Latest news with #Yoco
IOL News
2 days ago
- Business
- IOL News
Using technology to streamline operations and improve efficiency
SMEs can streamline sales by integrating digital payment tools such as Yoco, SnapScan, Zapper or PayFast, says the author. Image: File For local small and medium enterprises (SMEs), there is a constant pressure to do more with less, which means finding smart ways to cut costs, save time and boost productivity. In this context, technology is one of the most powerful levers available to business owners. When used effectively, digital tools can automate manual or repetitive tasks, enhance customer service, and free up valuable capacity to focus on growth. Despite this fact, less than 30% of South African SMEs have adopted digital tools. Whether this is due to cost concerns or uncertainty about which solutions will deliver the most impact, the slow uptake could severely undermine local competitiveness in the long run. The good news is that many affordable, practical options are available to help SMEs begin their digital journey. Here are a few starting points: Automate administrative and repetitive tasks Time spent on manual paperwork, invoicing, data entry or stocktaking is time not spent on growing the business. Cloud-based accounting software like Xero and Sage can automate invoicing, track expenses and generate real-time financial reports, while inventory management tools can help monitor stock levels and optimise ordering cycles. Even small tweaks – like using scheduling tools to plan meetings or free email automation software to confirm appointments – can save hours each week. Embrace cloud storage and collaboration tools Moving operations to the cloud allows business owners and teams to access files, documents and systems from anywhere. Tools like Google Workspace or Microsoft 365 allow for real-time collaboration, document sharing and secure cloud storage. This not only improves communication but also helps decentralise decision-making and reduce dependency on one physical location. The key is to also invest in cybersecurity to protect your information and business. Improve customer interactions through CRM tools Customer relationship management (CRM) software helps businesses track customer interactions, manage leads, and personalise service. Leading platforms like HubSpot, Zoho CRM or even free options like Bitrix24 can help SMEs keep a detailed record of client preferences, purchase history and communication, allowing for more targeted engagement. Automating follow-ups and support workflows can also reduce lead times and improve customer satisfaction. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Use data to drive better decisions Technology gives SMEs access to data that was once only available to big corporates. Point-of-sale (POS) systems, website analytics, and customer surveys all generate data that can be analysed to identify trends, track sales performance and understand customer behaviour. With this insight, businesses can respond faster to market changes and customer needs, refine their marketing strategies, and identify new revenue opportunities. Adopt digital payment and e-commerce solutions Consumers today increasingly expect seamless, cashless transactions. SMEs can streamline sales by integrating digital payment tools such as Yoco, SnapScan, Zapper or PayFast. For those in retail or services, simple e-commerce platforms like Shopify or local marketplaces can expand customer reach without significant upfront investment. Going digital also creates a valuable data trail that can help manage cash flow and reconcile accounts more easily. While technology can be a game-changer, it doesn't need to be implemented all at once. The key is to start small and scale smart. This means starting with one or two high-impact areas, testing the tools, training your employees properly, and scaling up gradually over time. Lastly, don't commit financially until you're sure – many providers offer free trials or freemium versions that allow businesses to test functionality before opting in. Jeremy Lang is the managing director at Business Partners Limited. Image: Supplied
IOL News
3 days ago
- Business
- IOL News
Nedbank acquires iKhokha for R1. 65 billion to enhance support for South African SMEs"
iKhokha starting transaction rates are competitive compared with competitors such as Yoco and Capitec Pay. The company has been acquired by Nedbank for about R1.65 billion. Image: Supplied Nedbank Group plans to acquire 100% of fintech innovator iKhokha in an all-cash deal of about R1.65 billion, a significant move in Nedbank's strategy to deepen its support for small and medium-sized enterprises through digital innovation and inclusive financial services. Founded in 2012, iKhokha has become a leading partner to many thousands of South African entrepreneurs, and shares the marke with competitors such as Yoco and Capitec Pay. The company, founded by Matt Putman, Ramsay Daly, and Clive Putman, provides card machines, digital payment solutions, and business tools to SMEs, processing north of R20 billion annually in digital payments and other services. 'This acquisition is a natural evolution of our existing relationship with iKhokha, and we are incredibly excited to welcome iKhokha to our Nedbank family,' said Nedbank Group Managing Executive for Personal and Private Banking, Ciko Thomas. The acquisition will see iKhokha become a fully owned subsidiary of Nedbank, while continuing to operate under its own brand and leadership team. Thomas said the acquisition represented 'a pivotal moment' in their strategy to empower the SME market. 'By combining their innovative technology with our deep banking experience, we will provide small business clients with the best-in-class tools they need to thrive,' said Thomas. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ 'We believe that empowering entrepreneurs is essential to building a thriving and inclusive economy,' said Nedbank Group CEO Jason Quinn. He said iKhokha's mission and technology aligned 'perfectly' with the bank's aim of digital transformation in the SME sector. 'Together, we will unlock new opportunities for growth and financial inclusion in South Africa and potentially abroad,' said Quinn. The transaction also marked a successful exit for iKhokha's long-standing investors - Apis Partners, Crossfin Holdings, and the International Finance Corporation (IFC). These investors played a big role in supporting the management team in scaling iKhokha's operations and product innovation. 'Their exit reflects the strong performance and strategic value of the business and underscores their confidence in Nedbank's ability to take iKhokha into its next phase of growth.' Crossfin had backed the iKhokha founders from the initial concept to become a uniquely positioned business with an attractive growth profile and much to offer the South African SME market. Crossfin Holdings CEO Dean Sparrow said in a statement: 'We are extremely proud of what has been achieved by the iKhokha team and the fact that we have found a great home for the business, its people, and the SME market it services.' Apis Partners managing partners Matteo Stefanel and Udayan Goyal said they were 'incredibly proud of how far iKhokha has come — from a promising fintech startup to one of South Africa's leading payment providers. Our partnership with Matt and the team has been deeply rewarding, not only in terms of the company's rapid growth but also its powerful impact on thousands of South African SMEs.' They said they were confident iKhokha would continue to scale its aims of driving financial inclusion and empowering entrepreneurs, as it entered its next phase under the ownership of Nedbank. CEO and co-founder of iKhokha, Matt Putman, said joining forces with Nedbank gave them the platform to scale their impact, further accelerate product innovation, and unlock new value for their merchants.
IOL News
19-06-2025
- Business
- IOL News
South Africa's small business revolution: over 200 000 entrepreneurs boost growth by R500m
With over 200 000 entrepreneurs harnessing digital tools, these businesses have collectively processed an astounding 173 million transactions, equating to a remarkable growth exceeding R500 million in just one year. Image: Supplied. In a remarkable testament to resilience and innovation, South Africa's small business sector is undergoing a transformative boom, as highlighted in Yoco's latest 2025 Exchange report. With over 200 000 entrepreneurs harnessing digital tools, these businesses have collectively processed an astounding 173 million transactions, equating to a remarkable growth exceeding R500 million in just one year. This surge underlines the crucial role of small businesses in the economy. Yoco's CEO, Katlego Maphai said, 'Small businesses are the heartbeat of our economy. What we're seeing in our data isn't just resilience, it's a transformation of how entrepreneurs operate, compete, and win.' Retail leads the way The report revealed that retail merchants, who have adapted to the changing landscape by leveraging Yoco's digital solutions, reported an impressive R74 million in revenue growth. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Gauteng is depicted as a leading region in this digital shift, boasting a 22% increase in merchants and 20% larger average basket sizes compared to the Western Cape. Notably, online sales via Yoco Gateway in Gauteng outperform those in the Western Cape by 35%, and surpass Mpumalanga by an astounding 82%. Food and beverage sector excels However, it is the Food and Beverage sector where the Western Cape shines, producing an impressive 24% more revenue than Gauteng despite having 31% fewer merchants in the area. Targeted marketing strategies, particularly weekend brunch promotions, have driven over 20% of revenue in Cape Town alone, with Fridays and Saturdays recorded to yield a 14% sales increase compared to weekdays. Beauty boom in December The Hair and Beauty sector, particularly vigorous in Johannesburg, is a standout contributor to the small business boom, with an annual revenue generation exceeding R324 million. December proves to be a critical month for this sector, witnessing a 28% increase in revenue nationwide. Furthermore, digital channels have become pivotal, with 43% of beauty product purchases now conducted online through Yoco Gateway. Digital adoption as a catalyst for growth The undeniable impact of digital tools becomes pronounced, especially in the wake of the Covid-19 pandemic, which forced many businesses to adopt digital solutions for survival. Merchants utilising Yoco's Point of Sale systems reported a 32% increase in revenue, while those in the Food and Beverage sector saw an even more substantial growth of 41%. This shift towards digital is not merely a trend; it's emerging as an essential approach to thrive in the contemporary market environment. Three pillars of small business success According to Maphai, Yoco's data highlights three fundamental pillars for success in 2025: Timing Mastery, involving an understanding of peak trading periods; a Digital First Approach, where digital capabilities become essential rather than optional; and Smart Capital Deployment, which accelerates growth through strategic financing. A ripple effect of prosperity 'These 173 million transactions represent more than commerce; they signify job creation, community building, and grassroots economic resilience,' Maphai aded. The benefits of this entrepreneurial boom extend beyond individual businesses; they enhance regional economic diversification, nurture thousands of families, and drive a necessary digital transformation.
