Meet the Bank ABSA

Bank Absa is recognized for its diverse range of financial services, from current accounts to complex investments, always focusing on innovation and customer experience. With a modern approach and comprehensive digital solutions, the bank offers convenience and security to its clients.

With a strong presence in several African countries, Absa stands out for its commitment to providing financial solutions that meet market needs. Whether for individuals or businesses, the bank offers flexible products tailored to the reality of each customer.

Additionally, Absa is known for its rewards and benefits programs, adding even more value to its services by offering exclusive advantages for those seeking a bank that combines convenience and efficiency. Continue reading to discover everything Absa has to offer.

The Bank Absa

Bank Absa was founded in 1916 and, over more than a century, has built a solid reputation as one of the largest banks on the African continent. Originally a union of small banks, the institution grew significantly, diversifying its services and expanding its presence to serve a diverse clientele.

In 2005, Absa became part of the Barclays Group, a partnership that brought greater international visibility to the brand. However, in 2018, after separating from Barclays, Absa resumed operating independently, focusing exclusively on the African market and strengthening its identity as a bank committed to the continent’s development.

Today, with operations in more than 10 African countries, Absa stands out for its innovative approach to financial services, from digital banking to investment solutions. Its commitment to financial inclusion and local economic development are fundamental pillars of its operations.

Absa products reviewed by Absa

Fees and commissions

Minimum opening balance	R5,000
Minimum balance to earn interest	R10,000
Maintenance fee	Free
Statement (copy - per sheet)	R40
ATM withdrawals (at other local banks)	R50
ATM withdrawals (overseas ATMs)	R75
Standing Orders (to another Absa Account)	R15

To learn more visit: www.absabank.mu/en/rates-and-fees/

Rewards and benefits programs

The Bank Absa offers a variety of rewards programs for its customers, including cashback on purchases, exclusive discounts with business partners, and access to personalized experiences.

Absa credit cards, for example, provide benefits such as airline miles and points that can be redeemed for products or services, ensuring more advantages for customers in their daily lives.

In addition, Absa customers have access to digital banking services, allowing them to conduct transactions and manage their accounts quickly and securely through modern apps and online platforms.

Requirements to open your account

Opening an Absa account requires specific documents depending on your residency status and the type of account. Below is a clear breakdown of what you’ll need:

Identification

• For South African citizens: A valid South African ID with a barcode;
• For foreign nationals: A valid foreign passport, along with a valid work permit or asylum documents.

Proof of Address

• This can be in the form of a utility bill, bank statement, or cellphone bill, and must be dated within the last three months.

Income Requirements (Varies by Account Type)

• Some accounts, such as the Flexi Account, require a minimum income of R3,000 per month and an initial deposit of R50​;
• Other accounts, like the Transact Account, have no income requirement, making them more accessible​.

Additional Documentation

• Foreign nationals may also need to provide additional documentation, such as a work permit, to comply with South African regulations​.

With these documents, you can open your account online or by visiting an Absa branch, ensuring all your personal and financial needs are met effectively.

How to open an account