Wednesday, Sep 28, 2022
International Finance
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Absa launches procurement portal for SMMEs in South Africa

Absa procurement portal_IFM_Image
The user-friendly procurement portal will let small, medium, and micro enterprises apply and verify as supplier

African financial services provider Absa has opened their user-friendly procurement portal that will let small, medium, and micro enterprises (SMMEs) apply and verify as suppliers, media reports said. SMMEs are identified as one of the primary drivers of the economy post-pandemic and with the help of the opportunity provided by Absa, businesses can search for and network with corporates where they can win tender and contact suppliers, features which previously were not accessible. Absa to make their portal available throughout the African continent, but it will first launch in South Africa.

The portal will have two primary tools; tender management solutions and secure technology requests. These two tools will make collaboration between future suppliers and corporations possible. Absa’s primary goal is to create a dialogue that will close gaps in communication around products, services, tenders, and RFPs so that all relevant businesses get an equal opportunity to apply.

Vusi Fele, Chief Procurement Officer at Absa Group Ltd told the media, “Absa’s Procurement Market portal not only demonstrates Absa’s strategy of promoting responsible and inclusive procurement practices but also ensures that all suppliers are aware of the bank’s service requirements – information that was not previously widely available. What’s more, it will help us build mutually beneficial, thriving, inclusive, and healthy supplier relationships.”

Suppliers who will use Absa’s portal can enter their details in the company’s database which will help them to quickly identify necessary procurement categories and services like construction, ICT, marketing, and cash management.

Fele added the not only the portal will identify suppliers that comply with B-BBEE requirements, but it will also be able to award and extend contracts to currently Exempted Micro Enterprises (EME) and Qualifying Small Enterprises (QSEs). The company looks forward to using this portal as leverage to drive meaningful entrepreneurship development and bring change in the local economic and social reform.

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