Standard Bank Accelerates Support To Enable More Township Entrepreneurs

Standard Bank Accelerates Support To Enable More Township Entrepreneurs. Standard Bank is accelerating its support for township entrepreneurs to improve the success rate of South Africa’s small and medium-sized enterprises (SMEs), building on its ongoing commitment to empowering local businesses and fostering sustainable growth. The bank aims to reverse the trend that sees a staggeringly high number of small businesses failing within their first five years.

According to the 2023/2024 Global Entrepreneurship Monitor (GEM) report, two in five adults in South Africa know someone who has recently started a business. Two in three either see excellent opportunities to do the same or are considering starting their own business. The bank is creating engagement platforms with township SMEs, where they provide insights, tools as well as networking opportunities that enable businesses to either start, manage, or grow.

“SMEs are key to developing South Africa’s economy, but they often lack access to the resources they need to survive. We are committed to improving the sustainability of small businesses in areas where millions of South African citizens reside” says Maria Ngcaweni: Head, Provincial Enterprise Banking (KwaZulu-Natal) at Standard Bank Business and Commercial Banking.

“We are not just offering theoretical knowledge,” Ngcaweni explains. “Our Relationship Managers will provide hands-on guidance based on real-world experience. This is about giving township entrepreneurs the practical tools they need to build sustainable businesses.”

Participants will also learn more about the bank’s Enterprise and Supplier (ESD) development programmes, aimed at enabling township businesses transform their operations through gaining greater access to markets, development services, and the crucial funding they need to grow. They will also engage with Standard Bank’s expert Relationship Managers who will deliver personalised service that is grounded in a deep understanding of these businesses.

The programme was recently launched in Gauteng in Soweto on the 18th of November and moved to KwaZulu-Natal on the 25th of November, and will reach Western Cape, before expanding into the rest of the country in 2025.

Expert-led sessions will tackle critical challenges through:

• Foundational knowledge: Equip entrepreneurs with essential business skills and financial literacy to start strong.
• Banking solutions: Introduce tailored financial products and services to support business operations and growth.
• Beyond banking: Introduce ESD concepts and programmes allowing the attendees the ability to learn about ESD and its value propositions, call to action to enable access and participation in the programmes.

Each session will be delivered over a 2- to 4-hour period, designed to accommodate the busy schedules of entrepreneurs. The bank expects to train over 150 business owners in the first three engagements, with plans to expand the programme beyond the three provinces, going into 2025. Standard Bank’s initiative comes at a crucial time, as research highlights how limited access to financial literacy, poor business management skills, and barriers to formal banking systems continue to hamper township business growth.