Table of Contents
Key Points
- Absa CEO Kenny Fihla prioritizes retail banking revamp with digital innovation and AI to boost customer engagement in South Africa and across Africa.
- Expansion plans include Ghana, Kenya, Mozambique, and possible new entries in Nigeria and Tanzania as Absa strengthens its pan-African footprint.
- Absa posts $2.78 billion H1 2025 revenue, up 8.6%, with $670.7 million earnings fueled by retail banking growth and green finance partnerships.
South African executive Kenny Fihla, the CEO of Absa Group, is steering the Johannesburg-based financial services provider toward a renewed focus on retail banking across the continent. His appointment in June 2025 brought a measure of stability after the lender cycled through five chief executives since Maria Ramos retired in 2019.
Absa, which separated from former parent Barclays in 2020, has struggled in recent years with uneven leadership and slow adoption of new technologies. Fihla, a former Standard Bank executive, says revamping the retail arm is now central to the group’s recovery. “Our retail business was effectively trapped in a time when others were innovating,” he said in an interview. “We’re beginning to see early wins, with more clients engaging on our digital platforms.”
Retail banking revamp and digital push
One of Fihla’s first moves was to undo a plan by his predecessor, Arrie Rautenbach, to split Absa’s retail division into three separate units. Instead, he merged them to simplify execution and focus resources. The bank is now prioritizing mobile and digital channels, embedding artificial intelligence, and offering more value-added services such as financial coaching tools and an improved rewards program.
The changes are beginning to show results. Absa is recording growth in customer numbers and higher volumes of digital transactions. Fihla said filling permanent leadership roles across the retail division will help accelerate progress into 2026.
Continental growth and market expansion
Beyond its home market, Absa is looking to strengthen its presence in its pan-African portfolio of 12 countries, including Ghana, Kenya, and Mozambique. The lender plans to merge its two businesses in Tanzania and is weighing opportunities in larger economies where its footprint remains limited.
In Nigeria, where Absa currently runs a representative office, expansion is under review. “We’d want to do more,” Fihla said. “But the environment must be right before we think about significant scaling up.”
Financial performance and green finance push
The early signs of Fihla’s strategy are also showing up in the numbers. Absa reported revenue of R49.31 billion ($2.78 billion) in the first half of 2025, an increase of 8.6 percent from the same period last year. Headline earnings rose 16.6 percent to R11.87 billion ($670.7 million).
Alongside financial performance, the bank is deepening its sustainability efforts. In July, Absa announced a partnership with Chinese automaker BYD to finance green vehicle purchases in South Africa, making new energy vehicles more accessible to local consumers.
A Pan-African banking footprint
Headquartered in Johannesburg and listed on the JSE, Absa Group today serves more than 12 million customers across 10 African countries. Its network includes representative offices in Nigeria and Namibia, securities operations in the UK and US, and a non-banking advisory business in China.
With a steadier hand at the top and renewed focus on retail innovation, Kenny Fihla is working to put Absa on stronger ground as it competes with rivals Standard Bank, Nedbank, and FirstRand in Africa’s rapidly evolving banking market.
