Stanbic enhances banking for SMEs
Middlemen short changing SMEs: SA minister
AS part of its digital migration Stanbic Bank has upgraded its online banking platform used by enterprise banking clients, commonly known as Small to Medium Enterprise (SMEs).
The platform known as “Enterprise Online” is used by enterprise banking customers to process all business transactions via the Internet.
Acting head of personal and business banking, Mr Patson Mahatchi, said Stanbic Bank was determined to offer customers diverse methods of transacting without having to visit the banking halls.
“The improvements are meant to allow enterprise banking customers to effortlessly send through payment instructions to the bank through a prompt process that still captures all required information yet cutting out the number of information entry fields, ensuring business is not hindered by unreasonably lengthy procedures,” he said.
“All this is done from the comfort of their business premises or anywhere in the world as long as they have an active internet connection.
“We had to improve our platform because this specific segment of customers requires fast methods of remitting payments without slowing down productivity. Now customers are able to make once off payments through a shorter and faster process.”
Enterprise Online comes with a range of capabilities that include options to transfer funds to third parties within Stanbic or other local banks via RTGS, bill payment options, bulk salary transfers paying up to two thousand beneficiaries and account maintenance features amongst others.
“Stanbic is constantly looking for ways to enhance the customer experience because as their trusted business banking partner, we owe them efficient services, in this case technologically relevant solutions that speed up transactions,” said Mahatchi.
In the third quarter of 2016, Stanbic launched “Enterprise Direct Centre”, which is a centre set up to proactively serve enterprise banking clients and is manned by dedicated business bankers.
The enterprise banking customers are now able to reach business bankers for consultancy without having to enter the banking hall through electronic channels that include Enterprise Online banking.
The Enterprise Direct Centre helps to create value for its enterprise banking clients by giving them more time to run their businesses. SOUTH Africa’s Minister of Small Business Development, Lindiwe Zulu, has said some middlemen are making mega profits out of the sweat of African handicraft producers, taking advantage of their failure to directly access lucrative markets.
She called on governments to assist small to medium enterprises to grow their business and tap into regional markets so as to increase their earnings and contribute to the improvement of their countries’ economies.
Minister Zulu, who was in Bulawayo for the Coordination Committee for Development and Promotion of African Handicrafts (CODEPA) conference that ended Friday, commended the handicrafts being exhibited at the conference saying it was important for governments to work together in promoting the small to medium enterprises sector.
“I’m impressed by the handicrafts I’m seeing here but I believe we can do more. As governments we should come together and make sure that what is being produced in the continent is of high quality and standards so that it can compete in the global market,” said Minister Zulu.
“It’s unfortunate that there are some people who are making money through our crafters. They pay very little for their products and sell them for higher prices. We, therefore, need to create global markets that will see crafters making more through their products and at the same time contributing to the growth of their economies.”
Minister Zulu said in South Africa her ministry has a department of small business development that offers financial support, incentives as well as training in entrepreneurship
“To address the financial challenges that our SMEs are facing, we are giving them the support they need. The trainings have helped our SMEs to understand the markets and know what exactly people want.
They have also helped them produce good quality products that are of international standards,” said Minister Zulu.
The handicrafts sector, one of the biggest employers especially of women and youths is crucial for the African economy with a significant contribution of between five and 30 percent of GDP in member countries.
The objective of the conference was to create a platform for member states to promote ways of circulating information on the art and craft sector in African countries and develop integrated craft hubs that create an effective enabling environment to ensure products reach markets.
The conference was also expected to develop research and development capabilities for the arts and handicrafts sector and ensure the free flow of information. — @pamelashumba1