Absa Business Banking, one of Africa’s leading business banks, has selected Network International, a leading enabler of digital commerce in the Middle East and Africa, as its digital payments technology partner.
Network will provide Absa Business Banking with end-to-end payment processing capabilities through a single payment platform and a 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.
Richard Kadiaka Regional MD Southern Africa – Processing Services, Network International
“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. Working with managed service providers allows institutions to quickly and simply deliver new products and services to an increasingly digitally savvy customer.”
Through this collaboration, services will include card management for fleet cards and commercial prepaid cards, transaction switching and authorization, integration with fleet management software, direct connectivity to Absa Bank systems, card tokenization, 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. 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,” stated Banie Claasen, Managing Executive for Lending Products at Absa Business Banking.
