More and more corporates in South Africa are throwing their weight behind startups in the country. Toeing the path of Naspers, one of the country’s leading banks, Absa, has launched the 2nd Phase of its 1,000 Tech Entrepreneurs program, an initiative aimed at giving local entrepreneurs the opportunity to set up technology companies. The 12-month program aims to assist founders with business growth and development. The program consists of bootcamps that have already begun at the beginning of November 2020. It will end in March 2021.
“This year has shown us more than ever, that large corporates should be supporting entrepreneurial ventures in order to create employment opportunities. Added to this, it is the fresh and innovative thinking of technology entrepreneurs that gives rise to the type of startups that solve real-world problems,” Andrew Davies, Digital Partnerships Ecosystem Lead at Absa Group said.
Here Is What You Need To Know
- Through the business development programs, Absa hopes to develop a corporate culture that could be copied by other African economies.
- Partners across South Africa will then support participating entrepreneurs to further grow their technology-driven businesses.
- Are you in South Africa and are interested in being part of Absa’s 1000 Tech Entrepreneur movement? Register online here.
- Prospective applicants need not have prior entrepreneurial experience.
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A Free Banking Service For Startups
Absa has equally launched Evolve Zero, a no-monthly bank account for startups in South Africa. The new Evolve Zero service is a no-monthly fee bank payment system designed for sole proprietorship businesses. In addition to the zero fees, the account offers free access to an integrated business management and accounting tool called Cashflow Manager, as well as a debit card and savings account.
The account is accessible to individual entrepreneurs whose annual turnover does not exceed 5 million euros. It allows them to generate a tax report to help them complete their declarations with the South African tax administration. Banking transactions for this account can be viewed from devices connected to the Internet.
The new service allows free transfer orders, but there are fees for some services such as using a debit card and external transfer orders. An advantageous package is offered to customers who carry out frequent transactions.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer