Absa Launches Solutions for Youth & Women Entrepreneurs

Absa has announced two pioneering banking solutions—Absa Emerging Entrepreneur and Absa Business She Thrives—specifically geared at supporting youth and women in their business endeavours in a deliberate drive to strengthen the entrepreneurial environment.

The project includes a six-month fee waiver on the Business Evolve account, free access to the Cashflow Manager application, and the provision of unsecured finance up to R5 million. Notably, the package includes a variety of financial incentives, such as eliminated credit facility initiation fees and reductions on bond registration charges.

Furthermore, the package includes a 35% savings on insurance premiums, an Employee Care Plan, and extra benefits such as office and roadside help.

Recognizing the importance of skill development and networking, Absa's offer includes a 12-month subscription to Udemy's online learning platform, as well as access to masterclasses and networking opportunities via partnerships with Lionesses of Africa and the National Small Business Chamber (NSBC).

The urgent need for such specialized solutions was underscored by Ronnie Mbatsane, Managing Executive for SME Business at Absa Relationship Banking, who stated, "SMEs are the lifeblood of our economy, driving employment, fostering innovation, and bringing communities together." He addressed the difficulties that young entrepreneurs confront, such as restricted access to education, finance, and networks.

Sanah Gumede, Head of Strategy and Customer Value Management at Absa Relationship Banking, emphasized the importance of young and women-owned businesses having access to specialized training materials and market exposure. Long-term collaborations with NSBC and Lionesses of Africa expand these entrepreneurs' learning and networking possibilities.

Mbatsane emphasized that the main objective is to empower these firms by providing complete assistance that not only assists in their growth but also supports community improvement. Absa's collaborative endeavour is a proactive step toward building a more inclusive and empowered business ecosystem.