mental and physical well-being of employees. “With a strong capable and diverse team, we have a solid foundation to deliver on our strategy,” she said. [/ihc-hide-content]

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‘Absa is laser-focused on strategy execution’

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