Nedbank recognised as the Best SME Bank in South Africa for the second consecutive year
Nedbank has once again been named the Best SME Bank in South Africa at by The Asian Banker Global Middle East and Africa Awards. This marks the second consecutive year that the bank has received this prestigious accolade, affirming its unwavering commitment to excellence in serving and supporting South Africa’s small and medium enterprises (SMEs).
The Asian Banker Global Awards is one of the most distinguished annual recognition events in the global financial services industry. These awards cover the 4 primary categories of excellence in retail financial services, technology innovation, risk management, and transaction finance. These awards are not only highly respected for their rigorous entry criteria and transparent selection processes, but also for the fact that they set the standard for innovation and excellence in banking and financial services in Africa and the Middle East. Nedbank’s recognition as best SME in South Africa falls under the category ‘Excellence in Retail Financial Services’.
According to Alan Shannon, Executive of Small Business Services at Nedbank, this year’s recognition again underscores Nedbank’s relentless focus on delivering innovative digital banking and providing comprehensive business support that is tailored for SMEs across South Africa. ‘Nedbank’s innovative digital solutions, supported by dedicated relationship bankers, are proven to empower SMEs to meet and exceed their business objectives,’ Shannon explains, ‘and our ongoing commitment to this approach has helped to elevate our stature as a leading SME bank in the country.’
Nedbank also won gold in the Qorus Reinvention Awards for the SME Banking Award category, underpinning the bank’s excellence in SME banking.
Beyond this commitment to digital innovation Nedbank has been instrumental in solving the funding issues that continue to limit the sustainability and growth of many SMEs in South Africa. Shannon says that, in 2022 alone, Nedbank provided R4,2 billion in business-building funding to SME clients, which served as a lifeline to many still struggling to regain their post-Covid-19 momentum in the challenging economic environment.
However, he highlights that Nedbank’s commitment to enabling the growth aspirations of SMEs extends beyond the mere provision of funding. As such, in the past financial year, Nedbank Small Business Services also supported 305 000 Nedbank small-business clients with their transactional, payment, investment and financing needs. ‘Our comprehensive suite of business support services, including training, mentoring and funding, positions us as more than just a bank. We are SME business partners and growth enablers in the true sense of the word, and this repeat award confirms this,’ Shannon remarks.
Nedbank offers an array of value-added services, including pre-approved overdraft facilities and a Startup Bundle, all of which enable small and medium businesses to grow without the constraints usually encountered by start-up or emerging businesses. The bank’s Online Banking platform and Money app also provide free features, like budgeting and invoicing solutions that are invaluable to SMEs. These initiatives are complemented by a national network of dedicated small-business bankers, all of which, Shannon says, make Nedbank a one-stop hub for SME growth.
‘While the challenges facing SMEs over the past few years have been significant, Nedbank has remained absolutely committed to partnering with them to support their growth and development, and receiving this second consecutive Asian Banker Award is testament to the value and impact of this ongoing commitment to the South African SME sector.’