Tech

Absa is focused on ME in small businesses.

Although the small and medium-sized enterprises (SME) sector remains a key driver of the economic recovery in South Africa devastated by COVID-19, the environment, especially for business owners, can still be difficult to navigate. Funding and Support.

The SME sector has been hit hard by the various waves of the pandemic.

As a result, many small businesses have reduced their business activity, laid off employees, and some have been forced to close completely.

With this in mind, Absa is expanding its services to small and medium-sized businesses customers by providing innovative and value-added products, which will become a key strategic pillar of its business over the next three years.

Collaborating with experts in the digital space will be an important part of this commitment.

The bank has already announced one of these collaborations in March 2022, the first mobile payment authorization solution on the market, developed jointly with technology company WIZZIT Digital.

The system allows Absa merchants to use their Android smartphone as a POS device by simply downloading the Absa Mobile Pay app.

This is a cost-effective way to facilitate contactless payments for SMEs.

But Absa’s digital focus extends beyond payments.

“Applications for business funding should be simple for applicants and processed in the shortest possible time,” says Mkhize.

“By accelerating and streamlining the digital application and approval process, we hope to remove the frustration, bureaucracy and unnecessary delays from the equation when small business owners apply for a loan,” he continued.

While digital transformation will help remove many obstacles, Mkhize also believes the importance of human contact should not be forgotten.

That’s why Absa offers 24/7 support, a network of branches and small business banks across the country.

Mkhize believes that Absa needs to move closer to action to truly deepen its relationship with small businesses.

Absa’s small business advisors will be able to spend significantly more time in the field, visiting small businesses and talking to entrepreneurs to better understand the challenges they face.

Mkhize said the initiative will increase the bank’s ability to jointly solve problems and help businesses rebuild and grow.

To further strengthen its commitment to SME customers, Absa has announced the Small Business Friday campaign. In this campaign, Absa Rewards customers will receive double cashback when they shop on Friday at participating Absa SME merchants and pay with an Absa card. We support small businesses.

Absa’s SME customers will receive cash rewards when they profile on a small business-only portal and reach certain milestones on the Absa Card POS machine for the month.

“Beyond lending, the tools and services delivered digitally are designed to make day-to-day banking easier. We want to connect small businesses to an ecosystem that provides support, advice and opportunity.”

“When our small business customers succeed, we succeed,” concludes Mkhize.

Click here to learn more about Absa Business Banking.

Absa is focused on ME in small businesses.

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