Standard Bank acquires a 40 percent stake in Payment24 Group
The acquisition will allow Standard Bank to provide digitally-enabled fuel solutions to its partners.
Standard Bank has announced its acquisition of a 40 percent stake in digital fuel management solutions and telematics company Payment24 Group.
Payment24 joint CEOs Shadab Rahil and Nolan Daniel says that the new deal comes on the back of a successful three-year relationship with various divisions of Standard Bank. This includes the implementation of the BlueFuel Fleet Card system across Namibia to ensure that only authorised vehicles are able to fill up.
“We have had a good relationship with Standard Bank for some years, and our new partnership presents opportunities for both Standard Bank and Payment24,” says Rahil. “Standard Bank is the biggest bank in Africa, so this gives Payment24 leverage for growth into new markets and customer segments across the continent. We are already on a growth trajectory, but this new deal positions us for further exponential growth. We see this as a very strong partnership, with synergies across a number of divisions.”
Standard Bank executive head of fleet management Derick de Vries (pictured) says the activities of Payment24 align to Standard Bank’s efforts and key strategic objectives of developing meaningful relationships that provide innovative solutions for clients.
“Through our strategic investment into Payment24, Standard Bank Fleet Management will strengthen its footprint across the African continent and will remain the ‘leading digital and analytics-led Fleet Management Services provider in Africa’”.
He adds that it will also give Standard Bank the opportunity to provide its customers and oil company partners with an effective and digitally-enabled solution to facilitate fuel, repairs and toll purchases.