Payment24 - Afrikan Heroes

Mastercard Partners Payment24 to Streamline Payment Solutions

November 14, 2020

Global market card payment leader, Mastercard has entered into a partnership agreement with South Africa’s Payment24 aimed at offering a payment solution that will help fleet management companies streamline payments, create efficiencies and prevent fraud. Payment24’s platform will use Mastercard’s payment technology which is expected to enable drivers to quickly and seamlessly make fuel payments anywhere Mastercard is accepted, without requiring additional approvals at the pump.

Suzanne Morel, Country Manager at Mastercard South Africa.

Commercial fleet management companies will have more control and visibility into driver’s spend, with the option to add purchasing controls to eliminate fraud. For instance, a company could opt to enable the driver to pay digitally for border post charges or for accommodation and meals, removing the need for costly and unsafe cash advances.

The fuel solution is flexible and adaptable to customer needs, with various payment mechanisms available including fleet cards, tokenised tags, e-wallets and vouchers that can be allocated to a driver or a vehicle. Each transaction is protected by Mastercard’s multiple security layers, and fraud and dispute processes.

“The fleet management industry in South Africa is comprised of fleets of every size and description. While a variety of payment programmes have emerged over the last few years, most of these allow drivers to only pay only at selected fuel stations in the country,” says Suzanne Morel, Country Manager at Mastercard South Africa. “Through this collaboration with Payment24, we can solve these pain points and enable seamless and secure payments anywhere Mastercard is accepted, without authorisation delays or troublesome cash. This is especially critical in today’s current environment, where fleet operators are increasingly digitising their businesses to save costs, reduce fraud and improve the visibility of payments.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

South African Fleet Management Startup Payment24 Secures Funding From Africa’s Top Bank

April 8, 2020

Shadab Rahil and Nolan Daniel, co-CEOs of Payment24

Digital fuel management solutions and telematics startup Payment24 has secured an undisclosed investment from Standard Bank, which has acquired a 40 per cent stake in the company.

“We have had a good relationship with Standard Bank for some years, and our new partnership presents opportunities for both Standard Bank and Payment24,” said Shadab Rahil co-CEO of Payment24. “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.”

Here Is All You Need To Know

By this new investment, Standard Bank has acquired a 40 per cent stake in Payment24.
The investment wil enable the startup to fast-track its growth.
Shadab Rahil and Nolan Daniel, co-CEOs of Payment24, said the deal came on the back of a successful three-year relationship with various divisions of Standard Bank, which included the roll-out of the BlueFuel Fleet Card system across Namibia.

Why The Investor Invested

According to Derick De Vries, executive head of fleet management at Standard Bank, 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 said.

De Vries said it would also allow Standard Bank to provide its customers and oil company partners with an effective and digitally enabled solution to facilitate fuel, repairs and toll purchases across the 35 transport hubs and corridors in Africa.

A Look At What Startup Payment24 Does

Launched just over five years ago, Payment24 supports companies with large fleets and has already seen wide adoption of its fuel management app via partnerships with major filling stations.
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.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.