Citi Launches Local Currency Commercial Card Programme in South Africa
Citigroup’s Global Transaction Services (GTS) 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.
“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.”
Citi has identified Africa as a strategic focus for its treasury and trade solutions (TTS) business and have set a goal of delivering market leading capabilities and practices locally from within the region. It is currently present in 16 countries, with non-presence coverage of another 26 countries.