10 September 2021 - 07:00The AfCFTA is a new frontier and a potential game change for the continent. Picture: SUPPLIED/ABSA
“The AfCFTA is a new frontier and a potential game change for the continent, and one that stands to benefit entrepreneurs as much as the corporate sector,” says In the absence of a new credit lens, the high collateral requirements imposed by the regulatory rules of Basel III make loans to SMEs unaffordable for them because of their relatively high-risk weightings.Absa has retooled three areas of its trade finance business“First, we spend a lot of time with our SMEs to understand their needs in developing various collaborative relationships. What is vital to the support of SMEs is to have financial products tailored to their core needs.
This model acknowledges the difference between large corporate and SME clients by applying a different credit lens when assessing SME clients. Vast amounts of economic growth and job creation will continue to be lost to society until banks find innovative ways to make lending decisions that suit SMEs.
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