PRESS RELEASE: Absa multi-currency travel card uptake at 77%
Since its launch in May this year, Absa's Multi-currency prepaid travel card has generated 12 000 card sales and more than R250 million in transactions. From a zero base six months ago, the service now accounts for 77% of all Absa travel card sales.
In a first-to-market in South Africa, the cash passport allows South Africans to carry multiple foreign currencies safely and on a single card.
Delighted with the rapid uptake, Head of Absa's retail division Arrie Rautenbach noted that out of the four available foreign currencies reloadable on the card, the US dollar was the most frequently used currency.
"We are delighted by the uptake as the sales volumes show how much demand our Multi-currency card has generated in as little as six months," adds Rautenbach.
He said he was particularly proud that Absa had been able to respond to customer peace-of-mind through the card's enhanced chip and PIN security features and the convenience to carry foreign exchange loaded with multiple currencies on one card while travelling or crossing multiple boarders.
"Providing emergency assistance services should the card become lost, stolen or damaged, security on Absa's Multi-currency cash passport is also less of a concern," adds Rautenbach.
Absa's Multi-Currency card allows consumers to plan, budget and enjoy using their cards without having to worry about fluctuating exchange rates as they can lock-in exchange rate each time they load or reload.
"This brings added convenience to frequent travellers and those who cross multiple borders on the same trip. When using the card as a transactional tool there are no point-of-sale transaction fees, only a minor currency conversion fee if used in a country where the currency differs from the funds loaded on the card." says Rautenbach.
"We have done a lot this year to prosper clients and improve ease-of- banking in line with our focus on the customer that seeks to make our customers' lives much easier. While we continue to work towards that goal, Absa's Multi-currency is a key milestone along the way to reach it," concludes Rautenbach.
For further information, please contact:
Media Manager: Absa Retail Banking
Group Marketing and Communication
Tel: 011 - 846- 8583
Cell: 071 - 350- 7703
Group at a glance
Barclays Africa Group Limited (Barclays Africa Group or the Group) is 62.3% owned by Barclays Bank PLC (Barclays) and is listed on the JSE Limited. The Group is one of Africa's major financial services providers offering personal and business banking, credit cards, corporate and investment banking, wealth and investment management as well as bancassurance. We combine our global product knowledge with regional expertise and have an extensive, well established local presence.
The Group was formed through combining Absa Group Limited and Barclays' African operations on 31 July 2013. Reflecting the enlarged group's pan-African focus, our name changed from Absa Group Limited to Barclays Africa Group Limited on 2 August 2013.
At 30 June 2013, Absa Group Limited had 718,2 million shares in issue and a market capitalisation of R103 billion. The Group had assets of R841 billion, 9 997 automated teller machines, 962 staffed outlets and 33 879 permanent employees.
Our registered head office is in Johannesburg, South Africa and we have majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (Barclays Bank Tanzania and National Bank of Commerce), Uganda and Zambia. We also have representative offices in Namibia and Nigeria as well as bancassurance operations in Botswana, Mozambique, South Africa and Zambia. Barclays Bank Kenya and Barclays Bank Botswana continue to be listed on their respective stock exchanges.
Barclays Bank PLC has operations in Egypt and Zimbabwe which are an integral part of our African business and continues to be run by Barclays Africa Group's management.