Absa offers SMEs banking aid centre
Monday, June 27, 2022 | 390 Views |
Aid has arrived: Launch of the SME Banking Centre. PIC: KENNEDY RAMOKONE
The centre is mandated to assist clients owning and operating SMEs through the provision of a buffet of services as the bank has realized the enormous role SMEs can play in creating employment and developing the country.
Speaking at the launch, Absa acting Managing Director Krishnan Menon said they recognise the critical role that SMEs play in national development.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...