Cashing up at the end of the business day will be easy, as everything will already be recorded by the bank app that the business will be using.
Most people in South Africa have transitioned to a cashless society, with businesses and sectors following suit, as it makes life easier. However, most small and medium enterprises (SMEs), especially those in townships, are still using traditional methods.
Small businesses in the townships account for a significant number of SMEs in the country. The idea of transitioning to a cashless system was emphasised during the 2025 Standard Bank Kasi SME Summit, where entrepreneurs were celebrated for their innovative business ideas.
A cashless system is a system for businesses where all financial transactions are done using electronic or digital methods, removing the need for physical cash, such as banknotes and coins
Benefits of businesses moving cashless
Naledzani Mosomane, Standard Bank’s head of Enterprise and Supplier Development at Business and Commercial Banking, told The Citizen that one of the benefits of being cashless is having a track record.
“Moving to a cashless system can also help businesses when applying for funding, because they can visit their respective banks and get a track record of how their business has been doing, which will increase the chances of the funding being approved.”
Additionally, cashing up at the end of the business day can be easier, as everything will already be recorded by the bank app that the business will be using.
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Scams
Another benefit is safety and security. Criminals won’t easily rob a business of their money during the day.
She, however, did acknowledge that cybercrime and fraud are associated with a cashless system, but she is confident in the cybersecurity measures that banks in the country have implemented to protect people’s finances.
Touching on cybercrime, she added that banks work together in sharing the types of scams that are being used by cybercriminals to raise awareness.
Business idea pitch for money
Five businesses were also awarded cash prizes at the summit for the bank’s Kasi SME National Pitch Challenge. The competition saw more than 850 applications from township entrepreneurs across all nine provinces in the country.
The judges had to cut it down to 18 entrepreneurs based on the applicants’ business ideas. On the day of the summit, the 18 that made it to the final round had to pitch their business ideas to a room full of attendees.
The panel selected five winners based on the innovation of their business, their role in providing employment to society, and the revenue they have generated.
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Winners
The winners that were selected are:
- 1st place: R200 000 – Cloudy deliveries from the Western Cape
A township-based delivery service using bicycles to connect restaurants, supermarkets, and local businesses with customers, while also distributing promotional materials for community enterprises.
- 2nd place: R100 000 – Ukuhamba from Gauteng
A 100% black youth- and women-owned healthcare tech company producing high-quality, affordable prosthetics, braces, and orthotics for amputees and persons with disabilities.
- 3rd place: R80 000 – Keiskamma Hygiene Services and Projects from the Eastern Cape
A cleaning and environmental services business offering pest control, gardening, deep cleaning, and mobile car wash services to both residential and commercial clients.
- 4th place: R70 000 – Ariel Robotics from KwaZulu-Natal
An innovative drone technology company developing autonomous drones for inventory management and logistics, enhancing supply chain efficiency and warehouse operations.
- 5th place: R50 000 – Sky Drop from KwaZulu-Natal
An eco-friendly water business producing potable water through atmospheric water generators, supplying clean and healthy drinking water to households, communities, and businesses.
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