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MEC Mireille Wenger on growth and development of South African economy

Location: News

Western Cape Finance and Economic Opportunities, South Africa
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South Africa and the Western Cape in particular, is a destination of choice for many respected and market-leading global business process outsourcing (BPO) companies. Many of these businesses base some of their global operations here in the Western Cape, where they employ, train and upskill tens of thousands of local South Africans to provide world-class professional business services to clients across the world.

According to CapeBPO, the Western Cape's strategic business partner responsible for the growth and development of the BPO industry, for every offshore BPO job based in South Africa, R350 000 of foreign revenue is injected into our economy.

“This means that for the approximately 100 000 BPO jobs country wide, the majority of which (approximately 60 000) are right here in the Western Cape, R35 billion goes into our national economy. The value that our talented people contribute on the world's stage is impressive,” explained Provincial Minister of Finance and Economic Opportunities, Mireille Wenger.

“The growth of the BPO sector in the Western Cape is a testament to the hard work and perseverance put into the promotion and mobilisation of the industry by our private and public sector stakeholders. The investment in skills development has created a steady and world-class supply of talent to cater to the clear international demand, supported through our agile public/private partnership between our local and provincial government partners (the City of Cape Town and Western Cape Government) and our Operator community. Based on our shared vision to enable  meaningful careers, we are tackling the challenge of unemployment head on, with each job created contributing to a solution we as proud South Africans want to see manifested,” added CEO of CapeBPO, Clayton Williams.

The Western Cape Government's (WCG) ambitious economic plan of action, ‘Growth for Jobs' is focused on enabling the private sector to grow and create jobs.

“As the WCG, we are immensely proud to partner, through our dedicated programmes, with the determined and dedicated people investing in the BPO sector. BPO is a thriving and growing industry that must be nurtured if we are to enable the private sector to establish, expand and – critically – employ many more hundreds of thousands of South Africans. At the end of the day, this is why we do what we do – to give more South Africans, and particularly our young people, the opportunities they need to live up to their full potential,” concluded Minister Wenger.

Distributed by APO Group on behalf of Western Cape Finance and Economic Opportunities, South Africa.

Read moreMEC Mireille Wenger on growth and development of South African economy

When words aren’t enough: Parties falling short on climate action

Location: MyPR

In the midst of political alliances with coal lobbyists, environmentalists are urging strategic voting and active citizenship to address the deepening climate crisis and stave off the collapse of natural systems. Voting is crucial, but South Africa’s political parties are falling short on addressing urgent climate and ecological challenges. In reality, many are “schizophrenic”, “bipolar”, …

Read moreWhen words aren’t enough: Parties falling short on climate action

Southern Oil’s Canola Development Trust Empowers Future Generations Through Education

Location: MyPR

Swellendam, South Africa May 2024: Southern Oil’s Canola Development Trust Empowers Future Generations Through Education Southern Oil, a leading producer in the agricultural sector, reaffirms its commitment to community well-being through its unwavering support of the Canola Development Trust that heads up two educational systems that are the first of its kind in South Africa. …

Read moreSouthern Oil’s Canola Development Trust Empowers Future Generations Through Education

SIU, Hawks raid Home Affairs offices in five provinces 

Location: News

SIU, Hawks raid Home Affairs offices in five provinces 

The Special Investigating Unit (SIU) with the assistance of the Directorate for Priority Crime Investigation, also known as the Hawks, on Friday conducted searches and seized evidence at Home Affairs offices in five provinces.

The SIU said in a statement that this is part of an ongoing investigation into the affairs of the department.

The SIU was granted a search warrant by the Special Tribunal, a judicial platform established to adjudicate on matters emanating from SIU investigations, on 10 May.

The searched offices and mirror imaging of a server took place at the head office of the Department of Home Affairs in the Pretoria CBD, at the Centurion office and at the Desmond Tutu Refugee Centre in Marabastad.

The other raids took place at the Refugee Reception Centres in Musina, Cape Town, Gqeberha and Durban. 

“The searches follow a tip off from a whistleblower that suggested that Home Affairs officials in the identified centres work with syndicates to duplicate application status files applied for in other offices and process them for a fee. 

“The whistleblower also stated that the officials bypass immigration systems to enable foreign nationals who have entered the country illegally to remain in the country and acquire permits illegally and unlawfully,” the statement read. 

It was also alleged that Home Affairs officials were delaying the finalisation of the asylum seeker permits to facilitate bogus asylum seekers. 

Using the permits, which were obtained illegally and unlawfully, the bogus asylum seekers remain in the country and later use the same permits to apply for Permanent Resident Permits and ultimately, obtain South African citizenship.

“After getting citizenship, they qualify to get a maroon passport, which allows them to travel all over the world except their country of origin.” 

Members of the SIU and the Hawks seized computers, electronic pieces of equipment, and documents that will assist with their ongoing investigation.

Proclamation

President Cyril Ramaphosa authorised the SIU to investigate serious maladministration and improper conduct at Home Affairs through Proclamation 154 of 2024. 

The proclamation empowers the SIU to probe serious maladministration relating to the issuance of permanent residence permits, corporate visas, business visas, critical or exceptional skills work visas, study visas, retired persons’ visas, work visas, and citizenship by naturalisation, contrary to the Immigration Act, 2002; the South African Citizenship Act, 1995; manuals, guidelines, circulars, practice notes or instructions applicable to Home Affairs; or manuals, policies, procedures, prescripts, instructions or practices of or applicable to the department.

The proclamation also authorises the SIU to investigate any irregular, unlawful, or improper conduct by officials or employees of Home Affairs or any other person or entity concerning the allegations being investigated.

It also covers allegations of unlawful and improper conduct that took place between 12 October 2004 and 16 February 2024, the date of the publication of the Proclamation, or before 12 October 2004 and after the date of the Proclamation that is relevant to, connected with, incidental to the matters, or involves the same persons, entities, or contracts investigated.

“In addition to investigating maladministration, malpractice, corruption and fraud, the SIU will identify system failures and make systematic recommendations to improve measures to prevent future recurrence,” the SIU explained.

In line with the SIU and Special Tribunals Act 74 of 1996 (SIU Act), the agency will refer any evidence pointing to criminal conduct it uncovers during its investigations to the National Prosecuting Authority (NPA) for further action.

The SIU is empowered by the SIU Act to institute a civil action in the High Court or a Special Tribunal in its name to correct any wrongdoing uncovered during its investigation caused by acts of corruption, fraud, or maladministration. – SAnews.gov.za

Gabisile
Fri, 05/17/2024 - 11:48

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Plans to establish government service delivery points in Durban townships

Location: News

Plans to establish government service delivery points in Durban townships

The Department of Employment and Labour in KwaZulu-Natal has announced plans to establish service delivery points within the township communities of Durban.

Provincial Operations Chief Director, Edward Khambula, made the announcement during an Employer Breakfast Session held at the KwaMashu Indoor Sports Centre, north of Durban, on Thursday.

Khambula said the Employment and Labour Service Delivery Office Points programme is in the pipeline for areas covering Inanda, Ntuzuma, KwaMashu (INK); and Umlazi township.

Khambula said the establishment of service points, which has been approved, will bring services closer to the communities. 

“We are trying to expand to other townships such as Umlazi as well, because we can see that it does not help for people to travel to town to receive services. We would like to plead with the community to use the service point offices properly,” said Khambula. 

The breakfast session, held in collaboration with the Department of Small Business Development, aims to provide a platform for small business operators to engage with the department, while informing and teaching them about various labour laws to comply with in the country. 

It also formed part of the department’s plan to get closer to the shopping centres and provide services to the people.
                                            
“Because we know that the small businesses in townships sometimes struggle to comply with labour laws, there has been a proposal for us to get closer to the people and teach them and clarify the manner that can assist them to comply without necessarily having to employ the services of consultancy agencies,” Khambule said.

Khambule said there are ways for employers and the small business community to mitigate and negotiate if a business is unable to comply with the labour laws, adding that the department provide assistance free of charge. 

“The department is fully aware of the challenge of unemployment and the state of the economy is dire. There is an exemption to apply from the department to mitigate certain non-compliance issues,” Khambula informed the employers. 

Instead of running away from the inspectors, Khambula urged the employers to seek guidance from the department in order to get guidance on how they can obtain an exemption. 

He emphasised that the department has no intention of closing down businesses, which will consequently result in unemployment.

“We have also heard that you can pay the money you owe through instalments so that the facility exists, and the officials are sensitive about it. The department is wary that an employee can lose a job due to its interventions,’’ Khambula said. 

Employment and Labour Minister, Thula Nxesi, is expected to attend the Jobs and Careers Fair to take place at Umlazi on Friday. – SAnews.gov.za
 

GabiK
Fri, 05/17/2024 - 09:51

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Good Nature Agro named one of Africa’s Fastest Growing Companies of 2024

Location: News
Good Nature Agro

Good Nature Agro (https://GoodNatureAgro.com/), the Zambian company helping smallholder farmers reach the middle class, has been recognized by the Financial Times in the annual ranking of Africa's Fastest Growing Companies of 2024, focused on identifying top performers in Africa's private sector. This ranking places Good Nature Agro as number 44 on the list and the only Zambian company in the top 50.

The company has accomplished this feat through measured and consistent growth in their legume seed and commodity business lines, while increasing incomes for the more than 20,000 smallholder farmers with which they work.

2024 also marks the 10th  anniversary of Good Nature Agro. Starting in 2014 with just 40 smallholder farmers in Kasenengwa District, Zambia, the company's founders have remained committed to the company's mission since day one. Today, Good Nature Agro farmers are present in all provinces of Zambia and the company has expanded its offerings to Malawi. The company has two active processing plants in Lusaka and Chipata, Zambia, an active seed breeding program and lab space, a proprietary digital platform for farmer and customer engagement, and more than 175 full-time employees. Good Nature Agro is also building a state-of-the-art export and processing facility in the Lusaka South Multi-Facility Zone(MFEZ).

Good Nature Agro Co-fonder and CEO, Carl Jensen, is thrilled with the news of the ranking, “We are proud to be included on the list, and we intend to use this opportunity to highlight our work with smallholders and the strength and potential of the Zambian agricultural economy. Credit for the strides we have made over the last 10 years goes to the hard work of our farmers, team, investors, and partners. Collectively, we are primed for a leap forward, and we will work tirelessly to move more smallholder farmers into the middle-class and emergent farmers towards generational wealth.”

On top of training, financing and production with Zambian farmers, Good Nature Agro has for the last 3 years been focusing on aggregating legume seed and commodity needs in the wider Southern and Central African region. “Being a Zambian-born and based company has strategically placed us to fulfill grain needs from beyond Zambian borders. We are exporting high-value beans, soya beans and groundnuts to food processors in South Africa, Namibia, Zimbabwe and Botswana, and we continue to prospect both production and supply in the Eastern African region. We are looking to onboard more customers and anyone looking for a reliable supply of legume seeds and commodities in and beyond the region. The Financial Times listing affirms our constant commitment to growth and service to our farmers and customers” said Sunday Silungwe, Founder and Director of Communications.

Representing Zambia alongside Good Nature Agro on the list are  Zamseed (#91) and Zambeef Products (#113). The list of Africa's fastest-growing companies, compiled by Financial Times in collaboration with Statista, a research and database company, highlights advanced, modern, and thriving businesses in Africa fueling the global economy in the 21st century. The list showcases the growth of private companies across different sectors and offers a brief overview of the recent corporate landscape where technology, Fintech, and other businesses have had to adapt to a challenging environment. Good Nature Agro salutes all other companies represented as peers and examples of resilience and job creation.

Distributed by APO Group on behalf of Good Nature Agro.

Media Contact:
Company name: GoodNature Agro
Contact person name: Sunday Silungwe, Co-founder and Director of Communications
Phone number: +260 97 9392832
Article website:  https://apo-opa.co/4arONQ1
Email: sunday.silungwe@goodnatureagro.com
Website: www.GoodNatureAgro.com

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Good Nature Agro
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LAUNCH: FEM Rehabilitation, Social Reintegration and Return to Work Programme

Location: MyPR

On 9 May 2024, the Federated Employers Mutual Assurance Company (Rf) (Pty) Ltd (FEM) launched its Rehabilitation, Social Reintegration and Return to Work Programme at an event held in Johannesburg. FEM is a mutual insurer that provides workmen’s compensation cover to the construction and construction-related industries. The launch showcased FEM’s full package of services aimed …

Read moreLAUNCH: FEM Rehabilitation, Social Reintegration and Return to Work Programme

L’Oréal Professionnel Launches Ground-breaking Absolut Repair Molecular Haircare Line to Repair Damage Hair

Location: MyPR

L’Oréal Professionnel Launches Ground-breaking Absolut Repair Molecular Haircare Line to Repair Damage Hair L’Oréal Professionnel, a global leader in professional haircare, is proud to announce the launch of its revolutionary Absolut Repair Molecular haircare line in South Africa. This innovative range is the first of its kind for the brand, designed to repair damage by …

Read moreL’Oréal Professionnel Launches Ground-breaking Absolut Repair Molecular Haircare Line to Repair Damage Hair

The BBC Congratulates Eskom For Achieving An Energy Availability Factor (EAF) Of 70.78%

Location: MyPR

Johannesburg,  16 May 2024: The Black Business Council (BBC) applauds the ESKOM Board ably led by Chairman Mteto Nyati, Management lead by GCEO Dan Marokane, Group Generation led by Bheki Nxumalo as Group Executive and all employees on improving the Energy Availability Factor (EAF) to 70.78%, “a milestone last achieved nearly three (3) years ago. This …

Read moreThe BBC Congratulates Eskom For Achieving An Energy Availability Factor (EAF) Of 70.78%

KZN welcomes delegates to Africa’s Travel Indaba

Location: News

KZN welcomes delegates to Africa’s Travel Indaba

KwaZulu-Natal Premier Nomusa Dube-Ncube has welcomed delegates participating in the Africa's Travel Indaba, which is currently underway at the Inkosi Albert Luthuli International Convention Centre in eThekwini.

Taking place from 13 - 16 May 2024, Africa’s Travel Indaba is an iconic African leisure trade show, owned by South African Tourism, with the specific objective of creating market access for the country’s vast array of African leisure tourism products.

Welcoming the delegates at the official opening of Africa's Travel Indaba on Tuesday, Dube-Ncube said the trade show provides the ideal platform for African tourism exhibitors to showcase their offerings to international and local buyers, destination marketing companies and leisure tourism services partners. 

“It is the most formidable platform on the continent for you to meet face-to-face with the most influential buyers in the world, and to gain access to Africa’s excellence and its endless possibilities. These are the business opportunities and quality connections that will shape Africa’s tomorrow,” Dube-Ncube said.

READ | KZN tourism entrepreneurs set to showcase province’s rich culture at Indaba

The Premier noted that this year’s Africa’s Travel Indaba takes place at a time when South Africa is celebrating 30 years since the dawn of democracy, which ushered in a new era and assured our standing in the family of other nations.

“This milestone makes all of us gush with pride as South Africans when we consider the journey that we have travelled in moulding the country of our dreams. Today, we speak of a tourism industry that can hold its own at a global level because of our country's achievements,” Dube-Ncube said.

IMAGES | 2024 Africa's Travel Indaba

2024 Africa's Travel Indaba. 2024 Africa's Travel Indaba. 2024 Africa's Travel Indaba.

As the tourism industry shows green shoots globally, she said one of the key sub-sectors the province wants to aggressively focus on is Meetings, Incentives, Conferences and Events (MICE). 

MICE make up a big part of global business travel since every industry has regular events of some kind. The main goal is always to bring professionals together, foster connections, promote new ideas, and push growth. 

“As a province, we will be at the forefront of ensuring that KwaZulu-Natal gets the lion’s share of the tourism market.  As we all know, one of the biggest trends in the tourism environment is the blending of leisure tourism and business, known as 'Bleisure Travel' [blending of business and leisure travel]. 

“We would like to thank all of you for your continued support of Africa’s Travel Indaba. Indeed, Africa has limitless possibilities, and we must seize the opportunity to ensure that Africa’s time is now,” Dube-Ncube said. – SAnews.gov.za

GabiK
Wed, 05/15/2024 - 13:28

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Approval granted to reopen Lily and Barbrook mines

Location: News

Approval granted to reopen Lily and Barbrook mines

The Department of Mineral Resources and Energy (DMRE) has approved Section 11 of the Mineral and Petroleum Resources Development Act (MPRDA) of 2002 for Vantage Goldfields to resume operations at Lily and Barbrook gold mines in Mpumalanga.

Lily Mine is the site of the 2016 tragedy where three mineworkers were trapped underground in a container following a fall of ground accident. They lost their lives and their bodies were never been retrieved.

The three miners were Solomon Nyirenda, Pretty Nkambule and Yvonne Mnisi.

“The company is expected to sink a decline/shaft to gain access to the underground workings to retrieve the container and the three missing employees at Lily mine,” the department said.

The reopening of the mine was announced following an engagement session between Mineral Resources and Energy Minister Gwede Mantashe and stakeholders representing Vantage Goldfields, Lomshiyo Traditional Council, the Business Rescue Practitioner, organised labour, and government leaders.

During the session, Mantashe warned that the reopening is not a time for celebrations.

“[We] all agree that at the centre of our work is to re-open Lily mine, retrieve the bodies and bring closure to the affected families and fellow mineworkers.

“Despite the approval of the section 11 which paves the way for the re-opening of the mines and retrieval of the containers, this is not the time for celebrations, but the time for us to put more efforts and ensure that the mines re-open in the shortest possible time.”

The department said operations may resume later this year.

“All stakeholders, including representatives of the Lomshiyo Traditional Council; the Association of Mineworkers and Construction Union (AMCU); and the Congress of South African Trade Unions (Cosatu) expressed full support and confidence in the efforts to reopen the mines as these will create the much need jobs in the Liouville community.

“The business rescue process is expected to be completed by end of July 2024, after which the operations may resume,” the department said. – SAnews.gov.za

 

NeoB
Wed, 05/15/2024 - 15:04

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Condolences for Motsuenyane family

Location: News

Condolences for Motsuenyane family

President Cyril Ramaphosa has expressed his condolences to the Motsuenyane family following the death of Nomgcibelo Jocelyn Motsuenyane.

She died a day following the funeral of her husband, Dr Sam Motsuenyane.

“As South Africans, we stand by the Motsuenyanes in your moment of compounded loss.

“Sam and Jocelyn Motsuenyane are icons of their generation whose belief in education and entrepreneurship as keys to self-realisation and reliance sustained communities and contributed to the inclusive economy we continue to build today.

“May they rest together in peace at the end of a life of service and upliftment and a union they shared for 70 years,” President Ramaphosa said on Tuesday.

Ma Motsuenyane was an anti-Apartheid activist listed in the records of the Truth and Reconciliation Commission as someone who suffered gross violation of human rights under that regime.

Her home was petrol bombed – and subsequently lost in March 1986 – by members of the Bophuthatswana Police at Winterveld in the Bophuthatswana homeland.

She was part of a group attempting to organise a meeting between the community and the Winterveld Community Council to address grievances relating to police harassment.

Her husband, Dr Sam Motsuenyane, was a revered black business pioneer.

He was the co-founder of the pivotal National African Federated Chamber of Commerce (NAFCOC) and played a leading role in the establishment of African Bank – both at the height of apartheid.

Ma Motsuenyane is expected to be buried later this week. – SAnews.gov.za

NeoB
Tue, 05/14/2024 - 09:50

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National reforms can boost economy by R426bn & create thousands of jobs

Location: News

Republic Of South Africa: Western Cape Provincial Government
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The South African economy can be significantly boosted, and the growth of start-ups and the private sector – through businesses big and small – that create vital jobs, catalysed through two regulatory reforms: lifting exchange controls on the offshore transfer of intellectual property and introducing tax incentives for investors in start-ups.

“Our research shows that changes to the Exchange Control Regulations relating to the offshore transfer of intellectual property and offshore movement of money could create a net benefit to the South Africa economy of R426 billion over the next five years. In addition, SARS could collect a net increase of R315 billion in tax revenue over the same period. These reforms would not compromise attempts to comply with the Financial Action Task Force standards,” Provincial Minister of Finance and Economic Opportunities, Mireille Wenger, explained.

She continued, “Similarly, improving tax incentives for investors to encourage early-stage start-up enterprises could result in R927 million in total investment raised by the country's venture capital industry over the next five years. This would result in an additional 79 start-ups, creating 1 840 jobs with total after-tax salaries generated amounting to R890 million.”

These reforms will also allow South Africa to remain competitive against other global destinations, including competitors on the African continent like Nigeria, Kenya, and Egypt.

In 2023, the South African Start-up Act Movement conducted a survey of 52 start-up founders who had moved part or all of their business offshore. Of the respondents, 42 (81%) reported that they had moved their businesses offshore to raise capital from international investors whose main concern was South Africa's exchange controls.  Views from start-ups consulted all confirmed that investors are increasingly refusing to invest in South African-domiciled companies due to restrictions on the offshore movement of IP.

The WCG is determined to make it as easy as possible for the private sector to do business and create jobs in the province.

This objective lies at the very core of the WCG's bold new economic action plan, ‘Growth For Jobs' or G4J, which aims to enable a R1 trillion jobs-rich and inclusive economy, that is growing between 4% and 6% in real terms by 2035.

“The introduction of these reforms is a no-brainer. With current anaemic GDP growth rates, it is our responsibility as government to explore and introduce measures that boost growth so that we can help enable the creation of jobs in South Africa. Our comprehensive proposals, that we have shared with Minister Godongwana, the South African Reserve Bank and the South African Revenue Service, offer a relatively easy path towards achieving rapid growth and expansion in the start-ups sector, aiding South Africa's economic recovery in the short and long term” Minister Wenger concluded.

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

Read moreNational reforms can boost economy by R426bn & create thousands of jobs

KZN tourism entrepreneurs set to showcase province’s rich culture at Indaba

Location: News

KZN tourism entrepreneurs set to showcase province’s rich culture at Indaba

As thousands of delegates attending Africa’s Travel Indaba (ATI) 2024 descend on Durban, KwaZulu-Natal, emerging tourism entrepreneurs participating in the event are set to showcase their businesses and the province’s rich culture and history.

The Travel Indaba, which kicks off from 13 to 16 May 2024 at the Inkosi Albert Luthuli International Convention Centre (ICC), brings together exhibitors from various African nations and buyers worldwide to showcase a collection of products from across the African tourism sector.

The event also emphasises capacity building and knowledge sharing, benefiting all attendees, including smaller and emerging businesses in the industry.

READ | SMMEs gear up for Africa’s Travel Indaba

The Travel Indaba is expected to be attended by delegates from 26 African countries, including 120 small, medium and micro enterprises (SMMEs).

Among the KZN entrepreneur exhibitors is Nkosikhona Ndlovu, the man behind Amangonyama Tour Operator, a 100% Black-owned company in the KwaZulu-Natal Midlands. 

Ndlovu said his aim is to deliver safety, education, and unforgettable experiences for his clients attending the indaba.

“For me, Africa’s Travel Indaba is a huge opportunity to showcase what we offer and to engage with potential buyers from across Africa. I am hoping to make valuable connections and secure future business opportunities,” Ndlovu said.

Entrepreneur Msizeni Mngadi, who is the owner of Indlondlo Cultural Village in the Valley of a Thousand Hills, said he is passionate about introducing visitors to the Zulu culture.

Mngadi noted that Indlondlo Cultural Village is not just a destination, but a portal into the heart and soul of the Zulu people. 

“Here, visitors have the opportunity to delve into the essence of Zulu tradition through guided tours of traditional homesteads, captivating displays of dance and drumming, and interactive activities that allow for a hands-on exploration of Zulu customs,” Ndlovu said.

IMAGES (Source: Africa's Travel Indaba/X) | Africa Tourism Indaba BONDAY discussions

BONday discussions in full swing. BONday discussions in full swing. BONday discussions in full swing.

 

Danica Bartho, who owns Biweda Nguni Lodge and Tandweni Villa with her mother in the heart of Zululand, Northern KZN, said they are eager to showcase their projects to the world at ATI 2024.

Biweda Nguni Lodge offers a blend of comfort and affordability, with farmhouse charm, while Tandweni Villa offers a luxurious safari experience.

With a focus on empowerment and skill development, Bartho and her team provide a safe haven for previously disadvantaged women to flourish within the tourism industry.

“This [ATI] is not just about business, it is about forging connections, sharing stories, and opening doors to new opportunities and continuing our commitment to empowering women and promoting sustainable tourism,” Bartho said.

The ATI event kicks off with the Business Opportunity Networking Day (BONDay) on 13 May 2024.

BONDay is tailored to foster thought leadership and share global tourism insights under four streams: unlimited, discover, connect, and grow. 

The day is crucial for advancing knowledge and exploring new opportunities in the tourism sector, offering invaluable networking opportunities, thought leadership discussions, and insights into global trends.

Welcoming Africa’s Travel Indaba back to the province, KwaZulu-Natal Economic Development, Tourism, and Environmental Affairs MEC, Siboniso Duma, said Africa’s Travel Indaba plays a significant role in KwaZulu-Natal tourism growth and has an immeasurable impact on the province’s economy. 

“Again, this year, we will have several emerging tourism entrepreneurs participating as part of the Tourism KZN Tourism Enterprise Development Programme to afford them an opportunity to showcase their businesses and lock business deals to help them grow in the sector,” Duma said.

EThekwini Municipality Economic Development and Planning Committee Chairperson, Thembo Ntuli, emphasised the significance of the indaba for Durban, saying it is an instrumental platform for the tourism industry, which is firmly on the road to recovery. 

“The show has become synonymous with the city of Durban, as we have hosted this critical tourism showcase over many years. The city’s economy will benefit immensely from hosting this three-day long trade showcase as hotel occupancy is expected to be between 85% and 95%. 

“In addition, local tourism products and community tourism organisations are ready and eager to engage with buyers, tour operators, and travel agencies to continue selling Durban as the destination of choice,” Ntuli said.

The 2023 edition witnessed remarkable growth, with a nearly 62% increase in attendance and over 1 033 exhibiting companies, attracting 8 688 delegates from 22 countries, and contributed R451 546 283 to eThekwini's GDP and R597 051 772 to KwaZulu-Natal, underscoring the event's significance. – SAnews.gov.za

GabiK
Mon, 05/13/2024 - 12:26

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Riding the Wave: South Africa’s Financial Digital Revolution

Location: News
GITEX Africa

GITEX Africa 2024 (www.GITEXAfrica.com), the continent's largest tech and startup exhibition scheduled from 29-31 May in Marrakech, Morocco, emerges as a pivotal platform for exploring the intersections of digital transformation, financial inclusion, and economic empowerment. As South Africa's banking of finance sector takes center stage in this global dialogue, the event promises to be a catalyst for innovation, collaboration, and growth.

In South Africa, digital transformation has become imperative across industries, and the financial sector is no exception. From the convenience of online banking to mobile payment solutions, banks are leveraging digital technologies to enhance efficiency, improve customer experience, and expand access to financial services.

With a growing youth population favoring digital banking, financial institutions are investing in user-friendly mobile apps and online platforms to meet evolving customer preferences.

Banks Face Competition from Fintech and Innovative Platforms

These digital banking platforms provide users with convenient access to a wide range of financial services, including account management, payments, and lending, all through intuitive user-friendly mobile and online interfaces.

However, amidst this digital transformation, banks face stiff competition from a diverse array of players, including agile fintech startups and innovative tech-driven platforms. These disruptors offer innovative solutions that challenge traditional norms and cater to evolving customer needs.

South African fintech startups, recognized locally and globally, provide convenient digital banking services, investment platforms, and innovative lending solutions, drawing customers away from traditional banks with their agility and customer-centric approach. In 2021, South Africa boasted the highest number of fintech startups in the African region with 154 companies (https://apo-opa.co/3KjmVTL). As of May 2022, fintech startups in South Africa secured close to $US77 million (https://apo-opa.co/3ys79ms).

The fintech value chain encompasses a wide range of services including banking, infrastructure, crowdfunding, digital currencies, lending, payment, and regulation technology.

By facilitating dialogue, collaboration, and knowledge sharing, GITEX Africa accelerates the pace of digital transformation in the financial services sector, driving inclusive growth and economic empowerment across the African continent. Among the more than 35 esteemed speakers from South Africa include Lillian Barnard, President at Microsoft Africa; Zondwa Mandela from Mandela Legacy; and Chipo Mushwana, Executive of Emerging Innovation and Payments, Nedbank.

Major South African investment funds, unicorns, and start-ups fast-forwarding cross-continental progress at GITEX AFRICA 2024 include SAVANT, Zindi, and go1.

Lillian Barnard, President of Microsoft Africa, said: “Africa has long been recognised for its formidable growth prospects and AI is the long-awaited key to help unlock that potential.”

“The AI-powered innovation we're seeing today is poised to reinvent every aspect of society from healthcare to financial services, manufacturing and beyond. If Africa is to benefit from the paradigm shift currently sweeping the globe, we must make the promise of AI real for people and organisations across the continent – and do so responsibly.”

Hands-on Support Required for Startups

Bongani Sithole, CEO of Founders Factory Africa and a speaker at GITEX Africa outlines key challenges facing African startups: difficulties in finding product-market fit, hiring the right talent, maintaining company culture while expanding into new markets and securing funding.

Despite these challenges, Sithole highlights opportunities for startups to tap into, including the “development of new products and services to meet the needs of their growing customer base. This can lead to increased innovation and competitiveness.”    

In terms of specific trends within the African startup ecosystem, Sithole says we can expect to see more mergers and acquisitions (M&As) continue this year, primarily driven by larger companies seeking to acquire earlier-stage companies. “M&As are strengthening the startup ecosystem by offering a guarantee of revenue and funding for founders.” Additionally, he notes the potential of AI applications to address societal challenges and drive economic growth.

As Africa's tech ecosystem evolves, he sees opportunities for cross-regional collaboration through initiatives like cross-border agreements for trade and talent, full implementation of the African Continental Free Trade Agreement (AfCFTA), fast-tracking of regulatory approvals.

Reflecting on lessons from leading African unicorns, he highlights the importance of solving societal problems and embracing failure as part of the startup journey. “Many successful founders are not first-time successes. Founders are encouraged to remain within the ecosystem even after failures to create potential unicorn by leveraging their experience.”

At GITEX Africa, Sithole aims to emphasize the importance of “hands-on support” for early-stage ventures beyond just capital. He also hopes to develop actionable steps to stimulate innovation and funding across Africa, advancing the tech and startup ecosystems.

Financial Inclusion and Economic Empowerment

Recognizing the significance of digital transformation, the South African government has taken proactive steps to promote financial inclusion and economic growth. In 2023, the National Treasury released a policy framework to broaden financial inclusion (https://apo-opa.co/4bff3OC), to achieve 90 percent banked status by 2030. This initiative highlights the government's commitment to leveraging digital technologies to drive socioeconomic development and create opportunities for all South Africans.

While progress has been significant, challenges persist, highlighting the need for targeted interventions to ensure equal access to financial services. As South Africa continues to ride the wave of digital finance, the possibilities are boundless. By embracing innovation and strengthening collaboration, the country is charting a journey toward a brighter and more equitable future for all.

Distributed by APO Group on behalf of GITEX Africa.

Media Contact: 
Tayce Marchesi – PR Executive 
Tel.: + 971 58 552 3994 
Tayce.Marchesi@dwtc.com 

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