Elevating CX in South Africa: CX Centric Conversation (Keynote by Katlego Maphutha).

In our last CX Centric Conversation which was on “Elevating Customer Experience in South Africa”, we had a presentation from Katlego Maphutha who was one of keynote speakers. Katlego is the Business Development Manager at Genfin BusinessFinance, and he specializes in offering tailor made solutions for small and medium businesses. He spoke largely about funding of SMEs in South Africa.

The following are some of the key takeaways from Katlego’s presentation:

• SMEs in South Africa are the backbone of the economy, as they have contributed about 40% to the South African GDP.

• SMEs are projected to create 60% new jobs between now and 2030.

Some of the business overarching funding challenges that are faced by SMEs in South Africa include:

1. High rejection rates for SMEs.

2. Lengthy processes, 

3. Lot of red tape and bureaucracy

4. Lack of transparency

Genfin Business Finance introduced a few practical steps to incorporate customer centricity in their everyday business. This is what they are doing: 

• Their business funding is fairly quick. It is fairly quick is three steps only thus:

  1. No financial projections are required. 

  2. They don’t require any financial projections.

  3. They don’t require any business profile

  4. They don’t require any business plan

  5. They give a reply within 24 hours of application

  6. Access to funding is done typically within 72 hours, provided all the paperwork is in order

Instead they what they want from applicants is the following:

1. The company documentation

2. Bank statements to be able to come up with a credit score

To listen to the whole presentation, use the Youtube link below: