Open banking is an innovative way for us to more easily share the data needed by third-party providers, for example online shopping sites, in order to securely process transactions initiated by you.

What is open banking?

Open banking helps you move, manage and make more of your money and financial data. Opting-in provides you with more secure apps and services for more clarity and control over your finances.

Is open banking safe? 

Open banking has been designed with security at its heart – here’s how:

  • Bank-level security: open banking uses rigorously tested software and security systems. You’ll never be asked to give access to your Absa bank login details or password to anyone other than your own bank or building society.
  • It’s regulated: only apps and websites regulated by the FCA or European equivalent can enrol in the open banking directory.
  • You’re in charge: you choose when, and for how long access to your data is available. 
  • Extra protection: Absa will pay your money back if fraudulent payments are made. You’re also protected by data protection laws and the Financial Ombudsman Service
Why am I being asked to use open banking?

You are not automatically opted-in to open banking. Because of that, we need your explicit consent before we continue. It’s always your choice. 

 

 

 

Frequently asked questions

  • Why is my information shared?

    Sharing your information allows banks and other companies to quickly and securely offer you a wide range of innovative financial services.

  • What information will open banking companies have access to?

    Companies should only ask for permission to access the information they need to provide the service they’re offering.

    Types of information typically shared include:

    • Account details including balance and name on the account
    • Regular payment details, such as who you’re paying, standing orders and direct debits
    • Transactions like incoming and outgoing payments from your bank or building society account
    • Account features and benefits, such as fees, overdraft payments and rewards
    • You can also give them permission to make payments from your bank account, including one-off payments

  • Is my information automatically shared?

     

    Companies should only ask for permission to access the information they need to provide the service they’re offering. You can choose to give access to current accounts, flexible savings accounts, e-money accounts and credit cards.

    Types of information you can share include:

    • Account details including balance and name on the account
    • Regular payment details, such as who you’re paying, standing orders and direct debits
    • Transactions like incoming and outgoing payments from your bank or building society account
    • Account features and benefits, such as fees, overdraft payments and rewards
    • You can also give them permission to make payments from your bank account, including one-off payments

  • Should I always share my information?

    If you notice a payment out of your account which you did not authorise, the first thing you should do is contact your bank as soon as possible. If you did not authorise it, you can claim for a refund.

  • What should I do if I suspect fraud?

    If you notice a payment out of your account which you did not authorise, the first thing you should do is contact Absa as soon as possible.

Need more help?

Call us on:
0800 222 333 (Toll Free)
+256 (0) 312 218 348 (Network charges apply)

Email us:

absa.uganda@absa.africa