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SMEs Tag

Local Tech Startup Launches Platform To Assist Businesses

Launching in the height of the national lockdown in March 2020, Eloh App functions to provide a one-stop platform for locals to access a range of services.  Founded by entrepreneur and qualified electrical engineer, Sanele Mhlongo, Eloh App aims to provide a premium and safe service to local customers. In an interview with Ventureburn, Mhlongo explains that technology is key to promoting and increasing business sales, with Eloh App local businesses can tap into a wider customer base.  Read also: How To Choose The Best mPOS For Your Business “Small and medium-sized enterprises are not sufficiently equipped for the fourth industrial revolution or lack thereof, we aim to bridge the gap...

A Bank In Every Pocket

Confidence in African digital payment solutions is essential to minimising fraud and corruption while improving the free flow of funds to boost business and economic activity. Their value is illustrated in statistics released by the South African Banking Association (SABRIC) in June 2020. Mobile digital payments offer consumers and businesses a convenient method to manage funds, make payments, and gain visibility into accounts and transactions – effectively putting a bank in every pocket. Accessible and reliable, they’re the oil that lubricates the formal and informal economies, enabling financial inclusion at all levels of business and society.  Payment technologies have the potential to open access to financial services...

Small Business Suggestions With Small Investment in Kenya

There is a great deal of opportunity for manufacturing companies in Kenya. The local market, as well as the potential for exports, can be the driving force for the performance of manufacturing units. Below you can find some profitable manufacturing companies in Kenya: Production of soap & detergent Production of leather goods Making Furniture The Candle Render Production of packaged drinking water Setting up a small bakery company can be a profitable small enterprise in Kenya. You need cooking equipment (pans, ovens, blending equipment, cake decoration equipment and measuring equipment), raw materials (meat, eggs, sugar), consistent recipes, business permits and licenses and strong marketing skills to start this business. When you...

SA Fintech Launches Prepaid Virtual Card For SMEs

A digital payment fintech, PayCentral, has partnered with Mastercard to launch a secure online platform DigiCentral. The online platform provides SMEs with a cost-effective digital payment solution that allows business owners to pay incentives, rewards, gifting, corporate expenses, and employee salaries via a prepaid virtual card. Read also: AfricInvest Invests In South African Agritech Startup Aerobotics In Its $16.5m Series B Round In an official press release, Veenash Parbhoo founder of PayCentral explains that DigiCentral is targeted at SA SMEs to offer the virtual card as an alternative payment solution. “A large part of our focus in South Africa is directed toward SMEs. We find that owners of smaller businesses need...

How The Launch Of Three New VAT Tools Will Assist SMEs

With the aim to resolve the tedious and traditionally costly process of processing VAT (value-added tax) for businesses, global cloud accounting software provider, Xero has announced the launch of three new VAT cloud tools. The newly developed tools aim to transform how SMEs manage VAT and will allow businesses to prepare, submit, and store VAT returns through Xero platform and to the South Africa Reserve Bank (SARS). The new cloud service tools include VAT Return Form, VAT Late Claims functionality, and eFiling. In an official press release, Colin Timmis, Country Manager South Africa at Xero explains that the new VAT cloud tools will assist SMEs and contribute to the digital...

Incubator Ogooué Labs Obtains $456k Funding From Cofina To Support Startups In Gabon

To support entrepreneurship in Gabon, the African Financial Company (Cofina) has granted a fund of CFAF 250 million ($456k) to Ogooué Labs. Aimed at small and very small businesses in their development phase, this funding aims to support the StartX 241 program initiated by the incubator. Read also: Nine Startups Get $ 1 Million From Future Africa Fund The objective of the program is to accelerate the industrial scale-up and distribution of startup products from French-speaking countries to new markets. This fund will enable Ogooué Labs to create 10 startups, and to train, through its training center in digital professions and leadership School 241, 20 Gabonese entrepreneurs in...

To Thrive In A Pandemic, You Need To Reinvent Your Business

The COVID-19 pandemic has given rise to many debates. But if there’s one thing commentators appear to be united in, it’s the certainty that our world will be forever changed by it. The good news is, that this is entirely possible – science tells us so. Businesses that are sufficiently agile and creative have the potential to pivot and reinvent themselves, and ultimately stay relevant both during this pandemic and after the dust has settled. The pivot process is multifaceted: it involves forming new habits, adopting a committed growth mindset, and behaving like a hungry and innovative start-up. Read also: Business Reimagined For Africa In behavioural science, there’s...

Africa: Why Digital Payments Are key To Financial Inclusion

Every day, hundreds of millions of payment transactions are completed across the African continent. They’re done using myriad technologies including cards, mobile money, and digital payments. By far the most, however, are in cash. Each of these competing payments is trying to dominate and defeat cash, with siloed “winner takes all” consumer payment offers, but which payment type can most effectively promote financial inclusion, helping grow economies and jobs along the way? Read also: Nigerian Autochek Startup, Cheki, Raises $3.4m Seed For Its Platform Instead, the best hope for financial inclusion and growth on the continent is a digital payments platform that is merchant centric, and that benefits the...

Crown Prince of Dubai launches Nasdaq Dubai Growth Market for SMEs

His Highness Sheikh Hamdan Bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, has announced the launch of the Nasdaq Dubai Growth Market, to support SMEs achieve the next phase of their expansion, by raising capital through an initial public offering (IPO). The initiative will allow fast-growing companies to achieve a streamlined and cost-effective listing on the region’s international exchange. H.H. Sheikh Hamdan is eager for Dubai to launch such initiatives in order to allow for growth across several sectors and create a supportive, collaborative environment for businesses to prosper. The initiative will fall under the Dubai Future District (launched by His...

IFC invests $100 million in Zenith Bank to support SMEs amid COVID-19

International Finance Corporation (IFC), a member of the World Bank Group, today announced an investment of up to $100 million in Nigeria’s Zenith Bank Plc to help it increase support to clients and companies whose cash flows have been disrupted by challenges caused by the COVID-19 pandemic. IFC’s loan to Zenith Bank is its first investment in Africa through its COVID-19 fast-track financing support package. The funding will help Zenith, an existing IFC client and Africa’s sixth-largest bank, to overcome challenges resulting from ongoing limited access to foreign currency, working capital, and trade funding. Zenith will support dozens of businesses in Nigeria’s health, pharmaceuticals, food, and trading...

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