Kopano Monaheng
ASK any kasi entrepreneur what they want and you are likely to hear they want success and growth for their businesses.
And that’s why Standard Bank is committed to supporting the continued growth of kasi businesses across South Africa.
On Tuesday, 14 October, the media was taken on a tour around Soweto, visiting some of the Kasi establishments the bank supports.
The aim of the tour was more about understanding the township economy.
The bank conducted a survey on Township Informal Economy Report. This was done in Gauteng, Western Cape, KwaZulu-Natal, Limpopo, and North West to provide insights into these underserved markets. Their findings showed that 80% of township businesses remained unregistered, making it a challenge for the owners to access funding for them to improve their businesses.
The tour started at Ukuhamba business in Molapo, then Thesis Lifestyle in Mofolo and ended at the All in One Emergency in Midway.
Nokhanyo Ntshingila – senior manager for enterprise & supplier development for business and commercial banking at Standard Bank South Africa, said that while the bank is deeply committed to supporting kasi establishments and small businesses across South Africa, it is equally important that these businesses are positioned for growth and funding.
“First, you need to be a fundable business,” said Nokhanyo.
She explained that many small businesses express the need for funding, but when asked how they plan to use it, they often have not yet developed a clear plan.
“They will tell you they want funding. And when you ask them, ‘What are you going to do with the funding?’ many respond that they will decide once they receive it,” she said.
According to Nokhanyo, the goal is to help entrepreneurs build businesses that are ready and equipped to receive and effectively use funding.
She said whether your business makes R100 or more per day, as long as you bank that money – the better, because in order for the bank to fund you, they need to track your activities.
“We’re really preaching that formality of business,” she said.
It’s not about the vat. It’s not about the tax. It’s also not about the government taking your money.
But it’s about building a sustainable business.
The bank hopes one day these businesses will thrive and start recruiting people.
One of the Kasi business owners, Sibongile Mongadi, of Ukuhamba business, spoke to Ezimtoti News. Ukuhamba is a healthcare tech company that produces prosthetics, braces, and other orthotics for amputees and people living with disabilities.
Her business is in Molapo. In terms of recruiting people in the business, Sibongile said: “I think this year we’ll add two more faces, and then maybe next year we can add maybe three or four,” she concluded.
