US EditionHidden bank fees are crushing small businesses
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Hidden bank fees are crushing small businesses
Entrepreneurs are struggling to reconcile advertised banking benefits with the actual cost of managing their finances. According to data from the Small Enterprise Development Agency (Seda), only 12% of South Africa’s SMEs access formal funding, meaning many rely on day-to-day banking rather than credit. But this essential service is far from affordable. A 2024 report by Business Unity South Africa found that SMEs spend an average of R700 to R120…
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