Absa's Digital Transformation Carries $540 Million Price Tag

Absa has disclosed that its ongoing digital transformation programme has cost $540 million, illustrating the scale of tech-stack modernisation expenses facing incumbent African banks. Separately, the bank has written off a further R200 million in software, bringing its cumulative software write-down to R2.4 billion, while boosting total tech spend 7 percent to R8.8 billion. The bank is also shrinking its physical ATM and branch network in South Africa as it accelerates a digital-first strategy.