The National Union of Metal Workers of South Africa (NUMSA) and Absa, the country’s largest retail banking group, today announced the launch of a five-year strategic alliance that will see Absa becoming the preferred strategic financial services partner of choice for the trade union.
This deal will create a fully customised banking service gateway for NUMSA Investment Company (NIC) and NUMSA’s 260 000 members. Through this relationship, members of NUMSA will gain access to a range of offerings ranging from mortgage finance, which will be at the centre of the value proposition. Other offerings include vehicle finance, savings and investments as well as transactional banking solutions.
These offerings will be supported through financial planning and literacy support systems to ensure future financial growth for members and their families.
In addition to the member offering, tailored corporate financial solutions will be developed for NIC and Numsa to support the achievement of their strategic objectives.
“NUMSA views this alliance with Absa as a strategic relationship that can serve as a cornerstone in line with the core objective of our union which is to continuously improve the benefits and conditions of members. This is especially significant in light of the triple crisis of poverty, inequality and unemployment that affects our members and the broader working class,” said Irvin Jim, General Secretary of NUMSA.
Louis von Zeuner, Deputy Group CE of Absa, said that for Absa it is not just about signing on the dotted line but more about understanding the exclusivity of the NUMSA members and offering them tailored solutions that respond to their needs.
“This is in line with Absa’s customer vision of putting the customer at the centre of everything we do. Through this relationship, both parties will nurture a long-term strategic alliance that will not only benefit NUMSA members but support the country’s economic development goals.
“This alliance also symbolises the meeting of minds among social partners in responding to challenges facing our country. We hope this milestone will spur us to collaborate in other areas that are vital to SA’s financial and economic well-being,” said Von Zeuner.
He added: “The partnership is in line with Absa’s objective of getting closer to the customers, understanding their needs and offering tailored solutions that cater for the individual and takes his or her personal life cycle into account while preparing them for the next stage.”
Khandani Msibi, Group CEO of NIC, further adds that “the relationship will enable NUMSA, NIC and Absa to leverage opportunities in each others’ environment in a synergistic and symbiotic manner”.
“The NIC, through its subsidiaries such as Doves Group, Union Life and NUMSA Financial Services will drive new revenue streams as they retail financial services from Absa. In addition, we intend to package innovative products and services for NUMSA members through this partnership.
For example we should, in the near future, engage in housing development for NUMSA members. Above all, we are an investment company and formalising a relationship with a Bank is crucial for our success in the investment space,” said Msibi.
Source
Numsa Press Release
