ABSA launched an in-store facility last year that allows customers to withdraw or deposit cash at point-of-sale devices. It has been announced that this facility has recorded transactions exceeding R8m.
Regarded as South Africa’s largest retail bank, ABSA introduced this facility to enhance retail experience for its customers, by providing more delivery channels that cost less than withdrawing cash from ATMs or branches.
According to Arrie Rautenbach, ABSA’s head of retail markets, the in-store banking facility allowed customers to withdraw from or deposit money into their accounts, purchase airtime, obtain mini statements and check balances at point-of-sale machines at selected retail and merchant shops.
Absa had installed more than 1,000 in-store facilities by the end of August and planned to expand its footprint, he said.
“By capitalising on our extensive retail footprint, we were able to extend our in-store banking facility to many of our existing retailers countrywide, thereby ensuring maximum reach and accessibility to a larger customer base,” he said.
“We aim to attract a large percentage of the unbanked and under-banked market, while expanding the scope of transactional platforms for our existing customers”.
Absa had also opened 40,000 new accounts using a handheld account-opening device that does not require paperwork or a customer to be in a branch to have their account opened, he said.