Absa hunts for digital collaborators across Africa
Absa Group, one of the largest financial service providers in Africa, will strengthen efforts to grow its digital partnerships ecosystem across Africa with the appointment of HYBR and SystemicLogic, which will help the bank identify potential collaboration partners.
“We believe in the substantial mutual value that is created by connecting with key local, regional and global ecosystem networks that have extensive activities on the continent across multiple industries,” says Absa Group digital partnerships ecosystem lead Andrew Davies.
“HYBR and SystemicLogic’s skill sets and networks will augment our efforts to connect and collaborate with Africa’s innovators and entrepreneurs,” says Davies.
In a statement, Absa says it is looking to work with start-ups that have innovative tech-based solutions, which could ultimately be scaled and deployed to benefit its customers.
An Absa Digital Partnerships capability was established in 2020 with support from global collaborator Elixirr, to create the strategy, operating model and execution capabilities to collaborate effectively with innovative, mature start-ups from around the world, says the bank.
It notes this capability has enabled Absa to set up, mobilise and deliver a digital partnerships ecosystem through which the group now continuously sources collaborators to innovate with and rapidly co-create new value propositions and capabilities that align to business objectives.
With a notable combined reach, the three scouting partners boast networks and memberships within the African and global start-up environments, Absa adds.
“Our collaboration with Absa Group is a long time coming, having been exposed to Absa's work in the innovation ecosystem across Africa over the past five years,” says HYBR partner Vuyisa Qabaka.
“We’re looking for companies with which to build solutions to align with the bank's ambition to deliver financial impact that improves lives.”
HYBR is a scale-up advisory firm with offices in West Africa and Southern Africa, while SystemicLogic is involved in contributing financial and mentorship support to various networks and individuals in several markets.
“Every entrepreneur needs someone to believe in them, and there is no successful business that scaled without some involvement from a trusted financial partner,” says SystemicLogic CEO Audrey Mothupi.
“We’re thrilled to be able to continue working alongside the bank and offering opportunities to other companies like ours.”
Absa is looking to accelerate its digital transformation through strategic partnerships, which collectively form an ecosystem that will deliver improved customer experience, reduce costs and support revenue growth.
“We believe strongly in the power of open innovation and true value exchange between large corporates and start-ups,” says Chris Weiss, partner at Elixirr.
“Absa’s Digital Partnership capability ensures they are able to effectively engage with potential partners to define what the value exchange will be, setting both parties up for longer-term success. We are proud to have supported Absa on this journey and look forward to great things from our continued relationship.”
“We will be focusing on establishing a meaningful exchange of value between Absa and future ecosystem members, as well as our scouting partners – for the benefit of all involved, and the ultimate benefit of our substantial customer base,” says Davies.