Success Story

Trust: the currency that is influencing scale for small businesses

Alan Shannon

Trust: the currency that is influencing scale for small businesses

November 17, 2025

By Alan Shannon, Executive: Sales Strategy & Enablement, Nedbank 

In an age where scams, misinformation, and digital fraud are rampant, trust has quietly become the most valuable commodity in business. Small businesses that are thriving are not necessarily the ones with the flashiest technology or the deepest pockets, but they are the ones who can inspire confidence, build credibility, and turn trust into a competitive advantage. 

South Africa’s entrepreneurial ecosystem is alive with opportunity, but it is also challenged by scepticism. Consumers have become wary of fly-by-night operators, overpromises, and under delivery. Investors have become more cautious, looking for solid fundamentals before they part with capital. And suppliers and partners are more selective about who they work with. 

In this environment, trust is the new currency. It determines who gets the sale, who gets the funding, and who gets the partnership deal. And unlike cash, trust cannot simply be transferred but has to be earned, transaction by transaction, interaction by interaction. 

The good news is that for entrepreneurs, this presents a huge opportunity. Building trust doesn’t necessarily require massive budgets or global brand recognition. It requires consistency, transparency, and a commitment to putting the customer at the centre of the business. 

Consider how credibility can be a powerful differentiator in sectors plagued by low trust. For example, financial services organisations that openly communicate how they secure client data and protect transactions win over hesitant users. In e-commerce, businesses that invest in clear return policies, fast delivery, and responsive customer service outperform competitors who leave customers feeling exposed. 

Entrepreneurs can also leverage storytelling to build trust. Sharing the ‘why’ behind the business in terms of why it exists, who it serves, and what values guide it humanises the venture and builds a connection with the audience. Consumers increasingly want to support businesses that are authentic and aligned with their values. 

Of course, trust must also be protected. In a digital economy, one security breach, one social media backlash, or one viral customer complaint can undo years of reputation-building. This means entrepreneurs need to be proactive about risk management, from cybersecurity to ethical supply chains. 

Trust doesn’t just happen — it is built, communicated, and sustained. For entrepreneurs, this means learning how to consistently deliver on promises, communicate with transparency, and build authentic relationships with customers, employees, and investors. Yet many brilliant founders underestimate just how central trust is to their success.  

That’s why training and coaching are essential. Initiatives such as Nedbank Pitch & Polish are essential as they equip entrepreneurs with the soft skills to inspire confidence, the discipline to maintain credibility under pressure, and the ability to translate integrity into competitive advantage. In an era where customers and funders are more cautious than ever, entrepreneurs who master the art of trust will always have the edge. 

The programme does more than teach entrepreneurs how to pitch. It teaches them how to position themselves as credible, investable, and trustworthy. By refining business models, clarifying value propositions, and stress-testing assumptions, Nedbank Pitch & Polish helps entrepreneurs build not only a great pitch, but also a trustworthy business foundation. 

The entrepreneurs who treat trust as an asset will see returns that compound over time. They will find it easier to retain customers, secure referrals, attract investors, and build strong partnerships. Winners will be those who realise that trust is not a by-product of business success but it is the very engine that drives it. 

Florence Duval

Florence Duval is a seasoned strategist with over 25 years of experience leading sustainability, stakeholder engagement and social impact initiatives across public and private sectors. 

As CEO and founder of IN TOUCH, she guides cross-sectoral teams to deliver high-impact advisory solutions that strengthen institutions, enable public-private partnerships and secure both the legal and social licence to operate. Her expertise spans compliance, community development, issue management and sponsorship development – always anchored in sustainable development principles. 

A former mining executive and committed social activist, Florence is known for her ability to build meaningful partnerships, navigate complex regulatory environments and drive transformative impact through purpose-driven leadership

Monique Chinnah

Monique is a curious, serial questioner who wants to take the mystique out of business and finance to make it practical and relevant to entrepreneurs. ‘Why?’, ‘Why not?’ and ‘How can we help, for real?' are her favourite questions.

She is the Senior Manager of Segment Design and Development in Retail Relationship Banking at Nedbank, and she is responsible for ensuring that small businesses are fully supported through Banking and Beyond® solutions and most particularly as the product owner of the SimplyBiz® platform. Monique believes that keeping business strategy simple, real and practically implementable is fundamental to success. She also believes in the power of fun. If you don’t like what you’re doing, don’t do it!

Monique draws on her own entrepreneurial journeys and extensive management roles in various industries to ensure that solutions are conceptualised and delivered with small-business owners’ needs in mind.

She believes in life-long learning and being a sponge through immersions in over 300 000 businesses, various tertiary and educational programmes, and she is a YouTube and social-media hustler. In 2012 she was awarded a scholarship through Goldman Sachs UK to attend the 10 000 Women entrepreneurial programme through the Gordon Institute of Business Science, and she has been recognised with several Top Achiever Awards in Nedbank.

Allon Raiz

Allon Raiz is regarded both locally and globally as a pioneer and maverick in the business-incubation industry. He is the founder and CEO of Raizcorp which, according to The Economist, is the only genuine incubator in Africa and which currently supports over 500 businesses.

A two-times PhD dropout, Allon is the best-selling author of three entrepreneurial books. He hosted the first national radio show on entrepreneurship in South Africa in 2004; wrote and hosted the first South African prime-time entrepreneurship reality television show; and created and published an entrepreneurial cartoon strip. Allon is currently hosting his 15th season of the popular The Big Small Business Show on Business Day TV.

Allon is a co-founder of the Entrepreneurs’ Organisation South Africa and Rural Roots, and is on the advisory and judging boards of numerous local and international NGOs and entrepreneurial awards. His passion for and focus on the development of entrepreneurs attracted the attention of the World Economic Forum (WEF) which, in 2008, recognised Allon as a Young Global Leader.

As an accomplished international speaker, Allon was invited to speak at the 2011 WEF Annual Meeting held in Davos, Switzerland. In 2011, he became a member of the WEF’s Global Agenda Council on Fostering Entrepreneurship, making him one of 15 recognised global experts in the field. More recently, he became a member of the WEF’s Global Future Council.

In 2013, Allon received the Entrepreneur of the Year Award at the Oliver Transformation and Empowerment Awards. The following year, he became the country winner, regional winner and continental winner of the Titan Award for Building Nations.

Between 2014 and 2016, Allon guest lectured at Oxford University where he was recognised as the Oxford University Saïd Business School’s Entrepreneur-in-Residence.

In 2015, Allon received an invitation from the White House, on behalf of President Barack Obama, to speak at the Global Entrepreneurship Summit held in Kenya.

Nonkqubela Maliza

Nonkqubela Maliza is the director of Corporate and Government Affairs at Volkswagen Group Africa. She has held the position since 2006 and also chairs the VW Community Trust and VWSA BEE Initiatives Trust. 

Prior to this, Nonkqubela was a senior executive at Metallon Corporation, a pan-African mining and financial services company with operations in South Africa and Zimbabwe. She also served as a chief director at the Department of Trade and Industry and has strong experience in the financial services sector. 

Nonkqubela holds an MBA from the University of Cape Town, a BA Honours in Economics from Rhodes University and a BA in Psychology and Economics from Rhodes University.