Helping businesses thrive in SA’s post-lockdown economy

Are business owners likely to see a return to normal in 2022?

Critical to South Africa’s economy, small, medium, and micro-sized businesses (SMMES) have taken immense strain over the past few years as an already tough economic environment was followed by months of COVID lockdowns.

Heading into 2022, analysts predict that soon many developed markets and emerging markets may be able to return to “normal”.

As COVID risks reduce with the increased rollout of vaccinations, governments can adopt more flexible COVID policies to manage the virus, hopefully reducing border shutdowns and other lockdown measures in the year ahead.

Despite this, supply chain challenges, inflation and geopolitical tensions still make for a complex global picture. So, SMEs will need all the support they can get in revitalising their businesses and using technology to reach more customers and improve efficiencies.

An in-depth McKinsey SME report found that “post the COVID-19 crisis more than 65 percent of payments will be done using cards or means requiring POS devices; a significant drive from financial institutions can help drive uptake and readiness in businesses.”

As more people shift to digital payments over cash, local fintech iKhokha – which processed north of R1.2billion in card volume last December – is well positioned to support SMEs in growing their businesses and at lower costs.

“iKhokha has been focused on building out a true omnichannel offering, with both online and in person digital payment solutions for SME’s.”

“We have also ensured that merchants using our payment solutions for both card present and online payments will get the lowest combined transaction rates in SA,” says Graeme Cumming, iKhokha Chief Growth Officer.

Over and above card devices, iKhokha recently launched the Payment Gateway for the WooCommerce and WordPress platforms, enabling SMEs to set up online payments quickly.

iKhokha has also recently revamped of their Mobile Application, with a major focus on improving the usability, and introducing new features, including the ability to send Pay Links, and manage transactions faster.

“At iKhokha we know how important the role is we have to play in reigniting the GDP growth of our country, and how pivotal it is for us to lead the way in giving SMEs across SA a digital footprint and the tools they need to accelerate their growth,’ says Matt Putman, iKhokha CEO.