Absa, Network International to enhance fleet, commercial cards in Africa
Absa Business Banking has teamed up with Network International, a leading digital commerce enabler in the Middle East and Africa, to enhance its fleet and commercial card offerings, addressing challenges like fuel-card fraud and the growing demand for digital payment solutions.
The partnership introduces a suite of advanced services, including card management for fleet and commercial prepaid cards, transaction switching and authorization, integration with fleet management software, and direct connectivity to Absa’s banking systems.
Additional features include card tokenization, digital wallets, an online self-service platform, and a robust expense management solution. This collaboration leverages Network International’s end-to-end payment processing capabilities through a single, fully outsourced platform, strengthening Absa’s position as the “Bank of the Entrepreneur.”
Banie Claasen, Managing Executive for Lending Products at Absa Business Banking, emphasized the partnership’s focus on delivering secure, seamless, and innovative payment solutions. “By combining our expertise with Network International’s cutting-edge technology, we’re empowering businesses with greater control, transparency, and a frictionless payment experience,” Claasen said.
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The initiative aligns with Africa’s rapidly evolving financial services landscape, projected by McKinsey to grow at 10% annually, reaching $230 billion in revenues by 2025. The surge is driven by demand for secure omni-channel payment products and the continent’s accelerating cloud adoption, comparable to trends in North America and China.
Richard Kadiaka, Regional Managing Director for Southern Africa at Network International, called the partnership a milestone for fintech innovation in the region. “Cloud adoption and managed services enable institutions to deliver new products to digitally savvy customers swiftly,” Kadiaka noted.
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