Nedbank on Tuesday became the first bank to offer bank accounts to thousands of informal traders operating in the Durban city centre in Ethekwini, KwaZulu-Natal.
This project is being coordinated together with the Informal Sector Empowerment Cooperative (Isec), an organisation that manages over 10 000 traders who operate in the informal retail sector.
“Informal traders are a vital part of our economy, accounting for a significant portion of urban employment.
“Their businesses have high cash volumes and Nedbank is proud to be the first bank to offer real banking solutions for the way they do business,” said Dave Schwegmann, Regional Director of Nedbank KZN North. “Bringing these traders into the formal system enables them to legitimise their businesses, which provides a vehicle for growth beyond informal trade.”
Under the banner of Isec, thousands of informal traders will be able to open up business and transactional accounts.
“With bank accounts, informal traders can now manage the cash they deal with on a daily basis and thus reduce the risks associated with holding cash.
“Once into the formal banking sector, Nedbank will embark on a series of education initiatives to ensure that the traders understand the way a bank account works and help them grow their business,” says Schwegmann.
“Nedbank is committed to understanding and meeting the needs of all clients. Such initiatives will steadily increase the number of South Africans who now have access to banking,” says Schwegmann. — I-Net Bridge