Andiswa Bata, FNB Business

South Africa’s big banks are investing in technologies to speed up the onboarding of small business clients, identify their needs and revenue potential, and reduce service costs. They’re racing against their traditional banking rivals as well as fintech firms, neobanks and credit companies, eager to establish themselves as the go-to finance providers for small businesses.

SMEs have long been a challenging market for banks in South Africa. They trade in a wide range of environments, often lack proper accounts or collateral, and their low transaction volumes leave banks little margin for profit.