Empowering Africa's tomorrow, together

Absa Waste Bank: Ensuring financial inclusion for all

An enterprise project that has received considerable credit for its attempts to ensure economic inclusion and create new opportunities for marginalized citizens is the Leap 2022 ‘Waste Bank’ project. Developed by a broad spectrum of Absa leaders – Katlego Morake, Moosa Molibeli, Hillard Nyman, Maphuphe Kgabele, and Lungelo Motaung – the Waste Bank project provides an opportunity for the informal waste sector to contribute to the country’s GDP while ensuring the personal growth of waste pickers. Working with a range of partners, the Waste Bank team looked to create a digital wallet platform for citizens to deposit their waste at a number of recycling vending machines linked to the project while seeing their deposits and making transactions in real-time. Registering a Waste Bank account is simplified by using a WhatsApp or cell number, after which you receive an Absa WhatsApp / Digital Wallet and information about the location of vending machines in your area. After a verification process, you arrive at a recycling vending machine, enter the cellphone number linked to your WhatsApp / Digital wallet, and deposit your waste. You can use your digital wallet to track balances, transact, withdraw, or apply for credit, using Absa retail partners as withdrawal points. It is a simple and easy way of forming part of the waste management ecosystem in the country while protecting the environment and reducing air pollution as well as water and soil contamination. Absa strives to be a force for good in all the communities it operates in, and the Absa Board has set environmental sustainability goals (ESG) targets and reports on the tracking and meeting of these targets.

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