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Absa and Foton create new financing solution

Jul 28, 2025 Absa, Absa Vehicle and Asset Finance, Charl Potgieter, Foton South Africa, Foton Taxi Finance, Marius Smal, Asambe


Absa and Foton create new financing solution

 

The minibus taxi industry is a cornerstone of South Africa’s economy, which is why Absa and leading commercial vehicle manufacturer Foton South Africa are partnering to empower the operators of this vital sector and small-business owners alike. A year after launching Foton Finance – a product by Absa, the two organisations are expanding their partnership this week through the launch of Foton Taxi Finance, a finance solution that makes minibus taxi ownership more affordable, faster, and sustainable for taxi operators and Small and Medium Enterprises (SMEs).

For the first time, taxi operators can secure ownership of Foton’s petrol or diesel Asambe minibus taxis in just four years, making it easier for those wanting to upgrade or grow a modern, reliable fleet. The offer also makes room for several optional extras such as the installation of app-based taxi management system RUTCO in the vehicle, to enhance operational efficiencies.

 

“We’re offering competitive monthly instalments, starting at below R12 000, to turbo-charge a taxi operator, driver, or small-business owner’s transport capabilities. Research has shown that more SMEs require reliable, affordable vehicles to expand their businesses, and naturally, this applies directly to the minibus taxi industry, where the quality and safety of your vehicle is integral,” says Charl Potgieter, Managing Executive for Absa Vehicle and Asset Finance. “Recent data has suggested the South African minibus-taxi industry has created economic opportunities for taxi entrepreneurs, and has an annual turnover of between R38 billion and R50 billion. However, this doesn’t take into account the knock-on economic benefits of reliable transportation for workers and entrepreneurs alike,” he continued.

 

Foton Taxi Finance also offers a free Financial Education course for every taxi financed, and when completed, will unlock a series of other benefits, including a free first service at an associated Foton Dealership. “Financial education is an example of Absa’s commitment to being a force for good in society, because we understand that a financially confident business owner is a successful business owner. That’s why we hope we can share some of our knowledge to the taxi industry and any transport-focused small business, as partners, through this new solution,” said Fulufhelo Mandane, Executive: Strategic Partnerships at Absa Vehicle and Asset Finance.

 

This week’s launch was attended by key stakeholders from the taxi industry, SME sector, and Foton representatives, all to experience the Asambe Taxi and benefits that Foton Taxi Finance provides. “We understand that South Africans need robust, high-performance vehicles that can withstand local conditions whether it’s moving people across urban centres or transporting goods over challenging terrain. Our goal is to offer a wide range of sustainable reliable mobility solutions. This partnership with Absa enables us to better support a variety of industries across the country, helping them grow their livelihoods and contribute meaningfully to the local economy,” said Marius Smal, Chief Executive Officer of Foton South Africa.

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