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Saudi Arabia market presents enormous growth opportunities for SA

Location: News

Saudi Arabia market presents enormous growth opportunities for SA

The South African - Saudi Arabia Business Council has committed to boosting trade as part of efforts to grow the economies of both countries.

In 2023, South Africa's exports to Saudi Arabia increased to R7.3 billion from R6.6 billion in 2022, while imports from Saudi Arabia decreased to R54.6 billion in 2023 from R73.6 billion in 2022.

The exported goods include agricultural products, motor vehicles, and basic chemicals, whereas the import items mainly consisted of refined petroleum and related products and crude oil.

Speaking at a press briefing in honour of the visiting Saudi business delegation, Co-Chair of the South African–Saudi Arabia Business Council, Stavros Nicolaou, underscored the need to increase trade and investment.

“From my vantage point, the Saudi Arabia market presents enormous growth opportunities for South African companies looking to expand their businesses in the gulf region as shown by local companies that are slowly establishing a presence in that region,” Nicolaou said.

President Cyril Ramaphosa and Minister of Trade, Industry, and Competition Ebrahim Patel have been leading ongoing engagements between South Africa and Saudi Arabia - which have since resulted in local businesses finding a foothold in the vast Saudi Arabia market.

Also speaking at the same media briefing, Dr Hisham Al Amoudi, Vice-Chairman of the Saudi–South Africa Business Council, reaffirmed Saudi Arabia's commitment to investing in South Africa.

Al Amoudi said the South Africa and Saudi Arabia Joint Economic Commission and the Business Council was a good platform to further progress and boost inward investments between the two respective countries. 

He said Saudi Arabia is committed to increasing investment across various sectors in South Africa.

"We are committed to increasing investments for mutual benefits and supporting South Africa’s economic growth. Our current investments contribute to South Africa’s Gross Domestic Product,” Al Amoudi said.

The visit by the Saudi business delegation aims to not only strengthen current trade relations but also to explore opportunities for South African companies to increase market access with products that have high export potential to Saudi Arabia.

These products include motor vehicles for the transport of persons, fruits, mineral resources, chemicals, machinery and electrical equipment.

Additionally, the Saudi delegation seeks to boost investment from Saudi Arabia in sectors beyond South Africa’s renewable energy industry. Currently, Saudi is the largest investor in South Africa's local renewable energy sector and ACWA Power has a leading role in this area.

Overall, it is estimated that Saudi investment into South Africa amounts to $1.62 billion.

The Business Council focuses on five main workstreams - energy and renewable energy, tourism, hospitality and entertainment, healthcare and pharmaceuticals, mining and commodities, and food and agro-processing. These areas aim to utilise investment capital from Saudi Arabia while tapping into the opportunities that South Africa offers in these sectors. – SAnews.gov.za

 

Edwin
Thu, 01/25/2024 - 08:54

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Read moreSaudi Arabia market presents enormous growth opportunities for SA

Compostable & biodegradable packaging – ‘silver bullets’ or ‘greenwashers’?

Location: MyPR

Compostable and biodegradable packaging, currently mooted as the ‘silver bullets’ that will end South Africa’s plastic packaging pollution and landfill challenges, may not deserve the ‘green’ image they have been credited with worldwide and locally. This is the opinion of respected recycler, Chandru Wadhwani, Joint Managing Director of Extrupet, one of the largest and most …

Read moreCompostable & biodegradable packaging – ‘silver bullets’ or ‘greenwashers’?

Verdant Capital advises USPlus on EUR 2 million debt capital raise

Location: Business
Verdant Capital

Verdant Capital (www.Verdant-Cap.com) is pleased to announce that it has facilitated and advised on the raising of EUR 2 million of debt funding for US Plus Limited (“UsPlus”), an innovative specialist SME financing firm based in South Africa.

The funding increases UsPlus' capacity to finance SMEs in South Africa, thereby contributing to the country's development agenda.  The new funding further broadens the institutional funding base of UsPlus following the USD 10 million debt capital raise completed by Verdant Capital in 2022 and building on the Domestic Medium Term Programme registered on the Johannesburg Stock Exchange.

Studies show that SMEs contribute close to 30% of employment in South Africa, but most of these SMEs do not survive beyond 5 years due to a number of causes, of which lack of funding is a leading factor. Most SMEs are self-funded and struggle to access funds at various stages in their operation. The South African government, under its National Development Plan 2030, is looking to SMEs to help achieve its objective of creating 11 million jobs by 2030. Against this backdrop, UsPlus has been operating since 2015, specialising in the provision of tailor-made working capital finance solutions to SMEs through the purchase of transferable instruments such as invoices, purchase orders and contracts issued by or to its SME clients. This convenient and cost-effective solution gives SMEs access to funding to manage working capital and maximise profits.  Verdant Capital has acted as an important catalyst for funding SME clients in South Africa and across the African continent.

Since its establishment, UsPlus has deployed over ZAR 3.7 billion (approx. USD 196 million) in working capital to SMEs. Its clients are actively engaged in over 25 industries, including agriculture and film production. UsPlus focuses on social, economic and environmental impact and works with SMEs that contribute to employment in South Africa, the upliftment of black-owned enterprises, women-owned enterprises and rurally located enterprises. Furthermore, the company is guided by the International Finance Cooperation's Exclusion List and does not support businesses which operate within this list. UsPlus' success stems from its highly experienced management team and technology-enabled operations, which 1) help meet customers at their point of need, 2) enhance client service experience, and 3) help manage business risk.

Verdant Capital has a strong funding pipeline for UsPlus which will continue to support the successes of the business.

Verdant Capital was the sole advisor and arranger of UsPlus' International debt capital raise.  

Distributed by APO Group on behalf of Verdant Capital.

Media enquiries:
Verdant Capital:
Liezel van Greunen,
T: +27 10 140 3700
E: liezel.vangreunen@verdant-cap.com

About Verdant Capital:
Verdant Capital is a leading investment manager and investment bank specialising in the private capital markets and operating on a pan-African basis.  Verdant Capital is the manager of the Verdant Capital Hybrid Fund. www.Verdant-Cap.com.

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Read moreVerdant Capital advises USPlus on EUR 2 million debt capital raise

South Africa’s Progressive Business Forum honours Afreximbank board member Ronnie Ntuli with Lifetime Achievement Award

Location: Business

Afreximbank
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African Export-Import Bank (Afreximbank) (www.Afreximbank.com) is pleased to announce that its board member, Mr. Ronnie Ntuli has been awarded the Progressive Business Forum's (PBF) prestigious Lifetime Achievement Award and was presented with the accolade at the Presidential Gala Dinner and special celebrations that marked three decades of democracy in South Africa.

The award, which was presented at the PBF's inaugural “Show Up” awards ceremony, recognizes and celebrates individuals who have distinguished themselves in business, public service and, through their commercial, entrepreneurial and civic ventures. It also recognizes those who have acted to improve the common good and promote the wellbeing of others.

Mr Ntuli's receipt of this award constitutes a recognition of his extraordinary contribution to the expansion of Southern Africa's rail network and his application of engineering expertise to continental transport and logistics assets. Mr Ntuli founded and established the Thelo Group, as one of the continent's eminent financiers of railway infrastructure and rolling stock, and the region's most significant supporters of industrial development and high-value exports.

Further to these economic contributions, Ronnie has served his country and continent through extensive advisory work for a range of African Heads of State, where he has leveraged his unrivalled financial and engineering experience – as well as his background in Law – to help decision-makers devise policies and strategies to accelerate economic development and entrepreneurship.

Afreximbank President and Chairman of the Board of Directors, Prof. Benedict Oramah, commented:

I am delighted that my dear friend, and much-trusted advisor on Afreximbank's Board, Mr. Ronnie Ntuli, has been recognized by the Progressive Business Forum for his decades of work on this continent. As both businessman and advisor, Ronnie's contribution to our shared prosperity and development is quite simply incalculable. His counsel has been indispensable to the Bank, particularly as we navigated the challenges of implementing the African Continental Free Trade Area agreement.”

Distributed by APO Group on behalf of Afreximbank.

About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of September 2023, Afreximbank's total assets and guarantees stood at over US$33.4 billion, and its shareholder funds amounted to US$5.8 billion. The Bank disbursed more than US$104 billion between 2016 and 2023. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

Read moreSouth Africa’s Progressive Business Forum honours Afreximbank board member Ronnie Ntuli with Lifetime Achievement Award

Decline of 2.3% in fatal road crashes during 2023/24 festive season

Location: News

Decline of 2.3% in fatal road crashes during 2023/24 festive season

While the preliminary results for the 2023/24 festive season road traffic statistics show a 2.3% decline in the number of fatal crashes when compared to the same period last year, the data indicates that the majority of those who died were between the ages of 25 and 44.

Releasing the 2023/24 festive season road traffic statistics, Minister of Transport Sindisiwe Chikunga said during the period under review 1 184 fatal crashes were recorded compared to 2022/23 where 1 212 crashes were recorded.

“The period shows that human factors contributed 80.8% of the crashes, environmental factors contributed 10.4% as a result of heavy rainfall and storms, while vehicle factors contributed about 8.8%.

“According to the statistics, 40.9% of those who died were pedestrians, passengers accounted for 33.6%, drivers accounted for 24.6% and cyclists accounted for 0.8%,” Chikunga said on Wednesday in Johannesburg at the N1 Grasmere Toll Gate.

She accredited the decline in fatal crashes to the intensified law enforcement operations conducted and the high police visibility throughout the country.

More than 1.4 million vehicles were stopped and checked during these operations with 7 820 drivers arrested for, among other things, driving under the influence of alcohol, reckless driving, producing false documentation and excessive speeding.

The Minister noted that the festive period was marked by heavy rain and storms, which created challenges on the road.

“Unfortunately, some drivers did not modify their speed in slippery and wet conditions. That resulted in avoidable crashes. Most of the crashes occurred in the first week from 1 December to 5 December, again from 15 December – 21 December and from 22 December to 28 December. The first week incorporated the payday weekend when people had received bonuses and were having end of year parties.

“The third week incorporated the long weekend, industry closure and the people had started travelling while the fourth week incorporated the Christmas long weekend and saw a massive increase in traffic volumes and festivities.

“Most crashes took place in the evening between 7pm and 10pm with the peak between 8pm and 9pm. Most fatalities were also recorded on Sundays, which is a new trend,” Chikunga said.

Five provinces - including the Free State, Eastern Cape, Northern Cape, Limpopo and North West - recorded fewer fatalities while other provinces recorded increases.

The provincial breakdown for provinces is as follows:

  • Free State recorded a 27.4% decline.
  • Eastern Cape recorded a 21.5% decline.
  • Northern Cape recorded a 15.7% decline.
  • Limpopo recorded an 8.4% decline.
  • North West recorded a 2.1% decline.
  • Gauteng recorded a 7.6% increase.
  • KwaZulu-Natal recorded a 4.2% increase.
  • Mpumalanga recorded a 9.7% increase.
  • Western Cape recorded a 22.6% increase

“The Eastern Cape is the only province that managed to surpass the target set for it to reduce fatalities by at least 18.6%. In light of this, we will have serious engagements with authorities in the provinces and possibly redefine the targets informed by objective dynamics and available resources on the ground in the provinces,” the Minister said.

She said the number of registered vehicles at the start of the festive season campaign on 1 December 2023, stood at 13 133 035, which was significantly higher than the 12 964 430 registered on 1 December 2022 and thus bringing more 168 000 registered vehicles on to the road.

“I wish to commend our traffic officers, members of the South African Police Service (SAPS) and emergency medical services for their sterling work, commitment, and dedication during this period. They sacrificed their family time and pleasure as they committedly enforced the law,” Chikunga said. – SAnews.gov.za

 

nosihle
Wed, 01/24/2024 - 14:18

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Read moreDecline of 2.3% in fatal road crashes during 2023/24 festive season

Plastics SA Hosts Successful General Plastics Industry Meeting: A Pivotal Event For The Future Of The South African Plastics Industry

Location: MyPR

Plastics SA, the umbrella body representing the local plastics industry, successfully hosted a General Plastics Industry Meeting at its head office in Midrand, Johannesburg, on November 30, 2023. The hybrid meeting witnessed enthusiastic participation from representatives spanning various sectors of the South African plastics industry. The meeting commenced with a warm welcome from Deputy Chairman …

Read morePlastics SA Hosts Successful General Plastics Industry Meeting: A Pivotal Event For The Future Of The South African Plastics Industry

South Africa’s Brad Cox gets a podium space in the gruelling 2024 Dakar Rally

Location: MyPR

Described by even the most hardened competitors as one of the most challenging races on record, South Africa’s Brad Cox (25) was undeterred, putting on an impressive performance on the back of a stellar 2023 season to place 3rd in the Rally2 category and finishing 13th overall in the Bike Category at this year’s Dakar …

Read moreSouth Africa’s Brad Cox gets a podium space in the gruelling 2024 Dakar Rally

Decrease in number of schools affected by burglary and vandalism

Location: News

Republic Of South Africa: Western Cape Provincial Government
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Despite our department providing holiday security to 486 schools over the December holidays, we recorded 26 incidents of burglary and vandalism at 24 schools over the holiday period.

While this is a significant decrease compared to the same holiday period last year, when 48 incidents were reported at 42 schools, we are nonetheless disappointed that once again our schools must pick up the pieces after criminal damage and theft.

Items stolen or damaged ranged from gas cylinders and food to computers and cameras. Damaged property included electrical boxes, windows, ceilings, doors and security equipment.

It is unacceptable that funding has to be diverted from educational purposes each year to replace items that have been stolen, or repair infrastructure damaged for no reason, especially in a significantly stressed financial environment.

Damaging and stealing from schools sabotages our children's futures, and we appeal to the public to come forward if they notice anyone attempting to sell goods that have been stolen from our schools. Someone, somewhere knows these perpetrators, and we appeal to them to do the right thing so that our schools cease to be a target of crime.

Reporting any suspicious activity in the vicinity of our schools to South African Police Services (SAPS) or the Safe Schools hotline (0800 45 46 47) immediately can make all the difference in apprehending the perpetrators and recovering stolen property.

Help us to protect our schools and the future of our learners in the Western Cape!

Distributed by APO Group on behalf of Republic Of South Africa: Western Cape Provincial Government.

Read moreDecrease in number of schools affected by burglary and vandalism

The Duke of Edinburgh celebrates youth and biodiversity in South Africa

Location: News

British High Commission Pretoria
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His Royal Highness Prince Edward The Duke of Edinburgh has spent the last two days in South Africa (22 – 23 January), marking the first Royal visit of its kind since President Ramaphosa's historic State Visit to the UK in November 2022. 

During the visit, His Royal Highness met Acting President Mashatile at Oliver Tambo House.

Alongside Ms Barbara Creecy, South Africa's Minister of Forestry, Fisheries and Environment, The Duke explored Pretoria's Botanical Garden with CEO of the South African National Institute (SANBI), Mr Shonisani Munzhedi. This followed President Ramaphosa's visit to the Royal Botanical Garden, Kew, in November 2022, and marked the long-term collaboration between Kew and SANBI to ensure the survival of South Africa's rich plant diversity.

HRH met a wheelchair user and her husband who are regular users of the Enabling Garden, to learn about the different indigenous plants suitable for hanging baskets. He learnt about some of South Africa's abundant flora biodiversity and medicinal plants, as well as viewing the National Herbarium where the largest collection of plant specimens in southern Africa are hosted (with over one million currently being digitised).

HRH met biodiversity organisations to hear about how they are conserving nature and reversing biodiversity loss.

At the British High Commissioner's Residence, The Duke toured an exhibition of President Award winners, moving from stand to stand to talk to young people about their journeys, alongside Award Chairman Modise Makhene and Deputy Minister for International Relations and Cooperation, Ms Kwati Candith Mashego-Dlamini.

This year, the President's Award (The Duke of Edinburgh International Award) celebrates its 41st anniversary in South Africa.

Launched in 1994 with Nelson Mandela as the Founding Patron-in-Chief, the Award today continues to serve as a shining example of our shared values of youth empowerment, community service and creating opportunities for all.

The Award supports approximately 3,000 young South Africans each year. Since 2011, over 65,000 young people are estimated to have participated in the programme. 

HRH also attended a Reception at the Residence with Dr Blade Nzimande, Minister of Higher Education, Science and Technology, to celebrate the launch of the UK's new International Science Partnership Fund.

UK High Commissioner to South Africa, Antony Phillipson said:

“This visit reflects the significant breadth and depth of our modern-day friendship with South Africa – from youth empowerment, to climate, science research, biodiversity and democracy - our countries' shared values are clear. Continued collaboration and investment in these areas of mutual interest demonstrate our commitment to working together to address some of the world's most pressing challenges.”

Distributed by APO Group on behalf of British High Commission Pretoria.

Read moreThe Duke of Edinburgh celebrates youth and biodiversity in South Africa

Over one million NSFAS bursary applications received

Location: News

Over one million NSFAS bursary applications received

The National Student Financial Aid Scheme (NSFAS) has received 1 545 822 applications for the 2024 academic year as of 21 January, with additional applications expected before the application cycle closes on 31 January 2024.

Briefing the media on the department’s state of readiness for the opening of the 2024 Post School Education and Training (PSET) academic year on Tuesday, Higher Education, Science and Innovation Minister, Dr Blade Nzimande, said the scheme has provisionally funded 657 703 South African Social Security Agency (SASSA) recipients’ applicants.

He urged all NSFAS applicants to submit a consent form in order to verify relevant information from third parties and ensure that NSFAS complies with all the legislative requirements.

“The information is required to verify the employment status and income level of the parents, guardians, or spouses of the applicant. It is mandatory for applicants to download and upload a completed Consent form on the NSFAS website, portal or mobile app.

“The SARS (South African Revenue Service) Consent Form requirements affects students who are in the application data category and these students should patiently wait for communication from NSFAS through SMS and email, which will provide instructions on how to upload the form,” Nzimande said.

The Minister warned that non-submission of a complete, accurate and duly signed NSFAS consent form would disqualify a student for NSFAS funding due to NSFAS's inability to evaluate and determine financial eligibility. 

In a bid to improve its contacts with students, NSFAS has launched new platforms, where applicants can access their application updates at their fingertips through the downloadable NSFAS student mobile app, WhatsApp line and a USSD code.

Applicants can add NSFAS on WhatsApp 078 519 8006 or USSD *120*67327 to track their application status.

Institutions called to submit student list for accommodation 

Meanwhile, Nzimande has called on all higher learning institutions to submit the list of NSFAS funded students, who have been registered, so that they apply for accommodation through the scheme’s accommodation portal.

Nzimande said NSFAS is piloting the accreditation of private student accommodation in 17 universities and 23 Technical Vocational Education and Training (TVET) colleges for the 2024 academic year.

Through this pilot programme, Nzimande said NSFAS intends to ensure that student accommodation service providers provide student accommodation that is accessible, decent, safe and academically conducive for all students.

The purpose of the student accommodation programme is to assign students to available accommodation; accredit accommodation providers; pay accommodation fees to accommodation providers through secured platforms; and grade accommodation to create a standard and ascertain cap for accommodation, amongst others.

“Out of the total of 38 938 beds registered on NSFAS platforms in our TVET colleges, 25 989 beds have been accredited and are available for the registered students, and 12 949 beds are in the process of been accredited. For universities, of the total 67 337 beds registered, 42 965 have been accredited and available and 24 372 beds are in the process of being accredited.

“From 18 January 2024, NSFAS provided access to a portal for all institutions in order to view the available beds. Accrediting agents are continuing with the process of accreditation and the list is updated daily,” Nzimande said. 

From 8 January 2024, NSFAS has been providing weekly training on the application and registration process to accommodation providers and students, and the training is expected to end in February 2024.

Nzimande added that during this year’s registration period, NSFAS has developed a plan to visit hot spot areas, to ensure that students are not left stranded and without accommodation. – SAnews.gov.za

GabiK
Wed, 01/24/2024 - 09:30

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Read moreOver one million NSFAS bursary applications received

Investment in transmission critical

Location: News

Investment in transmission critical

Minister in the Presidency for Electricity, Dr Kgosientsho Ramokgopa, says on boarding new generating capacity – particularly renewable energy – is critical to ensuring that additional capacity is added to the national grid.

He was speaking during an update on the implementation of the Energy Action Plan on Tuesday.

The expansion is critical to on boarding new generating capacity  – particularly renewable energy – onto the national grid to relieve pressure on the electricity system.

Ramokgopa explained that “tremendous progress” is being done to ensure that solutions are found for transmission.

“As the President said last week, the Minister in the Presidency responsible for Electricity is now given the responsibility to ensure that we are able to go into the market to procure or to access the financing in relation to the transmission side.

“We have been doing an extraordinary amount of work. The team was [at the World Economic Forum annual meeting] in Davos. Part of those conversations was to enter into bilateral discussions with some of the potential financiers. 

“We have...financing. That is private sector willing to come into the space of transmission. We had conversations...with the heads of missions that are represented here in the country and they did confirm that availability of that financing,” he said.

Ramokgopa assured that although private sector participation is being encouraged in the transmission space, the South African government will remain the owner of the grid through the Eskom owned and newly established National Transmission Company of South Africa.

“What we have been doing is to find an architecture and legal configuration on how best we are going to access [funding] and one of the areas that is receiving attention is the possibility of us putting together…something that is akin to the IPP [Independent Power Producer Procurement] office on the generation side…an Independent Transmission Project office.

“[This is] to ensure that we are able to procure with speed, agility, applying some degree of innovation and ensure that we are able to access that liquidity that’s sitting with the private sector without relinquishing state ownership of the grid,” he said.

The minister acknowledged that transmission expansion is facing challenges. However, he emphasised that government is tackling these challenges.

“The challenges on the transmission side are almost equivalent to the ones on the generation side and in fact, if they are not tackled immediately they are likely to be even more catastrophic compared to the challenges on the generation side because those are likely to undermine our ability to maintain the integrity of the system.

“We are not waiting for the crisis to confront us. We are going to address that situation immediately. This is in support of Eskom’s work…consistent with their transmission development plan which advocates for the expansion of the network,” he said. – SAnews.gov.za

NeoB
Tue, 01/23/2024 - 14:41

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Read moreInvestment in transmission critical

ATB and Reflect Equal Training Marry Two Curriculums at Afrika Tikkun Arekopaneng Community Centre in time for International Day of Education

Location: MyPR

Teachers express excitement and positive feedback after merging the ATB and Think Equal curriculums during a three-day training session. 23 January 2024 Location: Afrika Tikkun Arekopaneng Community Centre In a ground-breaking initiative and just in time for International Day of Education, the Afrika Tikkun Bambanani (ATB) and Think Equal training programs, sponsored by Capitec Bank, …

Read moreATB and Reflect Equal Training Marry Two Curriculums at Afrika Tikkun Arekopaneng Community Centre in time for International Day of Education

Several parts of KZN classified disaster areas following floods

Location: News

Several parts of KZN classified disaster areas following floods

Several flood-stricken parts of KwaZulu-Natal have been classified disaster areas by Cooperative Governance and Traditional Affairs (CoGTA) Minister, Thembi Nkadimeng.

The move will enable government to access additional funding from provincial and national departments to start repairs as soon as possible. 

According to the SABC, the disaster areas include Ilembe, Ugu and UMzinyathi municipalities and the hardest-hit eThekwini Metro and uThukela District, which suffered about R2 billion worth of damage.  

“Nkadimeng says the classification is done while processing for the declaration is underway,” the public broadcaster explained. 

Heavy rains have ravaged KwaZulu-Natal since mid-December, spilling over to the new year. 

Ladysmith, which falls under UThukela District, has recorded 26 fatalities due to inclement weather during the festive season.

Meanwhile, the Minister also emphasised the need to find a lasting solution for the flooding of the Ladysmith Central Business District (CBD) by channelling water towards preservation dams or catchment areas to avoid flooding.

Nkadimeng led a multidisciplinary intergovernmental team on a visit to the uThukela District Municipality, specifically in the Alfred Duma Local Municipality on Friday. 

The Minister was accompanied by Deputy Minister Parks Tau and KZN CoGTA MEC Bongi Sithole-Moloi.

The leaders engaged various stakeholders from across all sectors of society representing a wide range of communities.

“The engagements and the assessment showed the devastation caused by flooding, especially on lives and livelihoods which has resulted in extensive damages to properties and critical infrastructure collapse leaving affected families homeless.” 

The department believes that the impact of natural disasters is made worse by the ongoing impact of climate change, which has brought unprecedented weather patterns. 

“The Minister emphasised the need for all role players including communities to ensure better-integrated planning to mitigate the impact of such adverse natural disasters. 

“She made it clear that disaster risk reduction and adaptability are the only way to reduce the impact of climate change,” CoGTA said.

Nkadimeng also appreciated the ongoing work and urged that other additional planned interventions in the municipality geared to improving mitigation against floods be accelerated. 

The visit by the Minister, the department said, is an expression of government’s commitment to elevating integrated disaster management and the promotion of risk-averse behaviour among communities in keeping with the ethos of a caring government. 

“She advised that government through the Disaster Management Centre, will assist to mobilise resources to rebuild and rehabilitate the damages to infrastructure.”

The Minister also conveyed her sincere condolences to all who lost their loved ones as a result of the recent heavy rains. 

She also took the time to thank communities who assisted those who were displaced by floods. 

“The selfless and compassionate actions by ordinary members of our communities and civil society organisations in support of humanitarian aid efforts including search and rescue as well as search and recovery symbolises the true meaning of a caring nation that South African is. We are immensely grateful to everyone for pulling together and showing Ubuntu,” Nkadimeng said. – SAnews.gov.za

Gabisile
Tue, 01/23/2024 - 10:46

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Read moreSeveral parts of KZN classified disaster areas following floods

Government activities for the week 22 – 26 January 2024

Location: News

Government activities for the week 22 – 26 January 2024

On Wednesday, 24 January, and Thursday, 25 January, the Department of Employment and Labour will be embarking on a series of service delivery activities in Thaba Nchu as a build up towards a Jobs Fair to be held in Botshabelo.

On Wednesday, 24 January, the Minister of Transport, Sindisiwe Chikunga, will release the 2023/24 festive season road traffic statistics at a media briefing scheduled to take place in Gauteng.

On Tuesday, 23 January, and Wednesday, 24 January, the Minister of Small Business Development, Stella Ndabeni-Abrahams, will embark on a monitoring and oversight visit to schools in the King Sabata Dalindyebo Local Municipality in the Eastern Cape.

On Wednesday, 24 January, Minister of Employment and Labour, Thulas Nxesi, will host employers and engage with aspirant workers at an Employer breakfast session and Jobs Fair event to be held in Botshabelo, in the Free State.

On Thursday, 25 January, the South African Reserve Bank’s monetary policy committee (MPC) will announce the first repo rate for the year.

 

Janine
Tue, 01/23/2024 - 10:50

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Read moreGovernment activities for the week 22 – 26 January 2024

David te Roller Dux scholar at SACS in Cape Town, achieves an aggregate of 96.1%

Location: MyPR

South African College School (SACS) is the oldest high school in South Africa and 2023 was the school’s largest matric class in the history of the school. 178 candidates wrote matric last year with a 100% pass rate achieved. Congratulations to David te Roller the school’s Dux scholar, who achieved an overall aggregate of 96.1%. …

Read moreDavid te Roller Dux scholar at SACS in Cape Town, achieves an aggregate of 96.1%

Navigating the Labyrinth: A Guide to South African Online Business Directories

Location: MyPR

Box with Heavyweights Dance with Stars Bedazzled with Choices In the age of digital dominance, online visibility is the oxygen for any South African business. But with a plethora of online business directories buzzing in the ecosystem, finding the right platform to amplify your brand’s voice can be a daunting task. This article unravels the …

Read moreNavigating the Labyrinth: A Guide to South African Online Business Directories

Tough economic headwinds provide exciting opportunities for agile, customer-centric fintechs (By Andy Jury)

Location: News

Mukuru
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By Andy Jury, CEO at Mukuru (www.Mukuru.com)

Taking stock of fintech in the broader African context while looking forward to opportunities in the year ahead.

At this time of the year there is usually a flurry of articles attempting to lay out trends to look out for in various industries over the coming months. This is a good exercise as it gets one thinking about industries broadly and technology specifically. However, it would be remiss to embark on this exercise without first taking stock of where we are now. The fintech ecosystem is currently in a period of stress, less so for incumbents but noticeably for newcomers.

This stress is a direct result of macroeconomic pressures piling up to generate headwinds for new market entrants. As we all know, when the macro picture is less than rosy it affects play out on the ground. In summary, there is less money floating around – less money from investors and most notably, less disposable income in the hands of consumers.

Let's take a moment to appreciate how this looks in the broader African context. Firstly, it means there is significantly less money knocking on the doors of new and innovative businesses that need investors.

Just recently, a payments processor headquartered in France lost 53% of its value - this kind of scenario has a knock-on effect across borders. However, there is a massive opportunity for fintechs that have bootstrapped themselves up in the uniquely African context.

What does this opportunity look like? For starters, there continues to be a great deal of disruption in the market. Fintechs, mobile network operators (MNOs) and banks will approach the challenges and opportunities differently. The ones that emerge from this phase in a strong position will be those that have thought about the economics of their proposition carefully, because the opportunity that presents itself in tough times is likely more scalable from an addressable market perspective.

On the other hand, those who react will focus on price. A war on price is a race to the bottom. On the contrary, the businesses and fintechs that get through the tough times will be those that focus on customer experience (CX). It may be considered an intangible that sits between the bricks and cogs of a business, but it is crucial.

In difficult conditions, every business focuses on customers returning and using their products and services more frequently. This isn't easy, or everyone would be getting it right. Customers with less money in their pockets become more discerning, and in our experience are looking for a full basket of genuinely personalised customer experience where affordability is a crucial component, but most certainly not the only one.

We have learnt that speed, access, trust, convenience and safety in the payments space continue to be exceptionally important drivers in customers' decision making on where to spend their hard-earned money. At Mukuru we build very tight feedback loops with our customers and the feedback we get time and time again is speed, ease of use and safety is primary to how they develop their consideration set.

Looking ahead, regulation will continue to play an important role in how the industry evolves. The FATF's greylisting earlier this year has had a significant impact on businesses such as ours. We are under increasing scrutiny, not because anyone thinks we present any more risk than before, but because accountable institutions must demonstrate that they are confident money isn't being laundered or used for nefarious purposes. The result is that fintechs need to spend more time thinking and planning their products and must be tight in terms of the relationships they build with their customers.

Regulation is also expected to present immense opportunities, especially in Southern Africa. South Africa, for example, lags other regions in the realm of mobile money. Legislation which is expected to come into play in 2025 will effectively form the framework within which e-money capabilities will be governed. This moment will be a significant game changer for the region. The ability for more people to use e-wallets more frictionlessly will add immense value in the South African context and will fundamentally change the landscape of how money is stored, used and moved.

Looking toward this big disruption on our doorstep, businesses will approach the opportunity differently. There will be those who throw mud at the wall and see what sticks, whereas we believe the real winners will be those that remain crisp and precise with their customer propositions. In this context, we believe partnerships will be vital for stability and growth, where partners enter mutually beneficial symbiotic relationships. These can take many shapes and forms, such as payment providers bridging the gap between the informal and formal sectors solving a problem for fintechs who need ways to enable their customers to pay for goods and services, and where the payment provider gets access to millions of previously unreachable customers.

Digitisation and diversification will continue to be important trends in the coming months and years. Take a moment to consider the power that MNOs and banks have traditionally exerted in the formal payments ecosystem – fintechs who are agile can enter into partnerships with other fintechs to offer similar one-stop solutions to those currently offered by the MNOs and banks. This trend will see an equalisation of influence.

Lastly, those that prioritise customer needs and wants will emerge stronger. There are two schools of thought on how you digitise money. The first is that you place a wallet in someone's hands and encourage them to use it. This would be the traditional approach. The Mukuru approach, and certainly the approach of the more agile players, is to find a way to help people with their payment and remittance needs and then graduate them towards using a digital store of value as they develop trust in the brand and the technology.

These are divergent approaches, but in difficult economic conditions our experience – which has seen us sign up 14-million customers across many countries – says it is better to listen to what customers want and then walk a journey with them as they become more sophisticated in their digital journeys. Our approach is to solve a problem and then gradually build trust and extend the services and products we offer, as opposed to building a shiny product and waiting for customers to arrive.

Distributed by APO Group on behalf of Mukuru.

About Mukuru:
Mukuru is a leading next generation financial services platform in Southern Africa that offers affordable and reliable financial services to a customer base of over 13 million across Africa, Asia and Europe.

With over 100 million transactions to date, our core was built providing international money transfers and from this base, we've developed a set of services to address the broader financial needs of our customers. We now operate in over 50 countries and across over 300 remittance corridors.

We are a business that puts the customer at the centre of everything we do, and for that reason, we serve clients across physical and digital channels, by various payment methods (cash, card, wallet) as well as a range of engagement platforms including WhatsApp, USSD, contact centre, App, website, agents and a branch and booth network.

Mukuru has, for the fourth consecutive year, been listed as one of the top 100 Cross Border Payments businesses in the world in the 2023 FXC Intelligence Top 100 Cross-Border Payment Companies (https://apo-opa.co/48HwI0k), one of only six African companies to receive this accolade.

In April 2023, Mukuru officially ranked sixth on the 2023 LinkedIn Top Companies List in South Africa.

Mukuru was also celebrated for innovation and excellence at the 2023 Africa Tech Festival Awards, receiving the Fintech Innovation of the Year Award - an acknowledgment of the transformative power of financial technology in driving economic growth, financial inclusion, and digital transformation.

Further information can be found at www.Mukuru.com.

Read moreTough economic headwinds provide exciting opportunities for agile, customer-centric fintechs (By Andy Jury)

Strengthening Macro-fiscal and Budgeting Functions in Southern Africa

Location: News

International Monetary Fund (IMF)
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Being a budget director, or the head of a macro-fiscal unit (MFU) of a ministry of finance, is a demanding job. So, it was an impressive combination of logistical ingenuity and good timing that brought together heads of budget and macro-fiscal functions from 11 Southern African countries for a regional workshop on ‘Strengthening the macro-fiscal function in ministries of finance'. The event was organized by the IMF's Regional Technical Assistance Center for Southern Africa (AFRITAC South). The countries participating were Angola, Botswana, Comoros, Eswatini, Lesotho, Madagascar, Mauritius, Seychelles, South Africa, Zambia, and Zimbabwe.

The objective of the workshop was to equip these senior officials with strategies for effectively managing macro-fiscal functions and integrating these strategies with the budgeting process. It aimed to build networks, share experiences, and identify good practices. Topics discussed included macro-fiscal forecasting and analysis, medium-term fiscal frameworks (MTFFs), efficient organizational arrangements that improve decision-making within finance ministries, nurturing effective working relationships with other stakeholders, and building teams of motivated and capable technical staff.

Whilst each of the 11 countries faces its own unique set of challenges, some common themes emerged:

  • The need to strengthen the analysis and publication of information on fiscal risks.
  • Countries' fiscal objectives are often considered either ineffective, unclear, or entirely missing.
  • Several of the countries are seeking to improve the quality of their MTFFs and, generally, introduce a more strategic approach to fiscal policy-making and annual budgeting.
  • Coordination within the finance ministry and with other ministries (including a planning ministry in some cases) is often difficult.
  • Staff training and high turnover rates are frequently a cause of concern.
  • Whilst many countries can generate good quality policy analysis and advice, communicating that advice to politicians and top management and influencing decisions can be a challenge.

On staff training, the most cited skills gaps relate to problem solving, quantitative analysis and report writing. A few participants shared positive experiences about partnering with local universities to help build skills, making use of free online training for staff and promoting staff development programs as a non-monetary incentive to retain them. The use of training needs questionnaires and staff training plans was also encouraged. Many countries included the need for more formalized staff training plans and including managerial and soft skills development in those plans. 

High levels of staff turnover are a concern for many countries. Coping mechanisms include documenting processes and encouraging ‘twinning' arrangements to minimize situations where only one staff member understands a model or technical process that underlies macroeconomic forecasting and fiscal analysis. Specific induction training and mentoring processes can be useful. An alternative to writing lengthy user manuals (for which there is rarely the time) is to ask staff to record “how to” videos that describe how a forecasting model or other technical process works. These videos can be stored on a private YouTube channel for new staff to watch.

To help improve macro-fiscal and budgeting functions, participants prepared plausible action plans and presented them on the final day of the workshop. Suggestions included:

  • Establishing long-term fiscal frameworks to assess fiscal sustainability based on demographic changes.
  • Introducing clearly defined and monitorable fiscal objectives and targets.
  • Institutionalizing work on fiscal risks and scenario analysis.
  • Using analytical tools to promote evidence-based macro-fiscal policy decision making.
  • Creating Macro Working Groups to improve coordination and information sharing for preparing macro-fiscal forecasts.

Participants committed to maintaining the network with counterparts to continuously exchange knowledge and the sharing of experiences.

Distributed by APO Group on behalf of International Monetary Fund (IMF).

Read moreStrengthening Macro-fiscal and Budgeting Functions in Southern Africa