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Eastern Cape Business 2023-24

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The 2023/24 edition of Eastern Cape Business is the 16th edition of this successful publication that, since its launch in 2006, has established itself as the premier business and investment guide for the Eastern Cape. The Eastern Cape Development Corporation (ECDC) is supporting this issue of the journal, both in providing up-to-date information for editorial use and in sharing information about its activities. It will also distribute the journal through its regular channels. The Eastern Cape’s multi-faceted approach to the challenges and opportunities of sustainability are explored in a special feature. From caring for agricultural land through partnerships between farmers, wool brokers and fashion houses, to solar panels and improved lighting and water systems, companies are finding ways to incorporate sensible and profitable solutions into their business models. The Nelson Mandela Bay Development Agency celebrates a significant milestone this year, it being 20 years since it began operations.

OVERVIEW Banking and

OVERVIEW Banking and financial services Agricultural app extends bank’s reach. Absa Bank, which already has a strong presence in the agricultural market in South Africa, has bought shares in an e-trading platform. Khula! has three platforms that allow farmers and distributors to connect with exports and retail and wholesale buyers. More than 5 000 products are available on the Input Marketplace app. Absa has previously supported Khula! through its Enterprise Development division and has worked with the app on standardising payment options. Abrie Rautenbach, Head of Absa AgriBusiness, says the acquisition will not only enhance Absa’s agriculture proposition for SMMEs, but allow Absa to further assist with the continued expansion of the Khula! proposition, potentially also into other African markets in which the bank operates. African Bank, with an eye on listing on the JSE, completed its purchase of Ubank in 2022. When Ubank came out of curatorship in 2016, the SA Reserve Bank acquired its shares and invested R3-billion. The purchase will expand African Bank’s lending base by nearly five-million customers and comes on the back of the purchase of Grindrod Bank, which strengthened the bank’s business-lending operations. Two new licences for mutual banking have been approved nationally, despite the collapse of VBS, a Limpopo-based mutual bank. The nature of the South African market lends itself to mutual banking. Both the Young Women in Business Network (YWBN) and Bank Zero will use the mutual model. Discovery Bank officially launched in March 2019 and is experiencing rapid growth with deposits of R3.7-billion. Discovery Bank is applying the behavioural model it uses in its health business to reward good financial behaviour. Another relatively new bank is Capitec. Investment holding company PSG has reduced its holding in Capitec Bank from 32% to 4%, earning about R4-billion by selling those shares. TymeBank, one of the newer entrants onto the South African banking scene, is taking the concept of “retail banking” to another level. Having run banking kiosks within Pick n Pay and Boxer stores for several years, TymeBank has signed a deal with TFG, a group that has a big presence in the Eastern Cape. ONLINE RESOURCES Auditor-General of South Africa: Financial Sector Conduct Authority: South African Institute for Chartered Accountants: SECTOR INSIGHT African Bank has bought Ubank. Khula! CEO Karidas Tshintsholo. What used to be known as the Foschini Group has 34 brands, including Markhams, Totalsports, Jet and Dial a Bed, and 30-million customers. In the short term, TymeBank will have access to 600 TFG kiosks, taking the bank’s total in South Africa to 1 450. The financial and business services sector is responsible of 19.2% of the Eastern Cape’s Gross Domestic Product (StatsSA). The sector provides employment for 141 000 people. Agricultural finance is an important factor in the Eastern Cape. Production loans, vehicle financing and revolving credit plans all play an important role in keeping farmers and agro-processors in business. ■ EASTERN CAPE BUSINESS 2023/24 40

Eastern Cape Provincial Government A guide to the Eastern Cape’s provincial government departments. Visit Office of the Premier Premier: Oscar Mabuyane Office of the Premier Building, Independence Avenue, Bhisho 5605 Tel: +27 40 609 6644 | Fax: +27 86 681 9493 Website: Department of Cooperative Governance and Traditional Affairs MEC: Mr Zolile Williams Tyamzashe Bldg, Room 2124, 2nd Flr, Bhisho 5605 Tel: +27 40 949 7191 | Fax: +27 40 639 2163 Website: Department of Economic Development, Environmental Affairs and Tourism MEC: Mlungisi Mvoko Block 16, Business Village, Bhisho 5605 Tel: +27 43 605 7004/7 | Fax: +27 43 605 7303 Website: Department of Education MEC: Mavhungu Leruli-Ramakhanya Steve Tshwete Education Bldg, Zwelitsha Zone 6, Zwelitsha 5608 Tel: +27 40 608 4200 | Fax: +27 40 608 4040 Website: Department of Health MEC: Nomakhosazana Meth Dukumbane Bldg, Independence Ave, Bhisho 5605 Tel: +27 40 608 1117 | Fax: +27 40 608 1118 Website: Department of Human Settlements MEC: Siphokazi Lusithi 31-33 Phillip Frame Rd, Waverly Park, Chiselhurst, East London 5247 Tel: 086 000 0039 | Fax: +27 43 711 9797 Website: Department of Public Works and Infrastructure MEC: Ntombovuyo Nkopane 5 Qasana Bldg, Independence Avenue, Bhisho 5605 Tel: 0800 864 951 | Website: Department of Rural Development and Agrarian Reform MEC: Nonkqubela Pieters Dukumbane Bldg, Independence Ave, Bhisho 5606 Tel: +27 40 602 5006 | Fax: +27 40 635 0604 Website: Department of Safety and Liaison MEC: Xolile Nqatha Cnr Independence Avenue and Circular Drive, Bisho Tel: +27 43 605 6800 | Fax: 086 558 0224 Website: Department of Social Development MEC: Bukiwe Fanta Phalo Ave, 5th Flr, Dukumbana Building, Bisho 5605 Tel: +27 43 605 5000 | Fax: +27 43 605 5000 Website: Department of Sports, Recreation, Arts and Culture MEC: Nonceba Khontsiwe 5 Eales St, King Williams Town 5600 Tel: +27 43 604 4101 | Website: Department of Transport MEC: Xolile Nqatha Flemming St, Schornville, King Williams Town 5601 Tel: +27 43 604 7400 | Fax: 086 298 5598 Website: Provincial Treasury MEC: Mlungisi Mvoko Provincial Treasury, Tyamzashe Bldg, Bhisho 5605 Tel: +27 40 353 9944 | Fax: +27 40 101 0731 Website:

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