FNB takes top honours for SME banking innovation in Africa

Source: Supplied. Harry Kellan, FNB chief executive officer.

This recognition underscores FNB’s unwavering and long-standing commitment to supporting small and medium-sized enterprises (SMEs) across the continent with innovative financial solutions, strategic guidance, and tailored services.

The awards, which celebrate excellence in SME banking globally, evaluated institutions based on their knowledge of SME markets, extensiveness of products and services, market standing, and innovation.

Harry Kellan, FNB chief executive officer says, “Small and medium enterprises are the backbone of Africa’s economic growth and by backing SMEs with banking and services that meet those business people where they are in their financial journey helps us empower them, for further growth and success. We are proud to be recognised for our efforts in enabling entrepreneurs and businesses to thrive, especially in these challenging economic times.

“We currently serve over 1.2 million SME clients in South Africa, representing 93% of our commercial client base, and with significant presence in Botswana, Namibia, Eswatini, Lesotho, Mozambique, Tanzania, Zambia, and Ghana. In SA alone, SMEs contribute approximately two-thirds of our commercial earnings, underscoring their strategic importance to the bank’s operations and to South Africa’s economic growth,” adds Kellan.

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Expanding financial inclusion

The bank has solidified its position as South Africa’s leading SME bank, topping the market across all major financial service categories including asset finance, loans, overdrafts, and commercial-property finance.

“Our leadership across lending, savings, and transactional products demonstrates that we have a holistic approach to SME banking, one that is rooted in innovation, accessibility, and deep customer understanding, and empowers entrepreneurs – fuelling economic growth," says Kellan.

As a testament to this, FNB has seen significant growth in its AgencyPlus and CashPlus networks, a service that empowers SMEs, such as spaza shops and retail establishments, to act as banking agents across South Africa and African countries respectively, providing cash deposit and withdrawal services, to improve financial inclusion and community access to essential banking services.

For example, in Namibia, CashPlus recorded 44% annual growth in 2024, while FNB Eswatini achieved a significant milestone with CashPlus, surpassing E1bn in transaction values in the year ended 30 June 2024, demonstrating strong customer adoption and confidence. The convenience, cost-efficiency, and safety of these channels for customers, help bridge the gap between the banked and unbanked populations.

“Our market leadership is not just about numbers; it’s about the real difference we’re making in the lives of SMEs. We’re proud to be the financial partner of choice for over a million entrepreneurs in SA, and more in Africa, helping them grow, adapt, and thrive in a dynamic economy,” he concludes.