When used appropriately in conjunction with a proper cash management strategy, credit can be a great tool for small business to supplement short-term cash challenges.
During the first six months of its financial year, FNB Business banked SME limits reached more than R30bn on the back of simplified, scored, digital lending processes.
Small business owners who have a short-term commercial insurance policy are often not aware that they may not be covered for the loss of income, under a standard commercial policy.
As part of its commitment to help grow SMEs through lending, FNB now enables businesses to completely take up credit and investments via the FNB App.
Small business owners who are experiencing cash flow challenges should consider improving efficiencies in their payments collection and processing methods to free up working capital.
Infrastructure that supports agriculture such as roads, ports and rail needs serious upgrading. The Minister's announcement for supporting private sector investments in agriculture by emerging farmers is most welcome.
Business owners who are planning for the year ahead should not overlook the importance of reviewing their insurance policies to ensure they are adequately covered against insurable risks.
With 50% of South Africa's urban population living in townships, the ecosystem supporting these communities warrants significantly greater focus from the banking sector. We refer to this opportunity as the "Unseen Economy"
The franchising sector has shown steady growth over the past 4 years, in a tough economy - from contributing an estimated 9.7% to the country's GDP in 2014 to its recent figure of more than 15%, according to the Franchising Association South Africa ("FASA") 2018 survey. And this trend is expected to continue.
From an investment perspective, the market reacted by pushing bond yields higher and the currency weaker. A downgraded economic growth outlook would always mean that revenue estimates would be reduced.
Africa's first hosting of the largest telecomms conference in the world was an important opportunity for the industry to showcase South Africa to the 91 attending countries.
The views of Table Mountain from the top floor of our Portside building in Cape Town are outstanding. Even more so when the British Prime Minister stood in front of them recently to open the SA-UK business forum
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The world is shrinking exponentially. What once covered 510 million km2 now comfortably fits on a smart watch screen of a few hundred pixels. There is no doubt that technology has brought the world to our fingertips. And has exponentially increased the way we engage with it. We have all become global citizens.
At FNB, we understand that as a global citizen, you live your life at a fast pace, constantly keeping up with a rapidly changing world. Which means you need the tools and capabilities to help you do just that - simply, easily and conveniently - in ways that save you time, money, energy and effort. Our foreign exchange capabilities are built with this in mind.
Your lifestyle as a global citizen is more than jet-setting around the world. Although, we'll help you take care of all of that too, you may want to send money to a friend or family member abroad, or to an international philanthropic endeavour close to your heart. You may have come across the perfect art piece in New York, a rare collection of gold coins from Peru, or a delectable Burgundy from Burgundy that you just have to have by the caseload.
Perhaps a relative in the UK has left you an inheritance, or you'd like to receive payment for a personal asset you've sold to a foreign investor.
At FNB, we also understand that being a global citizen often means living a nomadic lifestyle, which means you may be emigrating and therefore need to take funds offshore and open a blocked account for your retirement annuity. You may be a South African temporarily working abroad, or you could be a foreign national that has recently moved to South Africa that needs a foreign currency account in order to purchase a home, car or other assets locally.
You could be a freelancer working from South Africa for clients scattered around the globe and don't want to wait on complex and lengthy processes to receive your money.
Whichever circumstances are yours, we'll help facilitate the entire process, managing exchange control requirements, liaising with SARS free of charge where necessary, and ensuring the secure transfer of funds to or from any bank in the world. With competitive exchange rates agreed instantly and personalised pricing, all through the convenience of online banking, the FNB App or simply a call.
We know that living in a global world, you may want the ability to diversify your banking and investment portfolios. Our global and offshore accounts enable you to hedge against the unpredictability of the Rand and exchange rate fluctuations, while allowing you to save and transact in foreign currencies. You can take advantage of when exchange rates are good, transferring funds to your global accounts, link your Multi-Currency Cash Passport travel card to your global accounts and you're guaranteed that rate when using your Cash Passport when travelling abroad.
Our foreign exchange capabilities harness the latest in technology to provide you with world-class product capability, immediate accessibility and value for money. Our travel solutions, global payment and receipt solutions, global investment options and offshore accounts are designed to help you live a life without borders and broaden your horizons.
So whatever your foreign exchange requirements, we're here to help. Call 0860 1 FOREX (36739) or visit www.fnb.co.za/forex.