The 2024/25 edition of Mpumalanga Business is the 15th issue of this successful publication that since its launch in 2008 has established itself as the premier business and investment guide for the province.
The CEO of the Mpumalanga Economic Growth Agency (MEGA) outlines the investment climate in a resource-rich province that is already attracting a wide variety of enterprises in sectors as diverse as wind-power generation and food processing.
The latest news in all the most important sectors of the provincial economy is covered in a series of overviews covering events such as Sasol’s announcement that it will be scaling back on gas imports and, in the context of increased scrutiny of every sector’s green credentials, the establishment of the Sustainable African Forest Assurance Scheme (SAFAS) in the forestry article. The potential of wood provides a somewhat unusual focus for the manufacturing article, but sustainability is a theme that is always relevant.
Major catalytic projects such as the Nkomazi Special Economic Zone (NSEZ) and the Mpumalanga International Fresh Produce Market (MIFPM) are examined in detail in the official Mpumalanga Investment Prospectus which is contained in these pages. Compiled by MEGA, the Prospectus outlines in detail many of the exciting investment opportunities on offer.
To complement the extensive local, national and international distribution of the print edition, the full content can also be viewed online at www.globalafricanetwork.com. Updated information on Mpumalanga is also available through our monthly e-newsletter, which you can subscribe to online at www.gan.co.za, in addition to our complementary business-to-business titles that cover all nine provinces, our flagship South African Business title and the new addition our list of publications, The Journal of African Business, which was launched in 2020.
OVERVIEW Banking and
OVERVIEW Banking and financial services Public officials are receiving training. SECTOR INSIGHT Four new banks will soon open their doors. Local government accounting controls are a source of great concern across South Africa. The Auditor-General’s annual report routinely notes irregularities or sloppy record-keeping. Local and district municipalities such as the Gert Sibande District Municipality, which has its headquarters, pictured, in Ermelo, need to be ensuring that public money is well spent. In that context, the work of the Chartered Institute of Government Finance, Audit and Risk Officers (CIGFARO) takes on added significance. In 2023, CIGFARO held a Young Professionals Conference, Mpumalanga, under the heading “Iron sharpens iron”. Topics included the role of 4IR in local government, looking for innovative solutions and how the transition from fossil fuels to green energy will affect the country and the region. Presenters included members of the South African Institute of Chartered Accountants (SAICA). At national level, four new banks are in the pipeline and have received regulatory approval: Old Mutual, the Young Women in Business Network (YWBN) Mutual Bank, Postbank (a state entity) and the SA Innovative Financial Services Cooperative (SAIFSC), which will be run by the Department of Women, Youth and People with Disabilities. With more than 30 000 employees in 14 countries, Old Mutual is best known for insurance, but it is now on the path to establishing a fully fledged bank. For some time, the group has offered the Money Account, a low-cost transactional account which doubles as a unit trust savings account. This product was offered by Old Mutual Transaction Services ONLINE RESOURCES Financial Sector Conduct Authority: www.fsca.co.za Public Investment Corporation: www.pic.gov.za South African Institute of Chartered Accountants: www.saica.org.za in association with Bidvest Bank Ltd and Old Mutual Investment Administrators. While South Africa’s Big Four – Absa, FirstRand, Nedbank and Standard Bank – continue to play a big role in the banking sector, a feature of the 21st century has been the opening up of the financial services sector, in large measure driven by digital offerings from smaller banks. Capitec was one of the first, followed by Discovery Bank and Zero Bank. TymeBank, one of the newer entrants onto the South African banking scene, is taking the concept of “retail banking” to another level. TymeBank has signed a deal with TFG, a group that has a big presence in the Mpumalanga. There are no fewer than 24 Exact stores in Mpumalanga, from Acorn Plaza to Witbank. In the short term, TymeBank will have access to 600 TFG kiosks, taking the bank’s total in South Africa to 1 450. Agriculture is an important focus area for banks, and most have specialised divisions. Piet Retief-based TWK Agri offers financing and insurance together with the usual suite of agricultural services. Afgri, one of the country’s biggest agricultural companies, offers financial services (financing and insurance) under the brand Unigro. ■ MPUMALANGA BUSINESS 2024/25 52
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