Running a business can be time-consuming, so the last thing you want as an entrepreneur is dealing with the stress of managing your finances. As self-employed entrepreneurs, informal traders are usually unregistered, often having no financial record-keeping systems in place. Since keeping cash has become increasingly risky with criminals always ready to pounce, informal traders have become ‘easy’ targets, hence the need for secure banking options.
The Business Evolve Lite account is Absa’s most ideal offering for informal traders, according to Ronnie Mbatsane, Managing Executive for SME Business at “It has no monthly fees and is suitable for all business segments and sectors,” he said, adding that opening the account was free of charge. The bank also offers useful tools such as the Cash-Flow Manager integrated accounting tool, which provides real-time business analytics while allowing entrepreneurs to create online quotes and invoices, as well as access to a full payroll feature