Citigroup today announced that its Global Transaction Services business has further extended its local commercial card issuance capabilities to South Africa.
This is the 50th market where Citi has launched its global card offering in recognition of ongoing client demand and the first step in Citi's strategy to expand its innovative card offering in South Africa. The offering will soon include Citi's turnkey prepaid card solution leveraging its experience as the largest global provider of corporate and government prepaid programs.
Citi Commercial Cards, with unsurpassed acceptance and an extensive issuing footprint, has long been considered a pre-eminent commercial cards provider to large and multi-national organizations. Nearly 500 multinational corporations use its commercial cards programs at the core of their expense management strategy, making Citi a premier cards issuer in terms of technology, innovation and transaction volume. Clients are able to centralize program administration with one provider by leveraging Citi's innovative proprietary ECS+ platform.
"The launch of local issuance capabilities in South Africa represents a milestone for Citi," said Hubert Jolly, Citi's Global Head of Commercial Cards. "As our clients expand globally, Citi will continue to make the investments in technology and global expansion necessary to ensure they receive an unrivalled level of support. In fact, we plan to launch an additional five new local issuance countries during 2010".
"The launch of local issuance capabilities in South Africa represents a milestone for Citi. South Africa is an exceptional market place - one demanding local solutions with global service standards," said Rajesh Mehta, Head of Treasury and Trade Solutions for Europe, the Middle East & Africa, Citi, said, "As our clients expand globally, Citi will continue to make the investments in technology and global expansion necessary to ensure they receive an unrivalled level of support".
Citi has identified Africa as a strategic focus for its Treasury & Trade Solutions (TTS) business and have set a goal of delivering markemarket leading capabilities and practices locally from within the region. Citi has been present in the Africa for more than 50 years and has one of the one of the broadest networks across the continent. It is currently present in 16 countries with Non-presence coverage of another 26.