Standard Bank says it has become the first commercial bank in Africa to give a business working capital loan of up to R6 million in just three minutes.
The bank said that the new capability allows for an application to be received, processed and approved all in the time it takes to listen to the average song.
It added that applicants previously had to wait up to a month for the facility to originate.
According to Funeka Montjane, chief executive of Personal & Business Banking South Africa at the Standard Bank Group, the bank sees the highest loan requests during the month of November for bonus and year-end expenditure.
This also extends to January for starting the year operations and February/March for paying SARS obligations, she said.
“Having quick access to additional cash flow can assist the business and its operations, businesses can avoid cashflow crisis caused when creditors pay later than expected, they can take advantage of unforeseen opportunities such as purchasing stock at good prices and survive sudden expenses such as stolen and/or damaged stock, equipment or premises while waiting for insurance,” she said.
“In all cases, speed and process simplicity are the critical benefits.”