Don’t have your Nedbank ID yet?
Nedbank ID single sign-on gives you full digital access to Nedbank’s banking and lifestyle products and services on the Money app or Online Banking.
Log in
Log in to Online Banking or another one of our secured services.
Bank how and when you choose to, with the low fees or extra benefits you want.
Shop online or instore and earn rewards for it, with up to 55 days interest-free credit.
Buy foreign banknotes, transfer funds or shop globally with a travel card.
Great interest rates, with great flexibility and access to your money when you need it.
Personalised interest rates for affordable loans from R2,000 to R300,000.
Loan up to 100% of the property value or up to 105% if you are a first-time home buyer.
Choose a plan for yourself, family or build your own cover to suit your needs.
Get cover for your car, building, house contents, valuables and more.
Cover your bond, credit card, overdraft, loan and car repayments.
Choose a plan for yourself, family or build your own cover to suit your needs.
Take the right steps to achieve your financial goals with expert financial planning.
Plan for everything you own and owe, so your estate is in order when you’re gone.
Accounts
-
Everyday banking Safety, convenience and rewards
-
Youth banking For under 16s, or under 25s
-
Accounts -
Digital wallet Your phone is your bank account
-
Private Wealth The globally integrated account
-
Goal saving Easy access to interest earned
Credit cards
Digital banking
Switch to Nedbank
Fraud awareness
Forex
Rewards
Accounts
-
On demand Money available at any time
-
In 24 hours Cash in your hand the next day
-
In 32 days Funds ready within a month
-
End of term Investments left until maturity
Investment services
Share trading
Personal loans
Home loans
Student loans
Overdrafts
Vehicle finance
Solar finance
Life cover
Funeral cover
Short term insurance
Credit Life
Travel insurance
Is your business covered?
Secure Investments
Financial planning
Estate, wills & trust services
Nedbank Private Wealth
Speak to a financial adviser
Blog
Talk to us
Find us
- Login & Register
- Online Banking
- Online Share Trading
- NetBank Business
- NedFleet
- Nedbank Greenbacks
- Nedgroup Investments
- Nedbank ID
- Bank
- Accounts
- Credit cards
- Digital banking
- Switch to Nedbank
- Fraud awareness
- Forex
- Rewards
- Explore Bank
- Accounts
- Everyday banking
- Youth banking
- Accounts
- Digital wallet
- Private Wealth
- Goal saving
- See all accounts
- Get help choosing
- Family Banking
- Refugees and asylum seekers
- FAQ
- How-to guides
- Everyday banking
- MiGoals Premium
- MiGoals Plus
- MiGoals
- Discontinued accounts
- Youth banking
- Nedbank4Me
- Digital wallet
- MobiMoney
- Private Wealth
- Private Wealth Bundle
- Goal saving
- MyPocket
- American Express
- Amex Gold
- Amex Platinum
- Digital banking
- Switch to Nedbank
- Fraud awareness
- Forex
- Send and receive
- Rewards
- Save & Invest
- Accounts
- Investment services
- Share trading
- Explore Save & Invest
- On demand
- Club
- Money Market
- Stokvel
- In 24 hours
- JustInvest
- PlatinumInvest
- Tax-free Savings
- MoneyTrader
- EasyAccess Fixed Deposit
- PrimeSelect
- In 32 days
- Electronic 32Day Notice
- 32Day Notice
- End of term
- Tax-free Fixed Deposit
- Electronic Fixed Deposit
- Electronic Optimum Plus
- Platinum Fixed Deposit
- Fixed Deposit
- OptimumPlus
- Investment services
- Share trading
- Borrow
- Personal loans
- Home loans
- Student loans
- Overdrafts
- Vehicle finance
- Solar finance
- Explore Borrow
- Personal loans
- Consolidation loan
- Secondhand car loan
- Home improvement loan
- Exclusive short-term loan offers
- Explore loans
- FAQ
- How to guides
- Consolidation loan
- Secondhand car loan
- Home improvement loan
- Exclusive short-term loan offers
- Home loans
- Building loan
- Switching home loan
- Repossessed properties
- Start your home buying journey
- Solar-energy Finance
- Earn R29,600 p/m or less? See offer
- HomeVision extra funds
- Home-buying Toolkit
- Managing your home loan
- Explore home loans
- FAQ
- How to guides
- Track application
- Building loan
- Switching home loan
- Repossessed properties
- Start your home buying journey
- Solar-energy Finance
- Earn R29,600 p/m or less? See offer
- HomeVision extra funds
- Home-buying Toolkit
- Managing your home loan
- Student loans
- Explore student loans
- Overdrafts
- Vehicle finance
- Solar finance
- Insure
- Life cover
- Funeral cover
- Short term insurance
- Credit Life
- Travel insurance
- Is your business covered?
- Secure Investments
- Explore Insure
- Life cover
- Get a call back
- Explore MyCover life
- Funeral cover
- Individual R10,000
- Individual R30,000
- Family Cover
- Build your own cover
- Get a call back
- Explore MyCover Funeral
- Individual R10,000
- Individual R30,000
- Family Cover
- Build your own cover
- Short term insurance
- Vehicle insurance
- Building insurance
- House contents insurance
- Valuables insurance
- Get a call back
- Explore MyCover short term insurance
- Vehicle insurance
- Building insurance
- House contents insurance
- Valuables insurance
- Credit Life
- Home loan credit life
- MFC Vehicle Finance Assurance
- Overdraft Assurance
- Balance Protection Plan
- Personal loan Assurance
- Get a call back
- Explore credit life
- Home loan credit life
- MFC Vehicle Finance Assurance
- Overdraft Assurance
- Balance Protection Plan
- Personal loan Assurance
- Travel insurance
- Is your business covered?
- Secure Investments
- Guaranteed Growth Plan
- Guaranteed Income Plan
- Get a call back
- Explore MyCover Funeral
- Guaranteed Growth Plan
- Guaranteed Income Plan
- Plan
- Financial planning
- Estate, wills & trust services
- Nedbank Private Wealth
- Speak to a financial adviser
- Explore Plan
- Financial planning
- Investment planning
- Insurance planning
- Give
- Retirement planning
- Investment planning
- Insurance planning
- Give
- Retirement planning
- Estate, wills & trust services
- Will drafting
- Ensure your estate is managed by an executor | Nedbank
- Trust services
- Financial accounting
- Tax services
- Leave the admin of your estate to us, and not to your loved ones | Nedbank
- Will drafting
- Ensure your estate is managed by an executor | Nedbank
- Trust services
- Financial accounting
- Tax services
- Leave the admin of your estate to us, and not to your loved ones | Nedbank
- Nedbank Private Wealth
- Speak to a financial adviser
- Learn
- Blog
- Explore Learn
- Blog
- Contact us
- Talk to us
- Find us
- Explore Contact us
- Talk to us
- Find us
Side hustles on the rise in South Africa
Side hustles on the rise in South Africa
Alan Shannon, Executive Head for Professional and Small Business Banking Sales
Posted 11/04/2023 Updated 02/05/2023 3 mins
Ever considered boosting your income with a side business unrelated to your job?
Over the past decade, South Africa has seen a sharp increase in the number of people earning an income outside of formal employment. For some, the need for a self-generated income arose from falling victim to the country’s steadily rising unemployment figures.
But many people have also recognised the potential to earn a second income through an entrepreneurial venture while still employed. By reducing time-wasting daily commutes, remote jobs, hybrid workplaces and work-from-home protocols have made it easier than ever for employed individuals to operate small businesses from home in their spare time.
More than just an income generator
It’s estimated that 1 in 3 employed South Africans has a side hustle. For most of these part-time entrepreneurs, many of them young professionals, the motivation is not just about bringing in a bit of extra cash.
Their side hustle is often driven by the realisation that the changing global economy makes it possible to have multiple sources of income. In addition, a side hustle is often born of a desire to pursue a passion which may not be fulfilled by their full-time job.
The hidden benefits of side-hustling
There are many benefits to owning a side business. For one, the skills that you learn as a business owner can give you a competitive advantage in your formal career, allowing you to advance faster.
A successful side hustle can also be an excellent way of boosting your confidence and self-esteem, enabling you to enjoy more work variety, providing stimulation and opportunity for creativity, and even building valuable networks. This is especially true when these side hustles are in a completely different industry to the one in which you work full-time.
If you own a side hustle, make full use of every support opportunity available to you
Perhaps most importantly, if your side hustle develops into a successful, sustainable business, it is possible that you can also create employment opportunities for fellow South Africans, which makes you potentially a valuable contributor to the economy as well.
Digitisation is a key side-hustle enabler
The pace of digitisation across the world, driven by advancing technologies and better access to bandwidth, has also contributed to the growth of the side-hustle trend.
Technology is enabling people to work and do business anywhere. Young, tech-savvy professionals especially are leveraging this digitisation to give effect to their innovative ideas and entrepreneurial flair, develop their skills, and grow their side hustles.
Of course, starting and running a successful side hustle is no simple feat. Apart from the time pressures of operating a business alongside your day job, and the need to ensure that a side hustle doesn’t have an impact on the quality of work delivered at your full-time employment, you can put yourself at risk of burnout, add much more stress to your life, and end up spending less time with friends and family.
How to boost your side hustle
If you own a side hustle, make full use of every support opportunity available to you, particularly in terms of the non-core components of running your business, like administration, tax and banking.
Entrepreneurs should take full advantage of SimplyBiz, a free digital community powered by Nedbank for business owners, by business owners. You can set up both a personal and professional profile to connect with like-minded businesspeople.
Public and private enterprise must embrace the side-hustle culture
The importance of developing entrepreneurship requires both government and the private sector to help build a successful, sustainable small-businesses sector – and that includes the fast-growing side-hustle culture. It is important to recognise these professionals as an essential part of the economy and offer them the help, guidance and business-building solutions they need to formalise and grow their business ventures.
Given our acknowledgement of the vital role that side hustles will have to play in growing the SA economy, Nedbank offers a vast range of small-business services to help you take full advantage of your opportunities and avoid the risks and pitfalls of owning a business on the side.
These range from incubation programmes and mentorships to tailored business banking solutions like the Nedbank Startup Bundle. This start-up banking package offers businesses with an annual turnover of less than R3 million an array of free digital transactions (with no monthly cost for the first 6 months) and access to an experienced relationship banker with keen business insights to help you grow your operation.