Standard Bank is empowering township entrepreneurs with practical training to combat high SME failure rates.
Source: Supplied. Cliff Mayinga, Provincial Head: Coverage for Business Banking (Western Cape), at Standard Bank Business and Commercial Banking.
Through expert-led sessions, networking opportunities, and tailored tools, the initiative equips business owners with skills, market access, and funding guidance.
Launched in key provinces, the programme aims to foster sustainable business growth, with plans to expand nationwide in 2025.
“Standard Bank aims to reverse the trend that sees a staggeringly high number of small businesses failing within their first five years,” says Cliff Mayinga, Provincial Head: Coverage for Business Banking (Western Cape), at Standard Bank Business and Commercial Banking.
According to the 2023/2024 Global Entrepreneurship Monitor (GEM) report, two in five adults in South Africa know someone who has recently started a business. Two in three either see excellent opportunities to do the same or are considering starting their own business.
The bank is creating engagement platforms with township SMEs, where they provide insights, tools as well as networking opportunities that enable businesses to either start, manage, or grow.
“SMEs are key to developing South Africa’s economy, but they often lack access to the resources they need to survive. We are committed to improving the sustainability of small businesses in areas where millions of South African citizens reside,” says Mayinga.
“We are not just offering theoretical knowledge. Our relationship managers will provide hands-on guidance based on real-world experience. This is about giving township entrepreneurs the practical tools and access to markets they need to build sustainable businesses.”
Participants will also learn more about the bank’s Enterprise and Supplier (ESD) development programmes, aimed at enabling township businesses transform their operations through gaining greater access to markets, development services, and the crucial funding they need to grow.
They will engage with Standard Bank’s expert relationship managers who will deliver personalised service that is grounded in a deep understanding of these businesses.
Nationwide training rollout
The programme was recently launched in Gauteng in Soweto on Monday, 18 November 2024 and moved to KwaZulu-Natal in Umlazi on 25 November, and in the Western Cape on 28 November in Khayelitsha, and will expand into the rest of the country in 2025.
Expert-led sessions will tackle critical challenges through:
Foundational knowledge: Equip entrepreneurs with essential business skills and financial literacy to start strong.Banking solutions: Introduce tailored financial products and services to support business operations and growth.Beyond banking: Introduce ESD concepts and programmes allowing the attendees the ability to learn about ESD and its value propositions, and its call to action to enable access and participation in the programmes.
Each session will be delivered over a two- to four-hour period, designed to accommodate the busy schedules of entrepreneurs.
The bank expects to train more than 150 business owners in the first three engagements, with plans to expand the programme beyond the three provinces, going into 2025.
Standard Bank’s initiative comes at a crucial time, as research highlights how limited access to financial literacy, poor business-management skills, and barriers to formal banking systems continue to hamper township business growth.
