ABSA Group - Afrikan Heroes

South Africa’s Absa Bank Appoints New CEO

March 30, 2022

One of South Africa’s biggest banks, the Absa Group has appointed Arrie Rautenbach as its new CEO effective immediately. Rautenbach had currently been serving as Absa’s head of retail and business banking and will now be leaping to the head of the banking group, replacing the previous CEO Daniel Mminele who quit the bank in April last year.

“The Absa Group board and the group chief executive, Daniel Mminele have come to an agreement pursuant to which he has stepped down as a director and group chief executive and will be leaving the group with effect from 30 April 2021,” the Group shared at the time.

South Africa’s Absa Bank Group has appointed Arrie Rautenbach as its new CEO effective immediately.

According to Media24, Rautenbach has been at Absa since 1997 and has held many senior positions at the bank, including chief risk officer, as well as the leading role in its card and branch network divisions.

“His extensive experience in the banking sector, his in-depth knowledge of Absa through several executive roles over the years, and his experience and strengths in strategy development and execution for the group positions him ideally to lead the group at this time,” Absa said in a statement.

Rautenback holds an MBA from the University of North-West in South Africa, and he has completed an Advanced Management Programme in INSEAD.

Jason Quinn, who had been serving as the Group’s interim CEO prior to Rautenback’s appointment, will return to his role as financial director, replacing the current interim financial director Punki Modise, who will, in turn, take the position of interim head of retail and business banking from Rautenbach.

Previous CEO Mminele left the Group following a row with the board over how to best implement the bank’s strategy moving into the future. According to Absa chair Wendy Lucas-Bull, the Absa leadership team and Mminele didn’t see eye-to-eye on how to do things.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Absa Launches Search for Digital Partners Across Africa

September 6, 2021

One of Africa’ largest financial powerhouse, Absa Group is strengthening efforts to grow its digital partnerships ecosystem across the continent with the appointment of HYBR and SystemicLogic, which will help Absa identify potential collaboration partners. On the mission behind this drive, Absa Group’s Digital Partnerships Ecosystem Lead, Andrew Davies said that Absa believes in the substantial mutual value that is created by connecting with key local, regional and global ecosystem networks that have extensive activities on the continent across multiple industries.”

“HYBR and SystemicLogic’s skillsets and networks will augment our efforts to connect and collaborate with Africa’s innovators and entrepreneurs,” says Davies.

According to a statement, Absa is looking to work with start-ups that have innovative tech-based solutions which could ultimately be scaled and deployed to benefit its customers. An Absa Digital Partnerships capability was established in 2020 with support from global collaborator Elixirr to create the strategy, operating model and execution capabilities to collaborate effectively with innovative, mature start-ups from around the world.

This capability has enabled the company to set up, mobilise and deliver a digital partnerships ecosystem through which the Group now continuously sources collaborators to innovate with and rapidly co-create new value propositions and capabilities that align to business objectives.

With a notable combined reach, the three scouting partners boast networks and memberships within the African and global start-up environments.

“Our collaboration with Absa Group is a long time coming, having been exposed to Absa’s work in the innovation ecosystem across Africa over the past five years,” says HYBR partner Vuyisa Qabaka.

“We’re looking for companies with which to build solutions to align with the Bank’s ambition to deliver financial impact that improves lives,” says Qabaka.

HYBR is a scale-up advisory firm with offices in both West Africa and Southern Africa. SystemicLogic is actively involved in contributing financial and mentorship support to various networks and individuals in several markets.

“Every entrepreneur needs someone to believe in them, and there is no successful business that scaled without some involvement from a trusted financial partner,” says SystemicLogic CEO Audrey Mothupi. “We’re thrilled to be able to continue working alongside the bank and offering opportunities to other companies like ours,” says Mothupi.

Absa says that it is looking to accelerate its digital transformation through strategic partnerships which collectively form an ecosystem that will deliver improved customer experience, reduce costs and support revenue growth.

“We believe strongly in the power of open innovation and true value exchange between large corporations and startups,” said Chris Weiss, Partner at Elixirr.

“Absa’s Digital Partnership capability ensures that they are able to effectively engage with potential partners to define what the value exchange will be, setting both parties up for long term success. We are proud to have supported Absa on this journey and look forward to great things from our continued relationship.”

“We will be focusing on establishing a meaningful exchange of value between Absa and future ecosystem members, as well as our scouting partners – for the benefit of all involved, and the ultimate benefit of our substantial customer base,” says Davies

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

South Africa’s Absa Is All Out For Startups, Launches 1000 Tech Entrepreneurs Program And Free Banking For Startups

November 25, 2020

More and more corporates in South Africa are throwing their weight behind startups in the country. Toeing the path of Naspers, one of the country’s leading banks, Absa, has launched the 2nd Phase of its 1,000 Tech Entrepreneurs program, an initiative aimed at giving local entrepreneurs the opportunity to set up technology companies. The 12-month program aims to assist founders with business growth and development. The program consists of bootcamps that have already begun at the beginning of November 2020. It will end in March 2021.

“This year has shown us more than ever, that large corporates should be supporting entrepreneurial ventures in order to create employment opportunities. Added to this, it is the fresh and innovative thinking of technology entrepreneurs that gives rise to the type of startups that solve real-world problems,” Andrew Davies, Digital Partnerships Ecosystem Lead at Absa Group said.

Here Is What You Need To Know

Through the business development programs, Absa hopes to develop a corporate culture that could be copied by other African economies.
Partners across South Africa will then support participating entrepreneurs to further grow their technology-driven businesses.
Are you in South Africa and are interested in being part of Absa’s 1000 Tech Entrepreneur movement? Register online here.
Prospective applicants need not have prior entrepreneurial experience.

Absa Startups South Africa Absa Startups South Africa

A Free Banking Service For Startups

Absa has equally launched Evolve Zero, a no-monthly bank account for startups in South Africa. The new Evolve Zero service is a no-monthly fee bank payment system designed for sole proprietorship businesses. In addition to the zero fees, the account offers free access to an integrated business management and accounting tool called Cashflow Manager, as well as a debit card and savings account.

The account is accessible to individual entrepreneurs whose annual turnover does not exceed 5 million euros. It allows them to generate a tax report to help them complete their declarations with the South African tax administration. Banking transactions for this account can be viewed from devices connected to the Internet.

The new service allows free transfer orders, but there are fees for some services such as using a debit card and external transfer orders. An advantageous package is offered to customers who carry out frequent transactions.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

Daniel Mminele Takes Over as CEO of ABSA Group

January 6, 2020

ABSA Group, Africa’s third largest financial institution with a tier 1 capital of $6.8 billion has named Daniel Nminele, former Deputy Governor of South Africa’s Reserve Bank as its permanent Chief Executive Officer. He succeeds Maria Ramos who was CEO of ABSA group for a decade before stepping aside early 2019. Ramos exit created a leadership vacuum in the Bank that led to the appointment of René van Wyk as interim CEO.

Speculation that Mminele was to be the permanent successor to Maria Ramos began almost as soon as Ramos stepped aside in February 2019 after 10 years as CEO of the bank that was for most of her tenure a subsidiary of British banking behemoth, Barclays Plc. In one of Ramos’s final acts, Barclays Africa Group negotiated a separation from Barclays which involved the parent company paying R12.6bn to fund the costs required to untangle hundreds of systems the two companies shared.

Absa had earlier acquired Barclays’s African operations in 2013, giving it an immediate presence in eight other African countries outside SA. Mminele brought down the curtain on a long and distinguished career as a central banker in June 2019, after serving in various capacities at the Reserve Bank for 20 years, the last 10 of which as deputy governor.

In some of the highlights of his time at the central bank, Mminele oversaw the monetary authority’s response to the global financial crisis and was intricately involved in crafting the successful bailout and rehabilitation of African Bank after the lender collapsed in August 2014.

In his final stint, he took responsibility for financial markets and international economic policy and relations representing the Reserve Bank at various high-level central banking forums alongside governor Lesetja Kganyago.

Kganyago said of Mminele in a letter to staff that he “has left an indelible mark on this fine institution and his contribution to the Bank has been invaluable and immeasurable”. Mminele served a six-month “cooling off” period until the end of December 2019 as mandated by the Reserve Bank for senior executives switching jobs at any of the country’s key financial institutions.

In June 2019 Absa chairperson Wendy Lucas-Bull told Business Day that the bank was looking to recruit someone with the necessary “stature and recognition in the market” for the top job. But Mminele has his work cut out for him. For a variety of reasons, Absa has lagged behind its competitors under the ownership of Barclays, and lost market share in several key product segments, including card, new vehicle finance and its flagship home loans business.

Ramos began to address this in the aftermath of the separation by using the occasion to initiate a “cultural reset” of the organisation. Besides restructuring, changes were made to the way employees are incentivised and rewarded that begun to turn in the interim period to end-June 2019. Home loan registrations grew at 16% during the period, more than double the growth in total home loan registrations in the country.

Mminele will now oversee the tail-end of the separation from Barclays and will inherit a structure that has involved Absa’s devolving its various businesses into three operating divisions: Retail and Business Banking led by Arrie Rautenbach, Corporate and Investment Banking (CIB) headed by Charles Russon, and the Africa regions led by Peter Matlare. Van Wyk, will step down as CEO on January 14 2020, but will remain with the group as an executive director, for handover purposes until January 31 2020.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry