Why every SME needs the Zenith Bank SME Business Card

Small and Medium-sized Enterprises (SMEs) are the lifeblood of economies. They serve as the engines of innovation, economic growth, and job creation. At the end of 2021, there were approximately 332.99 million SMEs worldwide, constituting over 90 percent of businesses and accounting for more than 50 percent of global employment.

Recognizing the pivotal role that SMEs play in shaping economies, Zenith Bank has presented SMEs and small Corporates with the SME Business Card – a revolutionary financial tool to propel their businesses to new heights.

The global economic power of SMEs

Globally, SMEs contribute significantly to economic vitality. They represent 50 per cent of the global Gross Domestic Product (GDP) and provide employment for 60 per cent of the private sector workforce. The impact of SMEs extends to all corners of the globe, fuelling economic growth and fostering resilience.

Particularly noteworthy is the substantial contribution of women-led SMEs, comprising an estimated 37percent of all SMEs globally. In Africa, where the entrepreneurial spirit is vibrant, SMEs account for an estimated 37.7 million enterprises, contributing to 34percent of GDP and providing employment for 63percent of the workforce. The significance of SMEs in the African context cannot be overstated, as they form the backbone of many national economies.

Closer home, there are approximately 850,000 SMEs, representing about 90percent of businesses and contributing to more than 80percent of employment. The economic contribution of SMEs in Ghana is even more notable, constituting around 70percent of the country's GDP and 80percent of private sector employment. Again, Women-led SMEs play a significant role in Ghana's business landscape, accounting for an estimated 43percent of all SMEs.

Key features and benefits: empowering SMEs for success

The Zenith Bank SME Business debit card is an inclusive approach which ensures that businesses ranging from the local hair and cosmetics dealer in Makola to pharmacies on Ring Road and boutique law firms at Adjiriganor can benefit from.

Powered by a partnership with Visa, the Zenith SME Business Card stands out from traditional corporate and individual cards. Its distinctiveness lies in its laser focus on addressing the unique needs of SMEs.

The SME Business Card unlocks a myriad of features designed to empower SMEs on their journey to success.

A higher spending limit provides businesses with the flexibility to make essential purchases, while exclusive discounts in partnership with Visa focus on digital interactions, including Facebook and Instagram ads. These discounts serve as a catalyst for business growth, offering tangible benefits to SMEs engaging in the digital marketplace.

Beyond facilitating transactions, the Zenith SME Business Card plays a pivotal role in guiding credit decisions. By analysing the average spend of cardholders, the bank gains insights into their financial behaviour. This informed approach ensures that credit limits are set at levels that align with the financial capacity of the business, fostering responsible financial management.

Recognizing that SMEs often face challenges in financial management, Zenith Bank goes a step further by offering a complimentary accounting software, QuickBooks, through its partnership with Visa. This value-added service assists SMEs in reconciling their debits and credits, providing a clearer picture of their financial health.

One of the critical elements of the SME Business Card is the commitment to financial literacy. In response to the common concern of limited access to financial education, Zenith Bank is developing an SME financial literacy skills platform.

This platform will allow SMEs to learn at their own pace, gaining access to courses that empower them with essential financial knowledge. Importantly, this platform will be exclusively accessible to SME Business Cardholders, ensuring that they have a competitive edge in terms of financial literacy.

Security is a paramount consideration in the design of the Zenith SME Business Card. Employing state-of-the-art technology, the card features PIN and chip-enabled security, offering a robust defence against unauthorized transactions.

The inclusion of 3-D Secure for online transactions adds an extra layer of protection, ensuring a secure digital experience for cardholders. Real-time notifications further enhance security, promptly alerting cardholders to any unauthorized activity. In the event of an unauthorized transaction, prompt communication with the bank through the 24-hour Zenith Direct Contact Center ensures swift resolution.

Support is a cornerstone of the SME Business Card offering. Cardholders benefit from access to the 24-hour Zenith Direct Contact Center, providing global support regardless of their location. Additionally, each cardholder is assigned a dedicated Relationship Manager, ensuring a personalized and responsive customer experience.

Seamless integration: obtaining your SME Business Card

Acquiring the SME Business Card is a straightforward process for existing Zenith Bank account holders. By completing a simple form dedicated to the SME Business Card, in-branch, via your Relationship Manager or online, businesses can unlock the potential of this tailored financial tool. With a commitment to efficiency, Zenith Bank endeavours to provide cardholders with their SME Business Card within 24 to 48 hours, ensuring a quick and seamless integration into their business operations.

Zenith Bank: pioneering tailored solutions

The Managing Director/Chief Executive Officer (MD/CEO) of Zenith Bank Ghana Limited, Mr. Henry Onwuzurigbo said the initiative was born out of a realization that, SMEs in Ghana face a significant credit gap which is exacerbated by the limited availability of financial products tailored to meet the unique needs of SMEs.

“The introduction of the SME Business Card addresses this gap, giving SMEs a financial tool expressly designed to cater to their specific business requirements”, he said.

Targeting businesses in the commercial sector and small corporates, Mr. Onwuzurigbo said the card is tailored for enterprises with as few as one employee to those with up to 100 employees, whose annual turnover does not exceed the cedi equivalent of US$5 million.

Promise of growth: Zenith Bank's commitment to SMEs

The MD/CEO assured that Zenith Bank stands as a steadfast partner in the journey of SMEs, providing not just financial tools but a holistic support system that propels businesses towards unparalleled success.

“As SMEs embrace the SME Business Card, Zenith Bank promises to deepen the ecosystem continually. Through ongoing usage and valuable feedback from cardholders, the Bank pledges to expand partnerships, further enhance the features and benefits of the card, and ultimately contribute to the sustained growth of businesses,” he added.

Zenith Bank Ghana is a subsidiary of Zenith Bank Plc, headquartered in Nigeria with presence in other West African Countries, the Middle East, Asia and Europe. It is a member of the Ghana Deposit Protection Scheme.