Financial services group Absa has developed a user-friendly online portal focused on providing opportunities for Africa’s small, medium and micro-enterprises (SMMEs).
The platform will allow SMMEs to access corporate supply, and at the same time enable Absa to contribute to ongoing entrepreneurship development.
Absa Group Ltd chief procurement officer Vusi Fele said: “Absa’s Procurement Market portal not only demonstrates Absa’s strategy of promoting responsible and inclusive procurement practices but also ensures that all suppliers are aware of the bank’s service requirements; information that was not previously widely available.
“What’s more, it will help us build mutually beneficial, thriving, inclusive, and healthy supplier relationships,” said Fele.
He added that the goal was to promote a two-way engagement and bridge the communications gap in terms of products, services, tenders, and RFPs (requests for proposal), ensuring that all relevant businesses were included.
Fele said a supplier diversity approach would assist in driving sustainability and progressively transform the bank’s supply chain.
“Not only will we be able to identify suppliers that comply with B-BBEE requirements, but we will also be able to award/extend contracts to currently exempted micro enterprises and qualifying small enterprises. We are also excited to welcome new suppliers to our business,” Fele said.
The company said suppliers will now be able to add their details to Absa’s database and identify the procurement categories and services the bank is looking for, ranging from construction and marketing to IT and cash management.
“In addition, qualifying SMMEs participating in the bank’s inbound supply chain become eligible for Absa’ Supplier Development Programme, which provides business support, training, mentoring, advisory services and more. These businesses are also able to obtain development funding at favourable interest rates and with no or minimal collateral required, other than the committed spend contract to supply goods and services,” the company said.
Fele encouraged small businesses across the continent to visit the platform and sign-up.
“We look forward to leveraging this portal to drive meaningful entrepreneurship development and deliver material benefits to local economic and social reform,” he said.
IOL TECH