SMEs need fuel payment plans to tackle business challenges?

Zenith Bank has highlighted the critical need for small and medium-sized enterprises (SMEs) to adopt structured fuel payment plans to overcome the significant challenges they face in managing their operations.

Mr. Kwame Adadey, the Divisional Head for SME Retail and Digital Banking at Zenith Bank, emphasised that while large logistics companies had long utilised sophisticated systems, smaller businesses were left to grapple with issues that impede their growth and efficiency.

He said this during the launch of?an innovative fleet solution, for corporate and enterprise customers.

This innovative solution aims to digitize fleet and fuel expenses, providing enhanced visibility and accountability for businesses.

Visa Commercial Fleet Solutions will enable Zenith Bank’s customers to manage their fleet expenses more efficiently with Fleet Cards and a

comprehensive Fleet Management System platform.

The business landscape for Small and Medium-sized Enterprises (SMEs) is fraught with challenges, from limited capital and market access to operational inefficiencies.

In Ghana, as in many parts of the world, SMEs form the backbone of the economy, yet they often lack the sophisticated tools and systems that larger corporations take for granted.

One of the most significant and often overlooked challenges for these businesses is the management of fleet and fuel expenses.

The reliance on cash-based transactions for fuel payments creates a breeding ground for fraud, a lack of accountability, and a complete absence of data for informed decision-making

Speaking in an interview, Mr. Adadey pointed out that even businesses with as few as three or four vehicles, which they consider their “fleet,” struggle with cash management.

“There’s a lot of fraud and corruption when it comes to moving around with cash,” he stated.

According to him, a proper fuel card solution is essential for these businesses to gain better control.

“The system allows them to manage their drivers and cash more effectively while providing a detailed overview of their expenditures,” he said.

“It’s hard for them to track how much fuel they spent on what car, how much maintenance they spent on what car,”?he noted.

He added that the data provided by such a system empowers business owners to make informed decisions, such as identifying vehicles that are becoming a financial drag on their operations.

Mr.Fabrice Konan, Country Manager, Visa Ghana said this?solution would allow enterprises to equip their drivers with the ability to pay for fuel and vehicle-related expenses while maintaining control and oversight through detailed reporting and controls on the Fleet Management platform.

“We are excited to partner with Zenith Bank to bring this innovative Fleet Solution to the market.

“This collaboration underscores our commitment to providing cutting-edge payment solutions that drive efficiency and transparency for businesses in Ghana,” he said.

Source: GNA

The post SMEs need fuel payment plans to tackle business challenges? appeared first on Ghana Business News.

Read Full Story