Nedbank steps up for the township economy

Small businesses and informal traders in the Kathorus region, encompassing the townships of Katlehong, Thokoza and Vosloorus, South-East of Johannesburg, are set to receive on-the-ground business and financial support from Nedbank, aimed at helping them thrive and succeed.

The Township Economy Programme forms part of Nedbank’s dedicated informal trader value proposition, which includes making a range of solutions and services available to these important entrepreneurs to help them secure and grow a sustainable income, while at the same time serving their communities and contributing to South Africa’s economic growth.

According to Lizzy Mogale, the Township Economy Lead at Nedbank, the bank’s informal trader offering is aimed at connecting these vital township economy participants to an entire business ecosystem, from wholesale suppliers to end-consumers, and then equipping them with the tools and banking products they need to optimise their businesses and maximise their profits.

“The pandemic has accelerated the need for business owners in township communities to find new ways to operate and better manage their costs,” Mogale says, “and to help them do this, financial services providers and banks need to make available affordable solutions and mobile tools suited to their unique operations and day-to-day needs.”

Mogale says that such innovative banking services, including fit-for-purpose payment solutions and zero-rated accounts, have the ability to truly empower small businesses, informal traders and entrepreneurs, and build much-needed job creation opportunities in townships.

She explains that, by recognising this imperative, and responding to it, Nedbank’s Township Economy Programme has grown into a continuously expanding ecosystem of traders, consumers, wholesalers, products and business building programmes. The offering includes the zero-rated Pay-As-You-Use transactional account, a Stokvel account that facilitates group saving Nedbank MobiMoney, a wallet based money management solution that allows traders to register on the Paycode system – which lets them easily accept customer payments and pay for stock at wholesalers or retailers who have the Masterpass QR code payment system.

This solution makes it easy for both consumers, traders and wholesalers to accept and make payments seamlessly. Traders can find out more about the offering by simply dialling *120*002# and following the simple instructions. Alternatively, they can speak to a Nedbank consultant directly by approaching one of the sales and service teams based in Sontanga Mall, Vosloorus Market Square, or at Thokoza Centre. Community members can also access various offerings from Nedbank branches at Chris Hani Crossing Mall, Sam Ntuli Mall, Katlehong Motse Wa Lijane Shopping Centre, and the Boxer Store in Lesedi Shopping centre

Traders also have another quick, easy and cost-effective option for receiving payments in the form of  Nedbank Tap on Phone, a digital solution that converts a merchant’s mobile phone into a card accepting device, with no extra fees. This is supported by Nedbank Money Message, which allows a small business to pay, or get paid, quickly and securely via WhatsApp. This is a simple process that takes less than five minutes and can be accessed on WhatsApp number +27 87 240 6272 and respond with Hi. Registration requires only an identity document or passport.

 Looking Ahead

“As the Township Economy Programme offering evolves, Nedbank will continue to deploy mobile support teams to engage with traders and consumers in the Kathorus market,” says Daisy Mamosadi Nedbank Branch Manager in Katlehong. “These teams are made up of skilled and equipped Nedbankers who will engage consumers, working to firstly understand the financial needs of clients in the community, and thereafter assist with providing the right banking services that will support their needs.”

She explains that this client journey will include a full suite of products and services, including help with opening a transactional account, as well as savings, loans and insurance solutions.  These will be tailored to the specific needs of each client. For instance, traders may need funding to buy stock at competitive rates, groups may want to achieve a savings goal, and consumers may need an affordable funeral policy that protects their families.

“Our presence in the Kathorus township is meant to meet people where they are,” says Daisy, “the offering is comprehensive and is designed to ensure that we continue to support our clients and the community by building financial literacy and helping business owners and consumers manage their money better.”

“We are working to co-create the services and support tools needed for members of the communities in the region to thrive into the future,” she concludes, “and we embrace the opportunity we have to play a relevant and meaningful part in enabling the township economy to continue to grow.”

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