Views
2 years ago

Service Issue 78

  • Text
  • Service
  • Government
  • Digital
  • Wwwglobalafricanetworkcom
  • Mining
  • Healthcare
  • Hybrid
  • Global
  • Sustainability
  • African
  • Economy
  • Limpopo
  • Economic
  • Sector
Service magazine addresses key issues related to government leadership and service delivery in South Africa. In this, Issue 78, November / December / January 2021/22, a range of topics are discussed that are highly relevant to all public and private sector stakeholders in the country.

S finance Minding THE

S finance Minding THE GENDER AND RACIAL WEALTH GAP in the 21st century “You got a dream, you gotta protect it. People can’t do something themselves, they wanna tell you, you can’t do it. If you want somethin’, go get it. Period.” - Will Smith, The Pursuit of Happyness [2006] Stories galvanise many of us. A rags-to-riches movie inspired the life of Nelisiwe Masango, financial markets analyst, founder of Ubuntu Invest and one of Entrepreneur magazine’s Top 50 Black African Women Entrepreneurs to Watch. Masango made the decision to one day own a brokerage, after watching The Pursuit of Happyness [sic], a movie that perked her interest in money. “My entrepreneurial journey began with the stark realisation that financial literacy was never prioritised in school. It is largely unheard of for young people today to be educated about the stock market.” She established her first company, Bear Run Investments, in 2013, a Services SETA accredited training institution that specialises in investment training. Financial literacy is the driving force behind her mission to start a movement of fiscally astute individuals. In 2017, Masango was awarded the African Growth Innovation and Leadership award by international giant Frost and Sullivan, alongside Adrian Gore (founder of Discovery). She also represented South Africa at the 2017 World Forum for Responsible Economy in France, to discuss how entrepreneurship and financial literacy are required to build and sustain an effective global economy. 6 | Service magazine

finance S Today, Masango owns Ubuntu Invest, a top-tier brokerage that is regulated and licensed with the Financial Sector Conduct Authority (FSCA) and is confidently backed by established international technology providers, ensuring that clients are provided with a safe, compliant trading and investment platform. Her goal is to give members of her community a chance to regain their financial confidence by providing them with the relevant knowledge and tools to capitalise on financial markets. To date, her company has educated and empowered over 30 000 people. We must acknowledge that inequality and privilege do exist in contemporary South Africa. “The Nguni term Ubuntu means humanity and is translated as ‘I am because we are’. One of humanity’s greatest driving forces is the desire for wealth, despite it being difficult to define. Working towards virtues such as trustworthiness, compassion, honesty and empathy creates a different kind of wealth.” Masango explains that our finances are a direct effect of our virtues, and that’s where Ubuntu and the spirit of wealth go hand in hand. “As businesspeople in the financial sphere, we spread the spirit of abundance, knowledge and generational wealth through entrenching culture and maintaining a deep understanding of financial markets.” THE GREAT DIVIDE “We cannot escape the fact that South Africa is a highly racialised and gender-biased society. According to Stats SA, the average female worker earns 30% less than a male counterpart in the same job. Income distributions show heavily racialised inequality in the South African labour market. And the reality is, the highest percentage of people who are unemployed are black. When compared to their white counterparts, black wage earners are simply earning significantly less,” Masango points out. “The legacy of apartheid has left South Africa unequal in so many ways. It excluded a large chunk of our population from economic opportunities, and black women remain among the most disempowered. Coupled with the slow economic growth of the past decade, not enough jobs have been created to absorb the unemployed and new entrances to labour market. “How can we, as a society, move towards ensuring that more women gain financial independence? We cannot discuss women’s financial independence and ignore the obvious gender gaps in corporate circles. Women are provided with fewer opportunities than their male counterparts. And not to mention the lower salaries. It is important to have open conversations and find practical solutions to bridge the gap.” hard. As a black woman, you must know that to make it, you may have to work four times harder than your white male counterpart; three times harder than your white female counterpart, and twice as hard as your black male counterpart. “If you accept this, you can and will succeed. Women can take ownership of their financial independence, and with that comes the benefit of endless freedom. It should simply be non-negotiable. Ultimately, women can contribute to their society effectively, run their businesses and not just be seen as someone that belongs in the kitchen. “Our schools have the perfect opportunity to make a lasting impact on how society solves the inequality problem. It goes beyond the curriculum. Rather than purely focusing on textbooks, the concept of inclusion should be taught as a soft skill from a young age. Immersing young people from diverse backgrounds in each other’s cultures and belief systems will instil acceptance and respect. It should be addressed head-on. “We must acknowledge that inequality and privilege do exist in contemporary South Africa. Let’s not tiptoe around it. It is through the acceptance of our privileged positions that we can address inequality in South Africa. And doing this through play and conversations on the playground is the perfect place to ‘start the class’. “The 21st century has brought natural, unexpected bridges to gaps in societal equity. Communication platforms have given a voice to women and other marginalised groups. We are now in a better position to create awareness, market ourselves, rally support and draw attention to injustices in a way that gets people talking.” THE STORY OF NELISIWE MASANGO The Pursuit of Happyness starring Will Smith is based on a true story. Suffering from financial hardship, Chris Gardner and his young son find themselves homeless. Gardner doesn’t give up hope and lands an internship at a prestigious stock brokerage firm. The pursuit of his dream of a better life (or “happyness”) is an arduous journey. Through sheer will and grit, Gardner overcomes insurmountable obstacles, transcends his circumstances and finds great success. “The message that I took from the film was not sentimental, it was practical. It made me aware that the stock market was a thing. I had no idea it existed until that point and the concept excited me. “At 19, I was hungry for prosperity, fresh out of high school and looking for a way to take on the world. I started researching the stock market – and through my learning, fell in love with the industry. My expectations remained realistic, though. I had no false ideas that I would achieve Gardner’s level of success in two to three years, so I set a reasonable goal and hit the ground running.” BREAKING THE [BREAD] MOULD “Black women can empower themselves despite the very real gender and race gap in the workplace. It is important not to allow the challenges we face to be a reason to give up. It’s about accepting that the system is flawed and that the only way to defeat it is by working Ubuntu’s tag line, “Spirit of Wealth” reflects the innate desire people have to achieve more. Ubuntu Invest aims to provide clients with the means to live good lives, while pursuing its vision of creating 100 new millionaires in five years. Service magazine | 7

Other recent publications by Global Africa Network: