Standard Bank has acquired a 40% stake in the digital fuel management solutions and telematics company Payment24 Group.<\/p>\n
Payment24 Group is a technology development firm that supports companies with large fleets, and has partnerships with major filling stations in the country.<\/p>\n
The company\u2019s 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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
\u201cThrough our strategic investment into Payment24, Standard Bank Fleet Management will strengthen its footprint across the African continent,” said Standard Bank’s Derick De Vries.<\/p>\n
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.<\/p>\n
These payment solutions provide mobile, RFID and biometric capabilities that is cloud-based, infrastructurally light with short deployment timeframes, \u201cand exactly what our clients expect from there leading Fleet Management Provider\u201d.<\/p>\n