Retail Micro, Small, Medium-sized Enterprises (MSMEs) in the region typically generate more than 80% of their revenue through the sale of fast-moving consumer goods, say the partners. Many of these traders are underbanked making it difficult to get access to capital to keep their shelves stocked. The new Trader Assist platform gives MSMEs access to working capital from Standard Bank, while Nestlé enables products to be delivered to the retailers. Since launch, Standard Bank says it has been able to onboard more than 20 merchants per week per branch with minimal back-office staff. More than 70% of retailers who were onboarded were eligible for credit after the initial 30-day period, and over 80% of those who used credit once went on to become repeat borrowers.
Access to finance has been a major obstacle for MSMEs in Africa. Trader Assist connects the informal retail ecosystem by integrating payments, working capital, and data analytics to help ensure small retailers continue to thrive. The Standard Bank of South Africa Limited is a major South African bank and financial services group. It is Africa’s biggest lender by assets. The company’s corporate headquarters, Standard Bank Centre, is situated in Simmonds Street, Johannesburg.