Absa Bank Mauritius wins Best Cash Management Bank in Mauritius Award for meeting business needs through state-of-the-art platform and technology

• Absa Bank Mauritius positioned itself as the hub for pan-African operations
• It offered integrated transaction banking solutions through SWIFT implementation and host-to-host channels
• It launched digital channels for payroll and collection services during the pandemic

Absa Bank Mauritius positioned itself as the hub for pan-African operations

Absa Mauritius is the hub for pan-African banking and offers financial institution (FI) clients the ability to clear multiple African currencies from a single hub. The bank has financial credibility and ratings to serve clients better. The bank built a strong and unique 100-year presence at the island nation to offer cash and liquidity management solutions. It aimed to optimise cash inflows and outflows. The state-of-the-art technology tailored for businesses has its distinctive product capabilities that include the Absa Access host channel that enables large volume transaction files to be processed and reconciled in an automated fashion, directly into the client’s enterprise resource planning (ERP).

It offered integrated transaction banking solutions through SWIFT implementation and host-to-host channels

The bank offered integrated transaction banking solutions through SWIFT implementation and host-to-host channels which helped digitalise and ease payments and reconciliation efforts of its customers. Absa Mauritius secured mandates to implement direct SWIFT integration for Omincane and Vivo Energy Mauritius. The initiative deepened the digitalisation of their transaction banking operations through automating bank reconciliation and payments.

It launched digital channels for payroll and collection services during the pandemic

Digital payroll services for both its customers and their employees were prioritised as the bank embarked on innovative ways to enable clients to pay employees and to collect from their customers while ensuring minimal physical movement to get funds. It ramped up its existing mobile disbursement proposition that enabled clients to convert cash in their accounts to mobile money that could be credited to employees using its platform, Absa Access Online. The bank onboarded 54 new clients as of the first quarter of 2020 while trust account balances grew 15%. Several other initiatives such as the installation of cash deposit machines at the client’s core business centres and mobile money collection services were launched to provide ease of accessing core transactional services.