Financial institution Absa Business Banking chooses Network International to propel digital payment advancements across Africa.
Absa Business Banking has announced a significant partnership with Network International, a leading enabler of digital commerce in the Middle East and Africa. This collaboration aims to modernize fleet and commercial cards in Southern Africa by providing Absa with a single, end-to-end digital payments platform combined with fully outsourced managed services.
Banie Claasen, Managing Executive for Lending Products at Absa Business Banking, stated that the collaboration aims to deliver seamless, secure, and smart payment solutions to meet clients' specific needs. The partnership leverages Network International's Payments as a Service (PaaS) model to enable Absa to launch innovative digital payment solutions efficiently and quickly, targeting an increasingly digitally savvy customer base.
Richard Kadiaka, Regional Managing Director, Southern Africa - Processing Services, Network International, expressed his excitement about the partnership, stating it is a significant milestone for the company in Southern Africa and opens new avenues for growth and innovation. Kadiaka added that working with managed service providers allows institutions to quickly and simply deliver new products and services to a digitally savvy customer.
The growth in the African financial services market is driven by the increasing understanding of the importance of offering safe omni-channel solutions. African financial institutions are undergoing a significant growth period, with the financial services market potentially growing to about 10 percent per annum, reaching $230 billion in revenues by 2025. This growth will include the introduction of many new payment products.
The partnership between Absa and Network International will result in Absa Business Banking receiving end-to-end payment processing capabilities through a single payment platform. Services included in the partnership are 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.
The uptake of Payments as a Service (PaaS) in Africa is being driven by the continent's rapid growth in cloud adoption. Cloud adoption in Africa is accelerating rapidly, nearing levels seen in North America and China. This partnership reflects a broader push towards cloud adoption and digital commerce growth in the region, facilitating faster product development and improved payment processing capabilities for fleet and commercial card services.
The partnership between Absa and Network International is a part of Absa's commitment to innovation and customer-centricity. It is a significant milestone in the modernisation of fleet and commercial cards in Africa, marking a step forward in the digital transformation of the African financial services industry.
[1] Absa Business Banking Press Release, [Date] [2] Network International Press Release, [Date] [3] The Financial Times, "Africa's digital commerce market set for growth", [Date]
- The collaboration between Absa Business Banking and Network International will deliver seamless, secure, and smart payment solutions, aiming to meet clients' specific needs in the banking industry.
- Leveraging Network International's Payments as a Service (PaaS) model, Absa will launch innovative digital payment solutions efficiently and quickly, targeting a digitally savvy customer base in Southern Africa.
- The partnership will result in Absa Business Banking receiving end-to-end payment processing capabilities through a single payment platform, including card management, transaction switching, integration with fleet management software, and an expense management solution.
- The uptake of PaaS in Africa is being driven by the rapid growth in cloud adoption on the continent, which is nearing levels seen in North America and China.
- This partnership reflects a broader push towards cloud adoption and digital commerce growth in the African financial services industry, facilitating faster product development and improved payment processing capabilities for fleet and commercial card services.
