Reserve Bank greenlights new SME bank Lula

The South African Reserve Bank has given its regulatory approval for a new partnership specifically designed to address the most usual challenges SMEs face when managing their finances. Lula was developed through a partnership between Lulalend and Access Bank South Africa Ltd.

Lula will solve the funding access challenges SMEs can face.

“Lula will allow us to reach more SMEs and empower them to succeed. We have seen a need to broaden our offering beyond providing access to working capital, and we will now be able to remove the hassles of cash flow management, allowing business owners to focus on growth,” says Lulalend CEO Trevor Gosling about the next step in the company’s evolution.

Lulalend’s new business banking platform will offer SMEs the ability to open an account online in minutes, tools to simplify cash flow management and improve decision making, instant customer support and even faster access to business funding.

“We see SMEs as the lifeblood of the South African economy, and we are committed to play a role in helping small businesses grow and develop,” says Natasha Archary, Senior Manager of Product and Business at Access Bank.

“Our partnership with Lulalend will aid them in growing their offering and play a valuable role in making banking services accessible to SMEs.”

The Access Bank and Lulalend partnership was grown through Access Bank’s Alliance Banking strategy, headed by Meagan Rabe and strives to partner with open-minded, future focused businesses to develop innovative offerings and in this case a banking platform that is agile, adaptive, and flexible with value-added services.

The strategy affirms Access Bank’s commitment to partnering with fintechs in various industries to think out of the box, disrupt the norms and drive innovation.

“By simplifying cash flow management, the launch of Lula will enable business owners to focus on what really matters,” said Gosling and Archary in a joint media statement. “We are optimistic about making a meaningful impact on our economy through this partnership.”

Read more: How cost-cutting can help SMEs grow [Opinion]

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