FNB partners with IEDF to launch its #FNBSupportsLocal Business summer campaign

(Informal Economy development forum)

 

December 2022: FNB is excited to announce the launch of its #FNBSupportsLocal Business summer campaign which will illustrate how it has enabled access and ease to accept payments with new customer solutions to enable a #FNBCashFreeSummer.

The focus is on the South African tourism sector, and a deliberate effort to ensure access and support for small businesses through the FNB App enhancements as well as partnerships.

As part of the campaign, the Bank in partnership with IEDF empowered informal traders to grow their sales through payments solutions, enabling them to accept payments efficiently from consumers in a variety of ways. These businesses promoted their sales by adjusting business practices to ensure that the shopping experience for their customers was as smooth as possible.

Informal traders were assisted with all their needs including, opening accounts, advice, education on the importance of digital payments, keeping record of their sales, and helping to uplift communities through the creation of jobs. 

Katleho Mahloane, FNB Commercial, Marketing Head said “…we have a broader responsibility in elevating the informal economy which has previously impacted communities positively in holiday destinations. There is also a need to drive a message of support for SMEs, particularly the micro entrepreneurs in the sector value chain. Therefore, our goal with this particular campaign was to assist informal traders to capitalise on the busy festive period as well as set them up for future success…”.

Mahloane further added “…our refreshed brand positioning of ‘change needs you’ is best expressed through the call to action we are leading to support the local tourism sector. We are calling all #TheChangeables FNB customers to prioritize safe travel during the festive season and focus their spending on local to support SMMEs to contribute towards changing the fortunes of micro and small businesses, to help reverse the losses incurred during the COVID period.

“Furthermore, our partnership with [the] IEDF’s, marketing efforts and activations has highlighted these opportunities and reminded consumers of the importance of collective action to support the sector”.

David Venter, Chairperson of the IEDF said “Tourism remains a key driver of South Africa’s national economy and contributes to job creation. The informal economy entrepreneurs provide essential products and services, enhance supply chains, generate employment, and contribute substantially to the economic and social life of communities.”

“Informal tourism entrepreneurs enter into tourism markets with important skills, qualities, and attributes – in the forms of economic, social, cultural, and dream capitals – which could be utilized more successfully to enable them to contribute to broader economic development initiatives,” added Venter.

The IEDF’s key driver is the implementation of the International Labour Organisation’s (ILO) Recommendation 204. Through the partnership, working together to improve access to inclusive financial services, such as credit and equity, payment and insurance services, savings, and guarantee schemes, tailored to the size and needs of these economic units. As we embrace the 4th Industrial Revolution, the capacitating of the Informal Economy is paramount in growing Sectors.

Fourth Industrial Revolution (4IR) technologies are transforming how business is done by promoting digitization and platform economics. These new technological innovations are formalizing economies by including more people in formal systems. This ground-breaking development will see hundreds of Informal Sector Businesses be capacitated with resources and services.

FNB has several convenient and accessible solutions to help small businesses make and accept payments digitally through the FNB App. The bank has launched solutions such as the SpeedeeApp that converts a compatible smartphone into a payment device. SpeedeeQR also allows for generation of a QR code that customers can scan for a cardless and cashless payment.

Another payment option is Speedee, a low-cost mobile device that allows merchants to accept card payments by tapping and swiping on the actual device. This device does not require to be paired with a smart phone to accept payment as it comes with a dual sim card capability. Furthermore, till slips can be emailed or SMSed to customers immediately.

The IEDF and FNB partnered in making this a hugely successful campaign and using lessons from the campaign to cement successful evolution within the informal sector.