SMEs
Standard Bank Partners with Microsoft to Boost Innovation and Drive Growth in Africa
Image sourced from Regent Lighting. /* custom css */ .tdi_4_3c0.td-a-rec-img{ text-align: left; }.tdi_4_3c0.td-a-rec-img img{ margin: 0 auto 0 0; } Yesterday, Standard Bank and Microsoft announced a strategic partnership to accelerate the digital transformation of Africa’s largest financial institution and further drive the continent’s growth. The Bank’s growing investment in the Microsoft Cloud will enable the innovation, efficiencies, and resilience required to respond to market dynamics and customer needs. This partnership builds on the 30-year relationship between the two companies and involves migrating workloads, applications, and platforms to Microsoft Azure to drive organisational efficiencies, as well as workforce collaboration with Azure, PowerApps, Workplace Analytics and Micros...
9 out of 10 Kenyan SMEs Use M-Pesa for Payments, via New Survey
Image sourced from WeeTracker /* custom css */ .tdi_4_9b7.td-a-rec-img{ text-align: left; }.tdi_4_9b7.td-a-rec-img img{ margin: 0 auto 0 0; } A new survey conducted by Amethyst Consultants on SME perceptions of banking products in Kenya showed that up to 95% of SMEs (9 out of 10 companies) in the country use M-Pesa, Vodafone’s mobile money service, according to Business Daily Africa. The survey, commissioned by SNDBX, took place between the months of March and April 2021 and included 131 small to medium enterprises (SMEs) across 17 “key sectors”. “The survey highlighted that SMEs continue to be resilient through the pandemic season and a third [of SMEs] are looking forward to a better future in 2021,” says Amethyst Consultants Founding Director, Sharon Mbugua. /* custom css */ .tdi_3_7f1.t...
NACC seeks quick visa facilitation for members
The Nigerian-American Chamber of Commerce (NACC) has urged the American Embassy in Nigeria to do everything possible to facilitate the Visa processing for members of the bilateral Chamber especially when it involves business trips for national growth and development. The National President of the Chamber, Otunba Toyin Akomolafe, who spoke at the NACC’s 60th Anniversary Public virtual Lecture in Lagos, said this is imperative given the enormous benefits inherent in the natural resources of both countries to be harnessed by mutual benefit. “Given the wobbling economy all over the world occasioned by the global pandemic, it’s expedient for embassies especially the American Embassy in Nigeria to fastrack VISAs and other protocol involved for trade experts going to America for the sole purpose ...
Why Reimagined IT Strategies are Mission Critical for SMEs
Image sourced from IT Web Small and medium enterprises (SMEs) have been severely affected by the pandemic – many of which are struggling to ensure continuity, let alone achieve sustained growth. However, the news is not all negative. We have also seen countless examples of entrepreneurs rising to the challenge and tackling the unexpected head-on. SMEs who move quickly to take advantage of new technology business models are not only keeping afloat but are actually thriving. According to an article by the World Economic Forum (WEF), SMEs make up 90% of formal businesses in South Africa. These businesses contribute 34% to the country’s GDP and employ up to 60% of the labour force. For this reason, it is crucial that these small businesses continue to embrace technology and digital solutions i...
Why SMEs are the Lifeblood of the South African Economy
Small and medium-sized enterprises (SMEs) represent a staggering 98% of business in South Africa today. The fact that SMEs also employ between 50 and 60% of the country’s workforce and are responsible for a quarter of the job growth in the private sector – according to McKinsey – means they truly are the backbone of the South African economy. Yet it is SMEs that have borne the brunt of the COVID-19 pandemic. Lockdown regulations have wreaked havoc, with the cash flows essential to sustaining smaller businesses completely drying up in some instances. Tragic stories of once-thriving businesses having to close their doors litter the financial landscape, and certainly, the virus could not come along at a worse time for owners already grappling with a precarious economy prior to its arrival. Bu...
Abuja chamber welcomes FCT tax harmonisation
Abuja Chamber of Commerce and Industry (ACCI) has welcomed the plan by the Minister of the Federal Capital Territory (FCT), Alhaji Muhammad Bello to harmonise tax policies within the territory in order end multiple taxations on by businesses in the territory. The President of ACCI, Alhaji Abubakar, in a statement yesterday, commended the minister for acknowledging the challenges faced by businesses within the territory due to series of levies, charges and taxes from Federal, FCTA and Area Councils. “Multiple taxations within the FCT and the larger national economy has imposed crippling consequences on businesses. “The fallout has been many failed businesses, the rising level of inflation, the non-thriving of existing ones and the lack of capacity to engage many unemployed youths. “We want ...
AU welcomes Nigeria ahead of AfCFTA kick-off
The African Union Commissioner for Trade and Industry, Albert Muchanga, said in Addis Ababa on Friday that instruments signifying Nigeria’s entry into the African Continental Free Trade Area (AfCFTA) will be received at the commission’s headquarters shortly ahead of next year’s kick-off of trading. Speaking during the AfCFTA Business Forum 2020 to discuss the status of preparations to launch the continental trading, Muchanga said the launch of trading will facilitate the growth of African enterprise and enhance the capacity of industries producing goods to a wider population. Nigeria, which signed the AfCFTA agreement in 2019, officially ratified the agreement on 12 November. The instruments of ratification are expected to be received at the AU on Saturday, 5 December, the deadline for the...
Ebonyi woos foreign investors
The Government of Ebonyi state has expressed its readiness to enhance the ease of doing business with a view to attracting Foreign Investors into the state. The post Ebonyi woos foreign investors appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
NIPOST issues new guidelines for courier services
The Nigerian Postal Service (NIPOST) has issued new guidelines for courier and logistics services. In a statement on Tuesday, Frankin Alao, general manager, corporate communications, said Isa Pantami, minister of communications and digital economy, has approved the new guidelines. According to the statement, the new regulation was issued to replace the one which has been in existence since 2001. It added that the development was made in a bid to enhance the operations of courier services while giving special consideration to small & medium enterprises (SMEs). Alao explained that “erstwhile regulations largely focused on the big players in the courier industry”. “Dr. Isa Ali Ibrahim Pantami stated in the letter of approval that the new Regulations will no doubt enhance the regulatory po...
To Emerge from COVID-19 Businesses Will have to “Re-Think” Traditional Models
Sourced from Tech Loot Traditional models of business funding need a re-think if South Africa’s small businesses and entrepreneurs are to emerge from the financially crippling “winter of coronavirus” into a spring of growth and rejuvenation. Accepting that downturns, recessions and economic crises are inevitable, one needs to shift the focus into building “Zebra” companies – sustainable businesses with steady growth, strong balance sheets and cash flows, and able to withstand downturns – rather than “Unicorns that will die without the next round of funding”, says University of Stellenbosch Business School (USB) Senior Extraordinary Lecturer, Daniel Strauss. “In the past, we had a mindset of ‘or’ – we either had a traditional SMME that was funded through debt or we had a start-up that was f...
Respond, Restart, Re-create – How SMEs can Survive Lockdown
Sourced from SAP The outbreak of COVID-19 has caused disruption across the globe and has led to two simultaneous crises. The first is the illness itself – with tens of thousands of fatalities globally and healthcare systems strained, or at capacity. The second is an economic slump, resulting from the closing of borders and supply chain disruptions. Many countries have also imposed strict lockdown and social distancing measures. While vital to prevent the spread of the virus, it is worth remembering the very real economic impact measures like this can and are having in South Africa, and around the world. Unlike large enterprises, which often have a level of resilience built-in, many small and medium-sized enterprises (SMEs) still rely on having customers physically present in the shop, rest...
Understanding the strength of small businesses
The number of small businesses keeps growing in the formal and informal sectors of the Nigerian economy, due to the role of small businesses as the live-wire of any economy and the backbone of major developed economies the world over. Though Nigeria rely majorly on oil and revenues derived from it, from context observation the economy is largely supported by small businesses covering almost all spheres of activities within the country, ranging from Nano, kiosk, and Micro businesses most importantly. A visible reference usually includes the vulcanizers, corner shop owners, single retail marketers, repairers, painters, business center operators, restaurants, market women, and men in the various open markets, among others. and the formal operations such as the law firms, accounting firms, con...