CAPE TOWN – Standard Bank Group announced on Wednesday the have become the first commercial bank in South Africa, and across Africa, to give a business working capital loan up to R6 million in just 3 minutes.
The lender said in a statement that this new capability allowed for an application to be received, processed and approved all in the time it takes to listen to the average song.
The bank said this was a massive leap forward as an applicant previously had to wait up to a month for the facility to originate. “Not only is this good news for enterprise development but is yet another proof point that Standard Bank is aggressively transforming its overall Business Banking proposition.”
Funeka Montjane, chief executive, personal and business banking South Africa at Standard Bank Group said this new capability could not have come at a better time for business banking customers.
“The bank sees the highest loan requests during the month of November for bonus and year end expenditure. This also extends to January for starting the year operations and February/March for paying SARS obligations,” said Montjane.
According to Stats SA, the entire formal business sector generated R2.39 trillion in turnover in the first quarter of 2019. Out of this amount, large businesses contributed 62 percent, followed by small at 29 percent and medium sized businesses at 10 percent.