South Africa: Hello Pay to boost SMEs with loans up to R250,000

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Zunaid Miya (HelloPay MD) Hello Group, Centurion Gate Office Park, Centurion, Gauteng. 12 January 2021 Photograph: John Hogg

Due to two significant increases in interest rates in the first half of 2022 alone as well as quickly growing costs, business owners all over the nation are closely monitoring their budgets and cash flow since every cent matters.

Local fintech company Hello Pay is providing merchants and micro and small businesses access to competitive, commercially attractive business loans of up to R250,000 to help them expand their operations as champions of financial inclusion and SME growth in South Africa.

The Hello Pay Business Loan is part of Hello Pay’s newly launched Business Solution – an all-in-one suite of services created to enable growth, save costs and give small business owners access to key financial services.

“SMEs and entrepreneurship are often mentioned as an antidote to South Africa’s economic woes, yet very little is offered in practical terms to assist fledgling companies with access to funding to grow,” says Zunaid Miya, Managing Director of Hello Pay.

Any entrepreneur can now obtain the capital they require to build their businesses by investing in cars, stocks, or other assets, regardless of whether they run a spaza store, beauty parlor, delivery service, or street kiosk. According to Miya, this strategy is a crucial change from providing finance to consumers for purchase, which merely serves to trap more people in a cycle of perpetual debt.

“Extending competitive loans so entrepreneurs and SMEs can deploy those funds towards income-generating assets and activities which ultimately leads to the alleviation of poverty and wealth creation is something which Hello Pay is proud to lead.”

Loan amounts range from R30,000 to R250,000 at Hello Pay. Additionally, loans are reasonably priced and adhere to Shari’ah. Anyone who wishes to expand their firm can get a loan; they are not just for Muslim business owners. Owners of businesses have up to a 12-month window in which to repay the loan.

“We are giving businesses the support they really need to grow their businesses into sustainable and successful enterprises. Given the enormous obstacles SMEs face, Hello Pay is proud to play a part in connecting thousands of deserving businesses with excellent financial services so that they can focus on running their businesses and providing millions of South Africans with necessary goods and services,” Miya explains.

How to qualify for the Hello Pay Business Loan:

✓ Become an active Hello Pay merchant

✓ Swipe more than R15,000 per month for at least three months

Other benefits of the Hello Pay Business Solution include:

✓ A fully fledged bank account issued with a Visa debit card

✓ Business cover from as little as R60 per month

✓ 24-hour armed response for just R2 a day

✓ The ability to pay staff salaries or remit money home using Hello Paisa

✓ Transaction rates as low as 1,2 percent

✓ An online portal to keep digital records instead of hassling with loads of paper

Miya says that entrepreneurs and small businesses are tasked with the massive responsibility of reviving the economy and creating millions of new jobs.

“We owe it to them to create an enabling business environment. Providing practical and meaningful financial support is a good place to start. Hello Pay has been at the forefront of enabling entrepreneurs in various sectors of the economy; firstly by providing innovative payment solutions which have now grown to include an end-to-end suite of benefits that are specifically tailored to meet the needs of our market,” says Miya.

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