Absa Business Banking has appointed Network International – a leading digital commerce group in the Middle East and Africa – as its digital payments technology partner.
Network will provide Absa with end-to-end payment processing capabilities through a single payments platform and fully outsourced managed services model.
“This new partnership marks a significant milestone for our company in southern Africa and opens new avenues for growth and innovation,” says Richard Kadiaka, regional MD, southern Africa – Processing Services, Network International. “The growing adoption in cloud technologies has perfectly primed both fintech and traditional financial institutions to turbo-charge digital innovation.
“Working with managed service providers allows institutions to quickly and simply deliver new products and services to an increasingly digitally savvy customer,” he adds.
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.
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.
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,” he adds.