iKhokha, a fintech company dedicated to fostering growth for South African small businesses amid challenging macroeconomic conditions, hosted its first iKhokha Elevate event in Durban on Wednesday, March 12.
The event, which saw hundreds of merchants attend in person and thousands more join online, focused on discussing the challenges and successes of small businesses. It also marked the official launch of iKhokha’s full business ecosystem, reinforcing its mission to become the leading operating system for SMEs in South Africa.
As a start-up founded in 2012, iKhokha is one of Africa’s fastest-growing fintech companies and is redefining how SMEs do business through mobile innovation. iKhokha’s financial services platform empowers entrepreneurs to accept both in-person and online payments, as well as providing access to working capital and a portfolio of easily accessible business management tools to streamline processes and support growth. To date, iKhokha has processed over 307 million card transactions, put more than R2 billion in business owners’ hands through their iK Cash Advance offering, opened 16 iKhokha stores nationwide and developed 17 tools to enhance business operations.
According to a recent survey conducted by iKhokha, 63% of merchants reported difficulties in scaling their inventory system, while 72% highlighted cash flow issues as a significant challenge. Additionally, over half of South African businesses are not using financial management software, which can complicate their operations. iKhokha provides an array of affordable, easy-to-use solutions and tools which enable seamless payment processing, quick access to business funding, invoicing, inventory and stock management, and financial reporting, all in one integrated platform.
In a highly competitive market, iKhokha has distinguished itself by providing the best support, the fastest payment processing, the quickest payouts through iK Debit Cards, and the most accessible funding options in South Africa.
“At iKhokha, we help SMEs believe in building a better future. We aim to promote financial inclusion by developing and delivering business tools for all entrepreneurs. Our ecosystem goes beyond providing card machines, with our SME operating system designed to empower small businesses and entrepreneurs with the knowledge and tools they need to help their businesses flourish and grow in South Africa,” says iKhokha co-founder and CEO Matt Putman.
iKhokha Elevate, held at iKhokha’s head office in Umhlanga, focused on three essential pillars for SME success: cash flow, digital commerce, and business management. Highlights of the event included feedback from business owners and entrepreneurs who have overcome challenges, built successful businesses, and leveraged the right support, tools, and resources to drive growth and resilience in their ventures.
These included Jabu Malungane, founder of Jabu Atchar. His business, which is based in Thembisa, Gauteng, has grown from selling mango atchar outside shopping malls to now distributing through retail customers in Eswatini, Botswana and Lesotho, with Jabu selling locally through certain Pick ‘n Pay and Spar outlets as well as in various fruit and vegetable markets. Jabu shared how iKhokha’s Cash Advance product had been instrumental in his business growth. Jabu’s advice to others wanting to start their own business is clear – find something you love and build a business around it.
June Omondi, the owner of Kamango in Maboneng, also featured at the event. June was one of the early adopters of iKhokha’s digital products, which enabled her to sell custom-made clothing to international tourists by sending them an iK Pay Link to accept payments. As a business owner for many years, June recognises both the importance of being self-sufficient and the ability to employ people to earn a living and support their families – lessons in entrepreneurship that she is passing on to her children. June says consistency and perseverance are key to building a business but adds that you don’t have to be tech-savvy to use and benefit from iKhokha’s products.
Christian Mkhize, founder of Collab Cafe, is another entrepreneur who spoke about the benefits of using a business suite of tools like the iKhokha Dashboard to help visualise money movement and also touched on the importance of having your finances in order.
When finances aren’t managed, a business can face challenges such as poor cash flow management, difficulty making informed decisions, limited access to funding, and the risk of non-compliance with tax obligations, all of which can restrict growth and stability. “Your business has a pulse, and you need to feel that pulse,” he says.
Attendees also heard about business best practices from the iKhokha team. Some shared stories of the obstacles many entrepreneurs face in growing business and some guidance on what exciting new product releases will further strengthen iKhokha’s growing SME ecosystem.
“We remain committed to building the business tools SMEs need to thrive in this fast-moving digital world. Building a business is a journey; every step should be taken together. We’re here to equip, support, and elevate you every step of the way because when you grow, we grow, and if we all grow, then South Africa grows too,” Putman says.
