Despite problems in Nigeria, Standard Bank said it anticipates more growth from its Africa operations. (Waldo Swiegers/Bloomberg via Getty Images)
Africa’s largest bank by assets is committed to growing the continent’s economy and supporting the development of entrepreneurs and small businesses.
Simone Cooper, Standard Bank’s head of business and commercial banking, said during her keynote address at the Standardard Bank KwaZulu-Natal Top Business Awards in Umhlanga that although small and medium enterprises (SMEs) account for 95% of all registered businesses and contribute about 50% to the total GDP of sub-Saharan African countries, entrepreneurs still face major obstacles to growth and prosperity.
“Addressing their needs is essential to creating a prosperous Africa. At Standard Bank we are committed to developing the SME sector across Africa and igniting the spirit of entrepreneurship. I believe it’s crucial for us to compete effectively in the enterprise segment as supporting these businesses leads to the growth of SMEs and in-turn increases employment and the livelihoods of the communities they operate in,” she said.
She said the bank was actively working on digital client onboarding, revamping its branches to serve small business customers, and providing systems to facilitate multiple payments and cash handling.
“We’re committed to working together to realise our purpose of driving Africa’s growth. Africa and Asia are among the world’s two fastest growing economic regions. An important element of our partnering for growth is ensuring that we deepen the trading relationship between Africa and China,” Cooper said.
She said the bank’s equity partner, the Industrial and Commercial Bank of China (ICBC), which acquired a controlling share in the bank in 2015, was helping to drive growth.
“This relationship is proving to be a trading lifeline to South Africa, assisting us to facilitate trade deals worth $600 million in 2022. Just last month we took almost a hundred customers from across Africa to the China-Africa Trade and Investment Expo, our third time at this bi-annual event,” she said.
“Through our Africa China Trade Solutions, we can connect our clients with approved Chinese importers. We also hosted a wine matchmaking event for our clients in partnership with Wesgro [the Western Cape’s tourism trade and investment development agency], allowing clients from the Western Cape to showcase their wines to interested Chinese buyers. We have had much positive feedback from this event and previous expos have led to the signing of various projects for our clients.”
The KwaZulu-Natal Top Business Awards categories ranged from SMEs to large enterprises with turnovers exceeding R100 million, including manufacturing, transport, franchising, agriculture and family-owned businesses.
Among the 2023 winners were Owen Heffer, who clinched the Business Personality of Year award. Heffer founded his horse betting business that later became Hollywood Bets, with just R4 by standing outside Greyville racecourse selling horse form guides in the 1980s.
Other winners were Sky Tents (SME); PA&A Fabricators (larger enterprise); Tropic Plastics and Packaging Industry (manufacturing); Fastway Couriers (transport and logistics); CMM Group of Companies (franchising); Phoenix Group (family); Underberg diary (agriculture); DRG (community upliftment an improvement); Beekman Group (renewable efficiency) and Star Retailers (employee wellness).
The KwaZulu-Natal Top Brand Award, which is awarded solely by public vote, went to Mi7 National Group, a Pietermaritzburg-based security business that has operated for decades and has a reputation for empowering people.
Standard Bank KwaZulu-Natal head of commercial banking Kuben Chetty said the awards were a testament to the “exceptional” businesses fuelling the economy and enriching lives in the province.
He said the awards provide an opportunity to acknowledge the accomplishments of the business community, despite the difficult conditions it has faced in recent years.
“As we reflect on the remarkable journey of the past year, we are reminded of
the power of collaboration and the importance of fostering a thriving
business ecosystem. The Standard Bank KZN Top Business Awards epitomises our commitment to turning possibilities into opportunities, for businesses that are driving Africa’s vibrant economy,” Chetty said.
“These KZN businesses all share amazing stories of triumph and perseverance and serve as a beacon of inspiration for us all. Their invaluable contributions to the economic prosperity of KwaZulu-Natal deserve our utmost admiration and are key to driving that growth,” Chetty said.
KwaZulu-Natal Top Business chief executive Grant Adlam said the selection process had been “immensely challenging” because of the high volume and calibre of entries.