More and more corporates in South Africa are throwing their weight behind startups in the country. Toeing the path of Naspers, one of the country’s leading banks, Absa, has launched the 2nd Phase of its 1,000 Tech Entrepreneurs program, an initiative aimed at giving local entrepreneurs the opportunity to set up technology companies. The 12-month program aims to assist founders with business growth and development. The program consists of bootcamps that have already begun at the beginning of November 2020. It will end in March 2021.
“This year has shown us more than ever, that large corporates should be supporting entrepreneurial ventures in order to create employment opportunities. Added to this, it is the fresh and innovative thinking of technology entrepreneurs that gives rise to the type of startups that solve real-world problems,” Andrew Davies, Digital Partnerships Ecosystem Lead at Absa Group said.
Here Is What You Need To Know
- Through the business development programs, Absa hopes to develop a corporate culture that could be copied by other African economies.
- Partners across South Africa will then support participating entrepreneurs to further grow their technology-driven businesses.
- Are you in South Africa and are interested in being part of Absa’s 1000 Tech Entrepreneur movement? Register online here.
- Prospective applicants need not have prior entrepreneurial experience.
Read also: Startups Within The West African Economic And Monetary Union Have New $350k Up For Grabs
A Free Banking Service For Startups
Absa has equally launched Evolve Zero, a no-monthly bank account for startups in South Africa. The new Evolve Zero service is a no-monthly fee bank payment system designed for sole proprietorship businesses. In addition to the zero fees, the account offers free access to an integrated business management and accounting tool called Cashflow Manager, as well as a debit card and savings account.
The account is accessible to individual entrepreneurs whose annual turnover does not exceed 5 million euros. It allows them to generate a tax report to help them complete their declarations with the South African tax administration. Banking transactions for this account can be viewed from devices connected to the Internet.
The new service allows free transfer orders, but there are fees for some services such as using a debit card and external transfer orders. An advantageous package is offered to customers who carry out frequent transactions.
Read full article here
GetFundedAfrica’s mission is to uplift people and economies in Africa through entrepreneurship; helping companies find funding, grow, create jobs and solve society’s greatest challenges
Guest Contribution, GFA Attract & Application Portal For Funding
Guest Contribution: Disruptive Digital Solutions Is Rewiring The DNA Of Banking
Imagine a bank whose customers can tap on a wearable device to make a payment, regularly receive updates on changes they could make to their investment portfolio through AI-generated insights. Read more
GFA Attract Interview
Katherine (Kate) Pam is a seasoned Business Consultant and Social Entrepreneur with over 17 years of experience in consulting, oil and gas and financial services sectors. She is Group CEO of The Stalwart Group, which comprises three thriving subsidiaries. Watch Here
Apply For Funding
GetFundedAfrica provides equity capital from $1,000 to $50,000.
For larger amounts (Above $50,000)
we organize syndicated funding rounds of up to $500,000.
Apply Here
Follow Us
“Business is always a struggle. There are always obstacles and competitors. There is never an open road, except the wide road that leads to failure. Every great success has always been achieved by fight, every winner has scars. The men who succeed are the efficient few –they are the few who have the ambition and will-power to develop themselves. So choose to be among the few today.”
– Chris Kirubi, Centum Investment, Kenya
