By Larry Claasen
SAVA Africa hopes its recently launched digital banking platform will enable businesses in South Africa and across the continent to scale up their operation and enter global markets.
Though Sava is not a bank, it says its financial operating system, which offers cards and mobile wallets, enhances the financial operations of a business.
A practical example would be when an SME’s sales team or executives travel for work – Sava enables businesses to set smart spending guardrails that work in real-time for their cards and mobile wallets.
Companies can limit ride-sharing expenses to Uber at R500 per trip, and restrict hotel bookings at R3 500 per night in Johannesburg or Cape Town. and establish daily meal allowances at R750. All spending rules are customisable.
For instance, if a VP of sales travels from Johannesburg to Cape Town, their Sava card automatically adjusts to the company’s preset rules for those cities while maintaining complete spend visibility.
This eliminates expense report surprises and out-of-policy spending, whilst also integrating the spend into the company’s accounting system. Sava automatically generates reports and seamlessly syncs with accounting packages like Sage and Xero.
Its platform leverages artificial intelligence (AI) functionality to provide real-time analytics, powering instant analysis that keeps businesses on top of their spending.
While there are similar fintech products in the market, Sava says it differs from them in that it is the first all-in-one solution combining deposit-taking functionality with highly configurable card rules and accounting integration.
Though Sava is not a bank, it was authorised by the Prudential Authority, which is a division of the South African Reserve Bank, as a digital banking platform that can amongst other things, host digital accounts and provide mobile banking channels, in January 2025.
Founded by Kolawole Olajide and Federico von Bary Landesmann in 2022, Sava has secured client contracts to manage over R2,2-billion in 2025.
Sava recently partnered with Mastercard to leverage Sava’s Payment Transaction System offering businesses in South Africa, Nigeria, Kenya and Egypt state-of-the-art 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.
SMEs account for 60% of all jobs in Africa and contribute up to half of the GDP in some countries, yet they often operate in cash-based economies and face a staggering $330-billion financing gap, according to the World Bank.
Mastercard says this collaboration underscores its commitment to financial inclusion, aligning with its global pledge to integrate 50-million SMMEs into the digital economy by 2025.
“At Mastercard, we are dedicated to harnessing the power of partnerships and deploying transformative technology to build a sustainable future where everyone can thrive. Our new collaboration with Sava represents an important step in our efforts to support small businesses that are key drivers of economic growth. By deploying the right, efficient technology, we continue to boost financial inclusion in Africa and enable SMMEs to reap the full benefits of the digital economy,” said Dimitrios Dosis, President, EEMEA, Mastercard.
Sava CEO and founder Olajide said this partnership was a big stamp of approval for the group.
“Our collaboration with Mastercard reflects our credibility, epitomises the essence of working together to transform pioneering ideas into reality, and underscores our shared commitment to developing innovative solutions tailored to the needs of African markets. We are excited to expand the utilisation of this distinctive proposition that empowers SMMEs to manage their financial operations with greater control.”
