Absa hits 100 000 Value Bundles milestone

Absa has exceeded its expectations with 100 000 customers taking up Absa Value Bundles in less than 6 months.

November 27, 2012

Absa has exceeded its expectations with 100 000 customers taking up Absa Value Bundles in less than 6 months.

Absa Bank Limited (“Absa”) today announced that since the launch of Absa Value Bundles more than 100 000 customers have signed up for the offer that is a range of new Silver, Gold and Platinum transactional offerings. The offerings present customers with a bundle of transactions and other services included in a competitive single monthly fee and further cash back on their banking as they add further products to the bundle.

Reaching the 100 000 customer milestone for Value Bundles signifies a major step in Absa’s journey to making customers lives easier.

“Customers are appreciating the simplicity of the offering, the value for money and most of all the fact that they are being rewarded for their loyalty,” says Arrie Rautenbach, Absa Head of Retail Markets.

The announcement comes soon after the latest investigation into bank charges by Solidarity that confirmed the competitiveness of the bank’s offerings and commended Absa’s commitment to pricing simplicity and transparency.

Rautenbach said: “In line with Absa’s key priority of delivering a cross-product capability, Absa Value Bundles touches every aspect of our customers’ lives bringing them the best that all the parts of Absa have to offer, and making banking more affordable and convenient.”

He adds: “We have done a lot this year to improve pricing simplicity and transparency. Absa Value Bundles is a key milestone towards presenting our customers with pricing plans that are more relevant to their banking needs and are simpler to understand. Where competitors still have many hidden charges, our Value Bundles offer no penalty fees and also offer the first in market ability to roll-over unused transactions.”

Absa’s decision to abandon Stop Order fees (officiated in August) is another of enhancing its competitive new range of offers.

Earlier this year Absa launched South Africa’s most affordable entry-level bank account – Absa Transact. Rautenbach noted: “The key advantage of Absa Transact is in its simplicity and affordability. Absa Transact customers will pay no monthly service fees, no Absa ATM balance enquiry fees, no fees when purchasing at till points and no fees on airtime top-ups and overall, no penalty fees.”

The bank’s continued effort to demonstrate value to its customers was celebrated recently when the bank clocked 1 million registered rewards customers. More than R300 million has already been paid out in cash rewards to customers since the introduction of the rewards programme – Absa Rewards – in 2009.

“This programme is the only offering in the market to offer uncapped Rewards on Debit, Credit and Cheque card spend, where customers can earn up to 1% of their spend on any card, regardless of how much they spend. While other programmes have many rules, conditions and caps, Absa Rewards members can build up healthy Cash Reward balances on all their spend and can redeem these benefits into their transactional or savings account, or even donate them to charity,” says Rautenbach.