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Key Points
- Absa and BYD partner to expand sustainable green vehicle financing and boost access to affordable new energy vehicles (NEVs) across South Africa.
- Johannesburg lender offers competitive full-service EV financing, positioning as BYD’s preferred finance partner for 15 dealerships nationwide.
- The deal aligns with global green finance trends, drawing lessons from Dubai’s EV adoption and supporting Absa’s R100 billion sustainable finance portfolio.
Absa Group, the Johannesburg-based financial services provider, led by newly appointed CEO Kenny Fihla, has signed a strategic partnership with Chinese electric vehicle (EV) giant BYD Co. to accelerate green vehicle financing in South Africa. The Johannesburg-based lender aims to build a sustainable finance ecosystem as demand for new energy vehicles (NEVs) surge.
The signing ceremony, held July 25 at BYD’s Sandton showroom, showcased the automaker’s latest EV lineup. “As a leader in vehicle finance, we see strong growth in demand for energy-efficient mobility. This partnership allows us to deliver world-class NEV financing while expanding our sustainability-linked offerings,” said Charl Potgieter, Absa’s Managing Executive for Vehicle and Asset Finance.
Boosting access to affordable NEV solutions
Absa will provide BYD dealers and customers with competitive full-service financing—spanning wholesale, consumer, insurance, and value-added products. The deal positions Absa as the preferred finance partner for the 15 dealerships currently selling BYD models nationwide.
BYD, which sold 4.27 million NEVs globally in 2024, is making inroads into Africa with affordable models featuring vehicle-to-load functionality—allowing drivers to power household devices directly from their cars. “Affordability, accessibility, and sustainability are at the heart of this partnership,” said Steve Chang, BYD South Africa’s general manager.
NEV sales double in South Africa
South Africa’s market for new energy vehicles (NEVs) is steadily picking up pace. Sales doubled in 2024, according to auto industry body naamsa, and rose by another 14 percent in the first quarter of 2025. As prices gradually become more accessible, support from banks like Absa—through tailored financing packages—is helping to lower the hurdles that have long held back potential buyers, including high upfront costs and limited charging options.
Absa’s partnership with Chinese automaker BYD is part of a shift already visible in places like Dubai, where electric vehicle adoption is driven by strong government backing and flexible financing. Dubai’s widespread rollout of charging stations and consumer-friendly loan models is often pointed to as an example for African markets. Absa says it is looking closely at what’s worked in Dubai, hoping to adapt those lessons to expand NEV access across South Africa.
Leadership and future outlook
With over 12 million customers in 10 countries, Absa is deepening its footprint across Africa. In June 2025, the bank welcomed Kenny Fihla as its new Group CEO. Fihla, who spent two decades at Standard Bank, is now leading one of Africa’s biggest lenders into its next phase.
Absa’s latest partnership with Chinese automaker BYD highlights its growing role in green finance. As the bank works toward its 2050 net-zero targets, its collaboration with BYD could help shape how sustainable transport takes root across the continent.
