NEDBANK’S EASE OF DOING BUSINESS FOR MSMES

MBABANE – For the ease of doing business for MSMEs, Nedbank Eswatini has introduced two mobile payment products created for small businesses, which allow them to accept card payments anytime, anywhere.

These products are the Nedbank Tap on Phone and the Nedbank PocketPOS for small businesses. These solutions are ideal for businesses such as informal traders like market vendors, beauty salons, public transport operators and delivery businesses, to mention just a few. The cherry on top is that these products or solutions are available, not only to micro, small and medium enterprises (MSMEs) with Nedbank business accounts, but also to non- Nedbank SMES.Nedbank Eswatini Managing Director (MD) Fikile Nkosi, said the two products are also perfect for the sole traders who are doing side hustles as their customers will no longer be forced to carry cash and they are ideal for those spare-of-the-moment cases, where a customer does not have actual cash with them but wants to purchase whatever product or service being offered at that point in time.

Device

They can easily tap with their bank card on the Nedbank device or on the MSME’s mobile phone. “We are excited to provide such convenience to both MSMEs in the informal and formal sectors, and more importantly, to their customers,” said Nkosi. Nkosi said at Nedbank, they believe that small business is the lifeblood of the Eswatini economy and the key to economic growth and job creation. She said as a bank, they regard themselves as an important stakeholder in unlocking this growth - not only in terms of providing access to finance and enabling transactional flows, but also in equipping small business owners with the tools and knowledge to make better business decisions and choices.

Nkosi said as a caring bank, they acknowledge that businesses face various challenges on a day-to-day basis. She said that is why they continuously strive to provide banking solutions that add value to the MSMEs for the sustainability of their businesses and to boost economic growth. The MD said the economic climate has been a turbulent one in recent years and all businesses have had to adapt to so many changes within the different operating environments. She highlighted that in the business world, it has been a matter of ‘Adapt or die’ for many businesses, particularly MSMEs.

Demanding

She said, coupled with that there have been the ever-changing advancements in technology, where consumers are demanding more and more banking solutions and products that are digital and offer security and convenience. “It is those entrepreneurs, who can easily change their way of thinking and adopt new approaches to dealing with their business challenges and their customers, that are managing to survive and to grow their enterprises,” said the MD. Nkosi added that through these products, they will be contributing to the global goal of financial inclusion.

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