• The South African Reserve Bank (SARB) has granted regulatory approval to Sava to launch a digital banking platform designed for local SMEs.
• The platform is being launched in collaboration with Access Bank.
• All necessary go-live conditions stipulated by regulators have been completed, according to Sava.

South African SMEs should take note of the impending launch of a digital banking platform from Sava.

The company has received regulatory approval from the South African Reserve Bank (SARB) to do so in collaboration with Access Bank in order to give local small businesses the ability to take full control of their financial operations and unlock new growth opportunities.

“The Prudential Authority (PA), a division of SARB tasked with regulating banks, has formally approved Sava’s digital banking platform, marking a significant milestone in financial innovation for small and medium-sized enterprises,” Sava shared in a release with Hypertext.

For those unfamiliar with Sava, it recently partnered with Mastercard to rollout its Payment Transaction System offering to businesses in South Africa, Nigeria, Kenya and Egypt for expense management tools.

“These include digital accounts, rule-based card issuing available in both physical and virtual cards, invoicing management, custom workflows with built-in AI functionality, and seamless accounting integrations. This innovative platform enables SMEs to streamline expense management, saving both time and money while fostering financial transparency and efficiency,” explained Sava.

The company says it has successfully completed industry testing, integrated into the National Payments System, and fulfilled all the necessary go-live conditions stipulated by regulators to get the aforementioned digital banking platform up and running.

It says that it has also obtained licenses and approvals from the Financial Sector Conduct Authority (FSCA) and the National Credit Regulator (NCR), ensuring that local SMEs have little to worry about in terms of the legitimacy of the soon-to-be-launched platform. Added to this is the completion of a recent audit by Deloitte.

“We are thrilled to have received the necessary regulatory approvals, enabling Sava to transform the SME banking landscape in South Africa,” enthused Kolawole Olajide, CEO at Sava.

“Our platform addresses the unique challenges faced by SMEs, serving diverse businesses from traditional sectors to emerging fintech players, empowering them to thrive in an increasingly digital world,” they added.

While an official launch date for there digital banking platform has not been outlined, Sava is dotting the I’s and crossing the T’s, with the SARB green light being one of the crucial final steps.