The South African Reserve Bank (SARB) has granted regulatory approval for a collaboration between Access Bank South Africa and Sava, to introduce an African digital banking platform that enables SMEs to take full control of their financial operations.
The Prudential Authority (PA), a division of SARB tasked with regulating banks, has formally approved Sava’s digital banking platform.
Sava recently partnered with Mastercard to leverage Sava’s Payment Transaction System offering businesses in South Africa , Nigeria, Kenya and Egypt expense management tools. These include digital accounts, rule-based card issuing available in both physical and virtual cards, invoicing management, custom workflows with built-in AI functionality, and accounting integrations. The platform enables SMEs to streamline expense management, saving both time and money while fostering financial transparency and efficiency.
SMEs account for 60% of all jobs in Africa and contribute up to half of the GDP in some countries, yet they often operate in cash-based economies and face a $330-billion financing gap, according to the World Bank.
“At Mastercard, we are dedicated to harnessing the power of partnerships and deploying transformative technology to build a sustainable future where everyone can thrive. Our new collaboration with Sava represents an important step in our efforts to support small businesses that are key drivers of economic growth. By deploying the right, efficient technology, we continue to boost financial inclusion in Africa and enable SMMEs to reap the full benefits of the digital economy,” says Dimitrios Dosis, president: EEMEA at Mastercard.
Sava has successfully completed industry testing, integrated into the National Payments System, and fulfilled all necessary go-live conditions stipulated by regulators. The company has also obtained licenses and approvals from the Financial Sector Conduct Authority (FSCA) and the National Credit Regulator (NCR).
“We are thrilled to have received the necessary regulatory approvals, enabling Sava to transform the SME banking landscape in South Africa,” says Kolawole Olajide, CEO at Sava. “Our platform addresses the unique challenges faced by SMEs, serving diverse businesses from traditional sectors to emerging fintech players, empowering them to thrive in an increasingly digital world.”