Absa Bank Launches New WhatsApp Banking Wallet in South Africa

Absa Bank in South Africa has introduced ChatWallet, a new way for people to do banking directly through WhatsApp. 

Even those without bank accounts can now manage their money using ChatWallet. The goal is to make banking more accessible and promote financial inclusion in South Africa.

Absa Bank, a big player in South Africa’s banking scene, is known for its retail, business, and corporate banking services. The bank is among the top three in the country based on assets.

This new wallet follows Absa’s ChatBanking launch on Facebook Messenger and WhatsApp back in July 2018, which has already attracted over 10,000 customers. 

While other banks like Access Bank, UBA, and First Bank South Africa also offer banking on WhatsApp, Absa emphasises that its wallet stands out with unique features, pricing, and products.

WhatsApp is hugely popular in South Africa, with over 90% of internet users on the platform. It’s expected to keep growing, reaching 28 million users by 2026. 

The new wallet on WhatsApp makes it easy for users to handle transactions, including sending andWhatsApp is hugely popular in South Africa, with over 90% of internet users on the platform. It’s expected to keep growing, reaching 28 million users by 2026.  receiving money, buying airtime and data, managing beneficiaries, and even doing cash withdrawals and deposits.

To use the service, you need to be at least 18 years old and have a valid South African mobile number linked to WhatsApp. 

For added security, users will set up biometric registration and a PIN for every use, and Absa will do extra checks to verify users’ identities.

Absa Group operates in several African countries besides South Africa, including Botswana, Ghana, Kenya, Mauritius, Mozambique, and the Seychelles. 

In Kenya, Absa Bank introduced “Abby,” a WhatsApp banking solution in 2021, offering basic transactions like bill payment and balance inquiries.

In Uganda, Centenary Bank recently launched CenteWhatsApp in January 2024, offering services like account balance checks, money transfers, bill payments, loan applications, and real-time notifications, all through WhatsApp.