Looking to advance its payments offering, African business bank Absa Business Banking has selected Network International, the digital commerce firm in the Middle East and Africa, as its new digital payments technology partner which will provide end-to-end payment processing capabilities through a single payments platform and fully outsourced managed services model.
The uptake of Payments as a Service (PaaS) is fuelled by Africa’s growing cloud adoption, which can be likened to the continent’s rapid growth in smartphone ownership. According to analysts, cloud adoption in Africa is accelerating rapidly, nearing levels seen in North America and China.
“This new partnership marks a significant milestone for our company in Southern Africa and opens new avenues for growth and innovation. The growing adoption of cloud technologies has perfectly primed both fintech and traditional financial institutions to turbo-charge digital innovation,” comments Richard Kadiaka, regional managing director, Southern Africa – processing services, Network International.
“Working with managed service providers allows institutions to quickly and simply deliver new products and services to an increasingly digitally savvy customer,
Modernising fleet and commercial cards
Fuel card fraud is a challenge for fleet managers which can lead to substantial financial losses over time. At the same time, connected vehicle concepts, digitisation of payment channels, and a demand for self-service management of cards requires enhanced stability and innovation in this space.
As part of its efforts to enhance its offering in the fleet and commercial card space, Absa has partnered with Network International. Through this collaboration, services will include card management for fleet cards and commercial prepaid cards, transaction switching and authorisation, integration with fleet management software, direct connectivity to Absa Bank systems, card tokenisation, digital wallets, an online self-service platform and an expense management solution.
“As the ‘Bank of the Entrepreneur,’ we are committed to delivering seamless, secure and smart payment solutions to meet our clients’ specific needs,” says Banie Claasen, managing executive for lending products at Absa Business Banking.
“By combining our deep sector expertise with Network International’s leading technology, we’re empowering businesses with enhanced control and security, greater transparency and a frictionless payment experience. This collaboration underscores our commitment to innovation and customer-centricity.”
A new dawn for African payments
African financial institutions are undergoing a seismic shift, with Africa’s financial services market potentially growing to about 10 percent per annum, reaching $230 billion in revenues by 2025 according to McKinsey. The growth will include many new payment products as more organisations understand the importance of offering safe omni-channel solutions.
