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Standard Bank has seen a significant uptake of its new 3-minute overdraft since the launch of the offering on 12 September 2019, with over R460 million issued to small and medium-sized enterprises (SMEs) in the period leading to 16 February, 2020.
This capability has also been available online since December 2019; this allows business owners to apply for and receive funds of up to R6 million within three minutes in the comfort of their space. Another example on how Standard Bank is moving South Africa forward.
Standard Bank is the first commercial bank on the continent to offer this solution, which radically reduces the time it takes for businesses to have their working capital needs met. The model solves one of the main challenges for SMEs by improving access to funding.
Funeka Montjane, CEO; Personal and Business Banking at Standard Bank, says the bank sees large volumes of business overdraft applications at the beginning of the year. It’s a bit of a slow period for SMEs and they require large amounts of cash in the form of loans in order to keep running and provide quality service.
“While the holiday period brought a boost in revenue for businesses, slowed consumer spending in the beginning of the year brings about revenue challenges for SMEs. With access to funding to cover any shortfall or inventory related challenges we are giving clients the power to capitalize on the busiest retail period of the year.”
“At Standard Bank, we dedicate time to understanding the needs of our clients and respond with appropriate solutions. It is in our interest to provide the tools to our customers to grow as it contributes to upward economic momentum and supports our overall business imperative of driving growth on the African continent” concludes Funeka Montjane.
For more information on how to apply, please visit: www.standardbank.co.za
This post and content is sponsored, written and provided by Standard Bank.
