SME’S: INNOVATION
Small guys, big business
Innovative banking solutions are being created to help the small business sector,
writes Samantha Perry
ensuring the system protects both users and merchants. Merchants can
cash out money using vouchers, so they don’t even need a bank account
to use the service. Merchants pay a 3,5% transaction commission fee.
FNB is moving into this space too, says Alan Scoular, CEO of FNB
Merchant Services. FNB has signed a deal with UK company MPowa
Technologies to offer its mobile payment device in the country.
mPowa uses a free mobile phone app and a reader, which connects to
a smartphone or mobile device by plugging into its headphone socket
or connecting via Bluetooth. It enables companies and individuals to
accept card payments from their customers, and is driven by an app on
the merchant’s phone, he says.
“The agreement will involve First National Bank embedding the
mPowa tools and software into FNB’s own merchant services, which
will enable it to tailor the look and identity of the card service while
maintaining the sophisticated and patented functionality that mPowa
offers. We are in the final stages of certification and design, and will be
active with the product in the coming months,” he states.
The banking industry is taking active steps to help small
business with payment solutions
G
overnment is looking to small business to boost South
Africa’s economic growth, but small businesses need to
be enabled by appropriate banking solutions. Payment
solutions are often criticised as being too expensive
(credit card machines, for one), particularly for very
small businesses.
The local banking sector has taken a renewed look at the lower end
of the market recently, and some interesting products have hit the
streets.
Standard Bank’s BizLaunch product aims to offer start-up companies
a range of banking and support services under one roof, eliminating
the need for a business owner to try to source these from different
providers, the bank says. It includes a transactional banking package,
free access to Pastel online X