FNB retains 'Best SME Bank in South Africa' accolade

Johannesburg - FNB has announced that it has been awarded the Best SME Bank in South Africa at the Global Finance’s 2023 SME Bank Awards.

The banking Group said the Global SME Finance Awards were set up to recognise the opportunities and distinguished achievements of financial institutions and fintech companies in delivering outstanding products and services to their SME clients. Moreover, helping them grow and by providing unique services to support them to reach the next level of financial needs for their businesses.

The criteria for Best SME Bank are based on knowledge of SME markets and needs, breadth of products and services, market standing, and innovation, said the bank, adding that it was recognised as the bank that best meets the specialised needs of SMEs in South Africa. FNB won the SA Best SME Bank award at the 2022 inaugural awards and is humbled to be awarded as winners in this category for the second consecutive year, it said.

Gordon Little, FNB Commercial CEO says, “We are proud to once again be recognised as the Best SME Bank in South Africa, as it re-affirms our continued commitment to empowering SMEs in playing a critical role in re-building our economies across our continent. These accolades demonstrate our better understanding, real help, and solutions that we provide our clients’ needs.”

The award comes shortly after FNB retained the Best Islamic Banking Window for the sixth consecutive year at the 12^th annual Global Islamic Finance Awards (GIFA).

Furthermore, the bank explianed that its eBucks Rewards programme was acknowledged at the 2022 South African Loyalty Awards as the Best Long-Term Programme of the Year 2022 and the Most Innovative Use of Technology award for the 4th consecutive year.

In its efforts to help SMEs, FNB said it uses its digital platform to provide non-financial solutions, such as, the business toolkit, financial solutions, and access to educational content to help entrepreneurs from incubation, starting, running, and growing their enterprises.

Furthermore, it added that businesses can also take advantage of the convenient and cost effective FNB Business Law on Call (BLC) solution, helping them manage several issues ranging from contractual disputes, labour issues, and court representation etc. SMEs in their early stages of growth are getting value for money through our BLC Lite solution which covers about 200 contracts for a low fee of R99 per month.

“In addition, SMEs can also access essential software tools via the App. The software vouchers provide value and add convenience to our clients, enabling them to access a wide range of services on a single, trusted digital platform,” adds Little.

Recently, FNB also announced a phased roll-out of improved simplified range of payment solutions for clients such as the Speedee App that will allow businesses to receive contactless payments easily and safely on their android smart devices, without the need for a separate point-of-sale device.

The bank said the solution will offer businesses access to pioneering innovation to meet the changing needs of their clients. While this may be so, FNB added that businesses can also open a First Business Zero account; this offering is designed specifically for sole proprietor businesses with an annual turnover up to R5 million and can be opened on the FNB App within a few minutes using our “Selfie” process to identity and verify the user.