FNB Business is taking proactive steps to increase and diversify existing levels of support for SMEs in line with the objectives of the National Development Plan. The bank is implementing strategy that supports government's national imperatives to accelerate transformation and inclusive economic growth.
Mike Vacy-Lyle, CEO of FNB Business says, "FNB is well positioned as a leading business banking franchise. We continue to focus on understanding the needs of entrepreneurs – something we call "businessism" – basically understanding the challenges that businesses have, and trying to help solve for this."
FNB has made great strides in increasing access to digital banking offerings enabling young businesses; facilitating quicker and efficient access to credit and fostering inclusivity in lending activities, ultimately supporting the development of the SME ecosystem.
FNB's strategy encompasses four primary objectives:
1. Providing innovative and market leading solutions across all business segments with a strong focus on fast growing niche areas such as Agriculture, Franchising, Medical Businesses and Education
2. Providing real value to customers through the provision of non-traditional banking solutions like Instant Accounting, Payroll and BEE accreditation; cloud based document management solutions; CIPC registrations and maintenance, to mention a few
3. Enabling, growing and supporting financial inclusion and access to market for SMEs through Structured Lending, Enterprise Development, Supplier Development and Preferential Procurement initiatives
4. Development of value propositions for underserved markets yielding economic and social impact
