Absa, Led By Kenny Fihla, Signs Deal With Byd To Boost Ev Financing In South Africa

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 BYDs preferred finance partner for 15 dealerships nationwide.

The deal aligns with global green finance trends, drawing lessons from Dubais EV adoption and supporting Absas 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 BYDs Sandton showroom, showcased the automakers 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, Absas Managing Executive for Vehicle and Asset Finance.

Absa will provide BYD dealers and customers with competitive full-service financingspanning 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 functionalityallowing 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 Africas general manager.

South Africas 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 Absathrough tailored financing packagesis helping to lower the hurdles that have long held back potential buyers, including high upfront costs and limited charging options.