Last we Steward Bank unveiled the finding the bank that fits your business’s needs is important. ZAMA ZAMA Account for SMEs.
In making the decision about which bank to pick, it is relevant to consider not only your business’s current needs but its potential future ambitions. That’s especially true if you’re anticipating being in the market for a loan over the next few years. Because the bulk of small business loans come these days from banks, it is wise to establish a good relationship with your bank before your business needs outside capital.
According to Steward bank CEO Dr Lance Mambondiani, launching the Steward Bank SME Financial Solution last week was a milestone for them. Before you start shopping around for a financial institution, consider why you need one in the first place. Are you looking for specialized services, such as investment help or a small business loan? The Steward Bank Zama Zama account has a number of benefits.
“The SME proposition bundled with Econet Group services will enhance Web presence for small businesses through MUZINDA HUB and access to local and international markets through OWNAI both of which are group subsidiaries. We have partnered with Riskflow to develop an APP that assists small businesses with Cashflow management, Financial Reporting, basic Bookkeeping and Financial Literacy. The bank has also launched an Incubation Pod at our Avondale Branch.” Dr Mambondiani said.
Most banks as yet fail to meet the needs of entrepreneurs, particularly in the digital sphere, claims 34-year-old Sean Moyo, a serial entrepreneur and founder of Deepleague Media, which provides online marketing solutions and innovations for companies.
“I don’t see that quality offered by either my personal bank or the company’s banks,” he complains. “I have banked with them for 5 years and they have not built up a good picture of me, nor are they able to offer a tailored personal experience.” Mr Moyo complained.
As you move closer to selecting a bank, pay close attention to the fees. The fee structure for business checking can be significantly different and much higher than those assessed by a bank on a personal checking account. Some banks will also charge small businesses for online banking services, even though they do not charge individuals. With ZAMA ZAMA account your monthly bank charges will be $10 per month and $5 for sole traders.
At some point in your entrepreneurial life, chances are you’re going to need to borrow money in order to get your business off the ground or keep it going strong. And if that point is now, when so many banks are clamping down on credit, the task may seem near overwhelming. The good news is, Zama Zama account offers up to $5000 loans. They will also have a crowdfunding facility for SMEs with bankable ideas.
“Through the Steward Bank Incubation Pod, we are rolling out a crowdfunding platform, a first in the country. Our goal is to match various lenders and development finance with small businesses who have bankable ideas. We intend to assist every small business to grow their ventures and their hustle.” Dr Dr Mambondiani added.
A good bank can prove to be an invaluable partner to a small business, not only helping its owner to borrow capital, but also working with him or her to plan for the future and assure potential customers of the business’s stability and credibility. That is what Steward Bank will be doing with Steward Bank Incubation Pod.