3 hours Ago By Robin-Leigh Chetty
iKhokha has announced the rollout of a new operating system made with local SMEs in mind.The announcement was made this week during the company’s iKhokha Elevate event in KwaZulu-Natal. The new SME-focused operating system is said to “empower small businesses and entrepreneurs with the knowledge and tools”.
Earlier this week, local fintech specialists iKhokha hosted its first event for merchants in Durban, KwaZulu-Natal, called Elevate. The event served as a way for the startup, founded in 2012, to engage more directly with local merchants, as well as announce the rollout of a new operating system focused on South African SMEs.“iKhokha’s financial services platform empowers entrepreneurs to accept both in-person and online payments, as well as providing access to working capital and a portfolio of easily accessible business management tools to streamline processes and support growth,” the fintech noted in a release shared with Hypertext.
“To date, iKhokha has processed over 307 million card transactions, put more than R2 billion in business owners’ hands through their iK Cash Advance offering, opened 16 iKhokha stores nationwide and developed 17 tools to enhance business operations,” it added regarding some recent milestones.Unpacking the development of the new SME-focused operating system, the company cited a recent survey it conducted, where 63 percent of merchants reported difficulties in scaling their inventory system. Added to this was 72 percent highlighting cash flow issues as a significant challenge.
Furthermore, over half of South African businesses are said to not be using financial management software, which the startup explained as adding unnecessary complexity to their operations. “Our ecosystem goes beyond providing card machines, with our SME operating system designed to empower small businesses and entrepreneurs with the knowledge and tools they need to help their businesses flourish and grow in South Africa,” said co-founder and CEO, Matt Putman *pictured third from the right in the header image.“We remain committed to building the business tools that SMEs need to thrive in this fast-moving digital world.
We know that building a business is a journey, and every step should be taken together. We’re here to equip, support, and elevate you every step of the way, because when you grow, we grow and if we all grow then South Africa grows too,” he concluded.To find out more about the fintech, head here.
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