Standard Bank is backing an innovative initiative designed to recognise owner-run retail business that are driving the growth of South Africa\u2019s township economy.<\/p>\n\n\n\n
The recognition initiative was launched amid much fanfare and competitive display of the township\u2019s entrepreneurial successes in the fast-moving consumer goods (FMCG) retail market in Johannesburg today.<\/p>\n\n\n\n
Called the thrive<\/em>_<\/strong>Awards, the programme is inspired by the success of Standard Bank\u2019s marketplace digital platform start-up called thrive<\/em>_<\/strong> launched in 2020 to connect people and retail brands in the FMCG market.<\/p>\n\n\n\n The thrive<\/em>_ <\/strong>marketplace start-up venturemade its product debut with the launch of the first-to-market Point-of-Sale (PoS) solution built specifically for taverns and spaza shops. This vibrant trader network also includes lifestyle lounges, wholesalers and distributors who are the heartbeat of the FMCG market, and a place of connection for communities, job and wealth creation for many entrepreneurial families, and a stage for DJ\u2019s and artists to build audiences.<\/p>\n\n\n\n During 2022, the thrive<\/em>_<\/strong> marketplace solution enabled more than R1,5 billion in digital payment transactions between shoppers, owner-run retail businesses and FMCG brands across a network of approximately 4500 traders operating in townships.<\/p>\n\n\n\n thrive<\/em><\/strong>_<\/strong> is not just a PoS card machine for formal businesses, but a unique marketplace purposefully created for traders, with no bank account or paperwork required. It enables FMCG brands to receive seamless payments from traders, as well as incentivise shoppers to go cashless through the thrive<\/em><\/strong>_ In The Mix App which allows brands and businesses to market their services directly to shoppers.<\/p>\n\n\n\n During its first three years of trading, thrive_<\/em><\/strong> has gathered incredible insights about vibrancy, resilience and potential of township businesses to drive South Africa\u2019s economic growth. It has now leveraged these insights to conceptualise the thrive<\/em>_ <\/strong>Awards to celebrate the achievements of owner-run retail businesses in growing the township economy, and for sustaining livelihoods through job creation and entrepreneurship. The market value of the township economy is estimated to be approximately R340 billion.<\/p>\n\n\n\n The CEO of thrive<\/em>_<\/strong>CEO Khetha Mazibuko said the start-up\u2019s purpose is to connect people with brands. \u201cAs such, the thrive<\/strong>_Awards enable us to amplify the brands of our business and corporate customers, and foster deeper connections between people and brands\u201d.<\/p>\n\n\n\n Crosby Mkwanazi, Standard Bank\u2019s Head of Transactional Banking, said the role of Standard Bank\u2019s Corporate and Investment Banking (CIB) is to support corporate brands and their value chain. \u201cThe thrive<\/em><\/strong>_Awards aim to showcase a critical part of our FMCG customer\u2019s value chain, specifically the many owner-run distributors and retailers who drive FMCG growth\u201d.<\/p>\n\n\n\n The awards will be across 11 categories that have been identified to amplify the main market, and entries will be open between the months of May \u2013 August 2023.<\/p>\n\n\n\n Award categories<\/strong><\/p>\n\n\n\n