Supporting Monabo, a cleaning and hygiene company owned by Bongiwe Monakedi, a black woman, was one of the key elements of South African bank Nedbank’s enterprise supplier development (ESD) programme.
Launched in 2015 the programme identified nine suppliers whose businesses the bank believed it could make more sustainable and successful.
The bank assigned Monabo a mentor to help it secure new clients as well manage cash flows and financial statements. Nedbank helped the company position itself as an innovative ‘green’ cleaning and hygiene company, which gave it access to new markets and helped it grow in a competitive industry.
Nedbank said Monakedi believed the bank’s help enabled her to grow her company’s annual turnover growth from R300,000 (£14,284) in 2012 when she signed a contract with the bank to over R10m (£475,900) by February 2015.
Judges’ comments: “This was a great achievement in term of scale, helped SMEs to grow and contributed to the general economy.”