Absa Launches Brand New Wallet, ChatWallet, Targets Financial Inclusion

Absa Launches Brand New Wallet, ChatWallet, Targets Financial Inclusion. As a bank that strives to create inclusive access to quality banking services for customers from all walks of life, Absa is proud to announce the launch of ChatWallet, a new wallet that enables banking services at the tip of the fingers for all WhatsApp users.

Nick Nkosi, Managing Executive: Transactional Banking, Absa Everyday Banking, said “Empowering consumers with seamless financial access, ChatWallet transcends barriers by offering a user-friendly gateway on WhatsApp. Born from the success of Absa’s ChatBanking launched on Facebook and WhatsApp in 2018, the innovative ChatWallet platform not only simplifies transactions but opens doors to a broader spectrum of banking services. With ChatWallet, users can securely manage money without the need for an existing bank account, bridging the gap to financial inclusion. The menu’s standout feature allows a smooth transition to a transactional bank account, unlocking the full potential of digital banking services for all”.

“ChatWallet revolutionises financial accessibility with a comprehensive suite of services, empowering users to effortlessly send and receive payments, make airtime and data purchases, manage beneficiaries, and conduct seamless cash withdrawals and deposits. It’s not just a wallet; it’s your all-in-one solution for hassle-free and versatile banking on the go”, Nkosi added.

As a smart wallet, ChatWallet’s underlying algorithm uses intuitive technology – relying on natural language technology – for an easy and seamless user experience. Subash Sharma, Chief Digital Officer, Absa Everyday Banking said, “We are immensely proud of our ChatWallet offering. Our vision and purpose as a bank are rooted in empowering the tomorrows of our customers, one story at a time and by enhancing access to banking services digitally we are not only unlocking a gateway to new possibilities for all consumers but also affirming our commitment to improved access to digital payments for customers from all walks of life and strengthening financial inclusion as envisaged in the South African Reserve Bank’s Vision 2025 statement.”

He added, “While similar products are available on the market, we have differentiated ourselves on pricing, product offering, our channel of use and we believe ChatWallet will make a difference to the ease of access to entry-level banking services in South Africa.”

By Thomas Chiothamisi
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