Fleet payments, which encompass vari-
ous digital payment solutions and tech-
nologies, are proving to be instrumental
in promoting smooth logistics, enhancing
trade across borders, and supporting the
objectives of the African Continental Free
Trade Agreement (AfCFTA).
AfCFTA, which came into effect in
January 2021, is a landmark agreement
aimed at creating a single market for
goods and services in Africa. With
its ambitious objectives to promote
intra-African trade, foster economic
integration, and improve competitive-
ness, the agreement seeks to accelerate
economic growth and facilitate the free
movement of goods and services across
the continent.
However, achieving these objec-
tives requires robust logistics and
transportation infrastructure, which is
where modern fleet payments come
into play.
There are several ways in which fleet
payments can contribute to the success
of the AfCFTA. First, efficient and reliable
payment systems can help to reduce
the cost of doing business across Africa.
This is because businesses will be able to
save time and money on administrative
tasks, such as processing invoices and
reconciling payments.
Secondly, efficient and reliable
payment systems can help to improve
the flow of goods and services across
Africa. This is because businesses can
make payments quickly and efficiently
to their suppliers, which will help speed
up the delivery of goods and services to
customers.
Third, businesses will be able to make
payments in local currencies for fuel,
reducing the need for customers to con-
vert currencies. This can make it easier
and cheaper for businesses to trade with
each other across Africa.
“Traditionally, cross-border transac-
tions and payments in the freight and
logistics industry have been plagued
by cumbersome and time-consuming
paperwork, manual processes, and
currency conversion challenges. But,
modern fleet payment systems, support-
ed by digital technologies, have revolu-
tionised this landscape,” says Derick de
Vries, Executive Head of Standard Bank
Fleet Management.
With the rise of fintech and mo-
bile money solutions, modern fleet
BUSINESS
‘Traditionally, cross-
border transactions and
payments in the freight
and logistics industry
have been plagued by
cumbersome and time-
consuming paperwork,
manual processes, and
currency conversion
challenges. But,
modern fleet payment
systems, supported by
digital technologies,
have revolutionised
this landscape.’
BUSINESS FLEET AFRICA | August 2023
WWW.BUSINESSFLEETAFRICA.CO.ZA
Fleet Payments boost
African Continental
Free Trade Agreement