Bidvest enters the business banking arena

Bidvest’s recent acquisition of First Data Resources South Africa (FDRSA) will catapult it into South Africa’s world of business banking – a market currently dominated by FNB, Nedbank and Standard Bank.

According to Japie van Niekerk (pictured), Bidvest Bank MD, through the acquisition Bidvest will be able to offer a new range of merchant services to businesses.

Although payment company First Data, which currently services some 4,000 financial institutions globally, already had an operating agreement with Bidvest, the acquisition brings with it an exclusive decade-long licence agreement.

The name of the new company will be Bidvest Merchant Services.