Africa: Sava and Access Bank Launch SARB-Approved Digital Banking Platform for South African SMEs

Sava has secured regulatory approval from the South African Reserve Bank (SARB) to launch a cutting-edge digital banking platform designed specifically for small and medium-sized enterprises (SMEs) in South Africa.

Developed in partnership with Access Bank, the platform aims to empower SMEs with enhanced control over their financial operations while creating opportunities for growth in an increasingly digital economy.

A Milestone in SME Banking

Sava has achieved key milestones, including successful industry testing, integration with the National Payments System, and compliance with all go-live conditions stipulated by regulators. The platform has also received licensing and approvals from the Financial Sector Conduct Authority (FSCA) and the National Credit Regulator (NCR). Furthermore, a recent audit by Deloitte reinforces Sava’s credibility and commitment to compliance.

Kolawole Olajide, CEO of Sava, expressed enthusiasm for this achievement:
“We are thrilled to have received the necessary regulatory approvals, enabling Sava to transform the SME banking landscape in South Africa. Our platform addresses the unique challenges faced by SMEs, from traditional sectors to emerging fintech players, helping them thrive in a digital-first world.”

Enhanced Features for SMEs

Sava’s collaboration with Mastercard has also expanded its capabilities, introducing a robust Payment Transaction System to businesses in South Africa, Nigeria, Kenya, and Egypt. This system provides a suite of tools tailored to SME needs, including:

• Digital accounts for secure and efficient financial management.
• Rule-based card issuance (physical and virtual) to streamline spending.
• Invoicing management to simplify billing processes.
• Custom AI-powered workflows for operational efficiency.
• Accounting integrations to enhance transparency and accuracy.

Preparing for Launch

While an official launch date is yet to be announced, SARB’s approval marks one of the final steps in readying the platform for deployment. Sava’s solution promises to revolutionize the SME banking ecosystem by delivering financial transparency, improved efficiency, and cost savings to businesses across diverse sectors.

Sava and Access Bank’s innovative approach underscores their shared commitment to driving economic growth through digital transformation, paving the way for SMEs to thrive in today’s dynamic business landscape.