Standard Bank has acquired a 40% stake in the digital fuel management solutions and telematics company Payment24 Group.
Payment24 Group is a technology development firm that supports companies with large fleets, and has partnerships with major filling stations in the country.
The company’s solutions – including the Payment24 fuel management platform, fleet fuel management solutions, mobile fuelling solutions, vehicle tracking, telematics and geofencing solutions – are developed out of South Africa to support smart fleet and fuel management and payments on the African continent.
Joint CEOs of Payment24, Shadab Rahil and Nolan Daniel, said that the new deal comes on the back of a successful three-year relationship with various divisions of Standard Bank.
This includes the roll-out of the BlueFuel Fleet Card system across Namibia, which ensures that only authorised vehicles are able to fill up and authorize transactions.
“Through our strategic investment into Payment24, Standard Bank Fleet Management will strengthen its footprint across the African continent,” said Standard Bank’s Derick De Vries.
De Vries added that it will also allow Standard Bank to provide its customers and oil company partners with a digitally enabled solution to facilitate fuel, repairs and toll purchases across the 35 transport hubs and corridors in Africa.
These payment solutions provide mobile, RFID and biometric capabilities that is cloud-based, infrastructurally light with short deployment timeframes, “and exactly what our clients expect from there leading Fleet Management Provider”.