First National Bank (FNB) Business has formed a partnership with black economic empowerment (BEE) rating and research agency Empowerdex that will allow businesses to process applications for BEE certificates through the bank's online banking channel.
Sanjeev Orie, CEO of value-adds at FNB Business, says the move to online applications is a bid to minimise the administrative burden of obtaining BEE certificates.
"BEE certification is a key imperative for most businesses operating in SA; therefore, our aim is to accelerate the process through a reliable and user-friendly channel."
Empowerdex's divisional manager Andile Kungwayo says the joint venture provides the agency with a platform to supply a necessary service to local businesses. "We believe that the joint venture is in line with our mission to provide support to both the public and private sectors in accelerating broad-based black economic empowerment in the country."
The Department of Trade and Industry is in the process of reviewing the current BEE codes to encourage compliance and boost the support of SMEs in SA. FNB says its application process is flexible enough to adapt to any process changes which may be implemented in future.
"Businesses that apply through FNB Online will benefit from a variable discount, depending on the type of entity. Clients can access the new service through their business profiles, which provide tabs for new applications.
"Once the applicant has captured their information and confirmed all their details, the system sends the application to Empowerdex to begin a BEE verification process and determine the level of accreditation before issuing a certificate."
Orie says it is incumbent on the private and public sectors to work together to eliminate barriers to doing business in SA.
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