The Central Bank of Kenya has given its blessing for the complete transition of the Barclays Bank of Kenya to Absa Bank of Kenya, a move that has seen the brand fully-transitioned with the change of name, corporate colors, and logo.
The transition of Barclays into Absa followed approval by the Central Bank of Kenya (CBK) of the change of name on August 14, 2018, pursuant to Section 3 of the Banking Act.
“The transformation to ABSA Kenya draws the curtain on the 104 years that the Barclays brand has been part of Kenya’s history, from the colonial days to independence and to the present.
Over this period, BBK transitioned from serving the interests of the British colonial settlers to serving a wide clientele through products and services that exemplify innovation and support the Kenyan entrepreneurial spirit,” said CBK in a statement.
According to CBK, Kenya is at a critical juncture with emerging opportunities but with attendant risks. The time is opportune for the Kenyan banking sector to work for and with Kenyans to realize their aspirations. There are however long-standing challenges bedeviling the banking sector that could threaten this favorable outlook. In particular, banks have been seen as not being sensitive to the needs of Kenyans through the high cost of credit, opaqueness and poor customer service.
“To address these challenges, the Banking Sector Charter was issued in 2019 to move banks towards customer centricity, risk-based credit pricing, transparency and doing the right thing. It is critical that ABSA Kenya rises to these challenges with a sense of responsibility that encompasses its 104 years of heritage.
Only by being more customer-centric, fair and responsible in pricing, transparent and ethical will ABSA Kenya breathe life into its transformation. The true affirmation of ABSA Kenya’s transformation can only come from the changed lives of its customers through shared growth and prosperity of a broader segment of Kenya’s populace.