BankservAfrica, Africa’s largest automated clearing house (ACH), has invested in the local payment industry and the growth of the sector by awarding two payment companies a combined interest-free loan to the value of R1.2 million. “As a leading payment organisation we have identified two payment companies still in their infancy and are providing them with an interest-free loan of R600 000 each for five years to invest in their enterprise development initiatives and grow their businesses in accordance with the spirit of the B-BBEE Codes of Good Practice, as well as from a skills point of view. This led to Transact Connect and Triloq Payment Services being chosen.” says Shergeran Naidoo, head of enterprise risk management at BankservAfrica.
Veeren Naidoo, CEO of Triloq Payment Services, welcomes the support from BankservAfrica saying it will do a lot for expanding their business whilst offering a platform to further market their offerings. He further adds: “As our focus is in the online payment space, we will use the funds to invest in digital marketing initiatives for our innovative virtual prepaid card offering 1-2-Pay-Online and our bill presentment and payment service AcceptEmail. These types of partnerships with big business are necessary in order to ensure cross-pollination of industry knowledge and skills so that sustainable BEE companies may be developed.”
BankservAfrica’s Naidoo says this financial assistance will contribute significantly towards the overall transformation of the payment industry and allow smaller B-BBEE players such as Transact Connect and Triloq Payment Services to grow and strengthen the supply chain within the sector and to become role models for other B-BBEE companies.