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The world is constantly evolving, creating new needs, challenges, and opportunities for small businesses. The rise of fintech in South Africa has challenged the approach of traditional banks and given a platform for SMEs to grow their businesses more effectively. 

“Fintech is playing a greater role in challenging traditional decision-making processes that business owners have had to make about their business’ cash flow and finances. By utilising the innovative solutions that fintech provides, business owners have a clearer view of what can drive their business success and profitability,” says Tom Stuart, Chief Marketing Officer of Lulalend. 

He believes that, for SMEs to become future proof, they must harness the benefits of the digital age to their advantage. Through digitisation, the use of real-time data, and working with savvy fintech partners, SMEs can expand their businesses more effectively and in less time. 


The emergence of digital banking services has removed a barrier between SMEs and financial services. FinTech can offer its clients digital banking services on more accessible digital platforms. This allows business owners to use one platform to manage their cash flow, without having to consult customer service representatives directly, and manage business finances in real-time. 

Real-time data 

The current world of business is becoming increasingly data-driven. Big data and artificial intelligence enable an intuitive analysis of financial data, supporting SMEs and making smart decisions for their businesses. 

“Financial technology is likely to continue advancing and offer robust benefits to decision-makers. This could allow businesses to combine data from different accounts into a single view, a real-time view. The software can also be plugged into digital banking platforms, allowing full cash-flow management in one place,” added Stuart. 

Turning to fintech for small business lending 

FinTech is also disrupting the landscape of business finance. By offering financial products that can be accessed instantly and with less cost, SMEs are likely to leverage the fintech solutions available to them. By taking an approach that considers opportunity through assessing business performance, fintech is dispelling the need for credit checks and other formalities for SMEs. 

“Change is the only constant, especially in the world of business. By adapting their approach, SMEs can create the change they want to see, all while building a stronger and future resilient business – one that is equipped to grow in the market and remain competitive,” says Stuart.