Municipality appoints ABSA as primary bank ‘to strengthen financial partnerships’
The ceremony was also attended by municipal senior officials and ABSA officials to witness the signing of this partnership.
The Newcastle municipality has appointed ABSA as its primary banker, effective as of January 2024.
“This strategic decision marks a significant step towards fortifying the municipal financial foundation and enhancing the efficiency of municipal operations,” the municipality said in a statement.
The official ceremony, where the announcement was made, was attended by senior officials from both the municipality and ABSA who witnessed the formal signing of this partnership.
This agreement was signed on December 11 by the municipal manager Zamokwakhe Mcineka, and the ABSA KZN Head of Public Sector, Wandile Ngubane.
The collaborated effort was formalised through the signing of essential documents, including the following:
- Serving level agreement: a cornerstone outlining the terms and conditions that will govern the standard of banking provided by ABSA to the municipality.
- Employees value proposition agreement which will assist in highlighting the commitment to delivering value not only to the municipality but also to its dedicated workforce ensuring mutual growth and success.
- Enterprise development agreements underlining the shared commitment to fostering local economic development and supporting community initiatives through the provision of training and financial support to the small, medium and micro enterprises (SMMEs) of Newcastle.
“The Newcastle municipality looks forward to a fruitful partnership with ABSA, leveraging the expertise to streamline financial processes and promote sustainable growth within our community. The municipality will embark on various awareness programmes to inform all stakeholders of the change in banks,” the municipal statement concluded.
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