Absa has launched two unique banking solutions, namely Absa Emerging Entrepreneur and Absa Business She Thrives, aimed at empowering youth and women in their business endeavors.
These solutions provide various benefits, including a monthly fee waiver for six months on a new Business Evolve account, free access to the Cashflow Manager integrated business management and accounting tool, and access to up to R5 million in unsecured funding supported by Absa’s Enterprise Development and Alternate Lending Solutions.
Additionally, eligible businesses will enjoy no initiation fees on their first credit facility and qualify for up to 50% off their bond registration costs. The proposition also offers a 35% discount on short-term insurance premiums, an Employee Care Plan, and access to educational content through Udemy, masterclasses, and networking via Lionesses of Africa and the National Small Business Chamber.
Ronnie Mbatsane, Managing Executive for SME Business at Absa Relationship Banking, “Our long-term partnerships with the NSBC and the social enterprise for women-owned businesses, Lionesses of Africa, allow us the ability to further extend opportunities to our youth and women-owned SME customers for access to learning and networking opportunities. We want to do everything in our power to grow youth and women-owned enterprises by providing them with access to opportunities that help them thrive both in their businesses and enable the advancement of their communities,”
Absa’s comprehensive approach aims to empower these business owners and contribute to economic growth. Sanah Gumede, Head of Strategy and Customer Value Management at Absa Relationship Banking, emphasizes the value of providing access to business-focused training and networking opportunities for small businesses, particularly those owned by youth and women.
These efforts are part of Absa’s commitment to nurturing and growing youth and women-owned enterprises, fostering their success and community development.