Friday, July 28, 2017
FNB Business is taking proactive steps to increase and diversify existing levels of support for SMEs in line with the objectives of the National Development Plan. The bank is implementing strategy that supports government’s national imperatives to accelerate transformation and inclusive economic growth.
FNB is well positioned as a leading business banking franchise. We continue to focus on understanding the needs of entrepreneurs – something we call “businessism” – basically understanding the challenges that businesses have, and trying to help solve for this. FNB has made great strides in increasing access to digital banking offerings enabling young businesses; facilitating quicker and efficient access to credit and fostering inclusivity in lending activities, ultimately supporting the development of the SME ecosystem.
FNB’s strategy encompasses four primary objectives:
The public-private sector partnerships have proved to be highly effective within SME ecosystems in emerging markets. He points out that FNB Business is no stranger to working with the public sector and has a number of active initiatives already operational, including:
FNB will continue to seek partnerships to access alternate funding sources, risk sharing relationships and business development support platforms. An example of this is the additional funding FNB has accessed from the IFC for deployment into the SME sector. A progressively deeper engagement could stimulate opportunities for FNB to play a leadership role in currently under-banked and underserved markets. Our commitment to empowering SMEs includes helping businesses navigate the legislative and regulatory requirements in setting up a business, which we facilitate through FNB’s CIPC business registration partnership, as well as Instant BEE certification offering.
FNB Business Instant Solutions includes a suite of offerings including an accounting system, which also affords payroll administration, invoicing functionality, cash management and budgeting. This offering is provided free of charge to the entrepreneur. These offerings are making a significant difference, with 185,000 businesses availing of Instant Solutions and more than 3,000 CIPC applications being facilitated monthly.
Our ongoing contribution to the national agenda remains a priority to us and we are excited about the opportunities and latent value we believe our strategy will unlock.