Standard Bank has seen a significant uptake of its new 3-minute overdraft since the launch of the offering on September 12 2019, with over R460-million issued to small, medium and micro-sized enterprises (SMMEs) in the period leading up to February 16 2020.
This capability has also been available online since December 2019; it allows business owners to apply for and receive funds of up to R6-million within three minutes, in the comfort of their own space. It’s another example of 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 SMMEs by improving access to funding.
Funeka Montjane, chief executive; 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 SMMEs 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 SMMEs. With access to funding to cover any shortfall or inventory-related challenges, we are giving clients the power to capitalise 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 Montjane.
For more information on how to apply, please visit: www.standardbank.co.za