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Nedbank wins award for being the best bank for small and medium enterprises in South Africa

Article provided by Nedbank

Nedbank has been recognised as the Best SME Bank in South Africa at the Asian Banker Excellence in Retail Financial Services International Awards 2022. The accolade comes on the back of an in-depth independent assessment by a panel of international advisers using a comprehensive scorecard, covering everything from strategy and financial performance to customer satisfaction, risk optimisation and digitisation.

According to Alan Shannon, Executive of Small Business Services at Nedbank, the award validates the extensive work that the bank has put into becoming a trusted and value-adding partner to small and medium enterprises (SMEs) in recent years.

Shannon says that one of the biggest challenges for most SMEs is difficulty accessing funding to grow their operations. He believes that Nedbank’s commitment to resolving this challenge for SMEs was instrumental in its recognition for the Asian Banker Award. Despite the challenges of the Covid‑19 pandemic in 2021, Nedbank Small Business Services advanced R4 billion in business-building funding to its SME clients. The bank also recently began offering preapproved overdraft facilities for small businesses and initial results have been very positive, with around 45% of its small-business clients taking up these overdrafts.

However, Shannon emphasises that Nedbank’s support of SMEs goes way beyond providing funding. The bank’s leadership in the SME banking space is a consequence of its holistic approach and compelling value proposition, which includes flexible and affordable transactional banking solutions, digital enablement and a comprehensive business support ecosystem.

‘Our SME Startup Bundle, for example, effectively offers free banking for the first six months (assuming a basket of more than 20 transactions) to give young businesses the breathing space to get out of the starting block,’ he says. ‘And a simplified and seamless digital application process means new clients can instantly onboard themselves and immediately enjoy all the benefits Nedbank offers.’

Shannon also highlights Nedbank’s commitment to providing small businesses with comprehensive, integrated business support at all stages as being integral to its growing popularity as a preferred SME banking partner. ‘Our national network of dedicated small-business bankers is available to provide hands-on assistance and guidance,’ he explains, ‘our Online Banking and app channels come with free features, such as budgeting and invoicing solutions, and our free SimplyBiz network and support platform delivers business tools, inspiration and insights that go far beyond banking.’

‘While Nedbank’s focus over the past two years has been firmly on supporting our small business clients through the impacts of Covid-19, we have never lost sight of the responsibility we have to also continue partnering with SMEs to help them achieve their growth and development goals,’ Shannon says, ‘and this prestigious Asian Banker Award is evidence that our ongoing efforts in this regard are valued and appreciated by the rapidly growing number of SMEs that are turning to Nedbank as their preferred banking partner.’

Nedbank is a proud Partner of the NSBC