Nedbank reveals research into SA Stokvel savings market

Johannesburg, 10 June – If harnessed correctly, stokvel’s could be the driver that South Africa needs to significantly enhance discretionary savings levels to bolster the economy. With over 11 million South Africans being members of stokvels, a total of R44 billion is collectively saved in 820,000 stokvels in South Africa annually. 

According to the National Stokvel Association of South Africa, the stokvel market is worth more than some of South Africa’s largest businesses. By geographic spread, provinces where the country’s top savers reside, Gauteng is the top ranked followed closely by Limpopo. Together with North West and KwaZulu Natal, these four provinces make up 70% account for 70% of the stokvels in the country.

This research also showed that when broken down by gender, 57% of people that are members of stokvels in South Africa are women while 43% are men.

Data from research conducted by Nedbank indicated that the most popular types of stokvel are savings stokvels, grocery stokvels and burial societies. Two-thirds of grocery stokvels make bulk purchases from various retailers and wholesalers once a year in quarter four. In line with this, the Nedbank Stokvel account provides discounts of up to 10% on groceries and school supplies at leading retailers, with R551 000 worth of Shoprite vouchers already having accrued to Stokvel account holders.

Since its launch in September 2018, Nedbank’s Stokvel account has already attracted more than 3 541 account holders, and has insured 88 900 lives through its innovative burial cover solution. This initial success demonstrates that informal savings groups like stokvels are ready to enter the formal financial system provided they can see the benefits of doing so, says Sisa Cikido, Head of Retail Investments at Nedbank.

According to African Response, 41% of the stokvels are banked and this has served to bring more South Africans into the formal financial services sector by giving them access to other savings, investment and protection offerings.

Ms Cikido notes that only 5% of stokvels are focused on investment savings. This reflects the fact that South Africa has the lowest savings rate amongst G20 countries. Of those that do save, 40% have their money invested in low- or no-interest accounts.[1] To help the country and its citizens achieve their economic goals, a smarter savings culture driven by accessible products has to be built, she argues.

The Nedbank Stokvel Account offer competitive interest rates and access to affordable funeral cover, Stokvel Account holders are now eligible for the Nedbank Pay-As-You-Use (PAYU) bank account.  PAYU accounts no longer attract monthly fees thus making it possible for more South Africans to enter the formal banking system. Stokvel members with PAYU bank accounts obtain further transactional banking value added services at no additional cost.

“Stokvel members are already savers, so the solutions Nedbank offers them are a genuine entry into the formal financial system. We believe that by helping stokvel members to use their existing savings to grow more wealth, we can make a real contribution to changing the face of the economy and building broad-based wealth,” she says. “Making the banking system truly inclusive does not only benefit individuals, but also strengthens the economy as a whole. We will continue to add to the benefits this account offers as we deepen our insights into what this increasingly important customer sector wants and needs.”

Nedbank is the market leader in the Stokvel product category and the first service provider that allows clients to open an account digitally via the USSD string *120*001*7865835#.

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Herbert Smith Freehills grows alternative Legal services with JHB appointments

3 JUNE 2019

Herbert Smith Freehills has appointed Jacquie Hodgson as its Head of Alternative Legal Services (ALT), Johannesburg in South Africa. Hodgson will provide support to further expand on the successful foundation laid by the existing Johannesburg-based team over the past two years.

ALT combines legal expertise, process efficiency and the latest technology to handle high-volume or document-intensive work more efficiently and cost effectively for clients. The ALT team comprises over 350 lawyers, technologists and legal analysts, across 11 international hubs including New York, Belfast, London, Johannesburg, Shanghai, Beijing, Hong Kong, Perth, Brisbane, Sydney and Melbourne. The global ALT team provides a seamless round the clock global service across all key industry sectors.

“We are delighted to welcome Jacquie to lead the Johannesburg ALT team,” says Edward Baring, Managing Partner in the Johannesburg office. “We are confident that Jacquie’s varied experience across private practice and in-house, combined with her specialist knowledge of alternative legal services, will equip her to lead ALT Johannesburg during the next phase of its growth and evolution. A combination of global expertise and local knowledge and talent is what we believe sets us apart.”

Lisa McLaughlin, Director of our Alternative Legal Services business in UK, US & EMEA, says, “The demand for our services continues to grow exponentially, not only in South Africa but across  our global network. The firm’s decision to invest skills and resources to develop an ALT capability in South Africa has been a resounding success in terms of our global offering, and, as we begin to work more closely with South African clients, our ALT team is increasingly being viewed as a key differentiator for us in the local market.”

Hodgson is a qualified attorney who has held a variety of legal roles prior to joining Herbert Smith Freehills, most notably at Webber Wentzel, where she trained and then practiced in the corporate team, and at Exigent, where she was instrumental in expanding access to innovative legal services into the local South African market as VP of Legal Solutions.

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ANNUAL BRYANSTON PRIMARY SIX-A-SIDE TOURNANMENT SCORES SUCCESS

On Saturday 18th May 2019 Bryanston Primary hosted the 50th edition of their popular six-a-side tournament featuring the best talent in netball and soccer in the northern suburbs.  

Bryanston Primary has a proud 66-year heritage for delivering high standards of academic education, specialised education programmes, a wide variety of extra murals and is a very well managed and supported school.

This year the following primary schools entered their under 10, 11, 12 and open teams in the netball and soccer competitions: Bryanston, Montrose, Bryneven, Bryandale and Bordeaux. The format involved a round robin concluding with a final match between the 2 teams with the highest points per category.

The six-a-side format has proven to be an exciting format where many matches can be played in shortened time and on smaller fields for the soccer matches. The hard fought matches in such quick succession also tested the fitness and endurance levels of the participants.

After a well-attended event the victors on the day were Bryandale taking both the Netball and Soccer Trophies – well done Bryandale!

Results were as follows:

NETBALL

Age group Netball Winners  A Netball Winners B
Under 10 Bryandale Butterflies Bryandale Dragonflies
Under 11 Bryandale Pixies and Montrose Nets Bryandale Fairies
Under 12 Bryandale Peacocks Bryneven Gazelles
Under 13 Bryandale Blues Bryanston Stars

SOCCER

Age group Soccer Winners  A Soccer Winners B
Under 10 Bryanston Bullets Bryneven Brazil
Under 11 Bryandale Rangers Bryneven Rangers
Under 12 Bryandale Spurs Bryandale United
Under 13 Bryanston Bosses Montrose Gunner

According to Mr. Morne Marx the acting Principal of Bryanston Primary School: “This year we’re delighted to host the visiting teams to our wonderful school where a high standard of netball and soccer was on display.  We always appreciate the vociferous support that the competing teams receive from their families, friends and fellow learners.  Congratulations to all the participants for the good spirit in which the games were played and well done to the ultimate team winners and Bryandale for taking the top awards.  We appreciate the generosity we received from our sponsors, thanks to the volunteers, families, friends, attendants, coaches, officials and staff for their donations of time, resources, talents, patience and good humor, and to Mix 93.8 FM who broadcast live from the event on the day – thank you.

The school’s first Mix 93.8 FM live broadcast provided many kids with centre stage opportunities to be on the radio, sharing their sporting achievements and dreams. Mix 93.8 FM also supplied special donation boxes and promoted the collection of sports equipment for their May sports month drive to supply to those schools and clubs less fortunate.

School sport like this certainly creates an exciting energy filled carnival type atmosphere with opportunities for promoting: positive social interaction, teamwork, healthy living, personal discipline and perseverance while learning how to win and how to lose gracefully. Saturday certainly provided great opportunities to build great citizens of South Africa’s future.

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Uganda keen to do business with SA

Monday, May 20, 2019

Ugandan business people are keen to conduct business with their South African counterparts.

The Department of Trade and Industry (dti) is currently leading a business delegation on an Outward Trade and Investment Mission (OTIM) to the East African country.

Head of Regional Membership of the Uganda National Chamber of Commerce and Industry, Steven Kabagambe, said the chamber has been working with the dti to create awareness about the OTIM.

“The keenness of the local businesspeople to interact with their counterparts from South Africa is very high. We are looking forward to productive interactions between the south and the east. We are positive that sustainable business relationships, partnerships and linkages will be established during these interactions,” he said.

The mission kicked off in the capital of Kampala on Sunday.

He attributes the high interest in the trade mission by Ugandan businesspeople is due to the fact that South Africa is one of the biggest economies on the continent, adding that the mission presents a golden opportunity for trade and investment partnerships and collaborations.  

“As a chamber we are keen on establishing partnerships amongst businesspeople from various African countries in order to increase intra-Africa trade and investments. Networking opportunities presented by the mission are perfect platforms to achieve this objective.”

He added that businesspeople will be able to share information face-to-face on investment and trade opportunities that they can explore together in each other’s economies.

Kabagambe singled out agro-processing as a sector that is abound with both investment and trade opportunities for South African companies to explore. These include value addition in dairy, beef, poultry, fish, as well as skins and hides industries.

“In fact there are opportunities in the whole of the value chains of various industries here. For an example we require hatcheries, feeds and veterinary services in our poultry sector. The exporting of skins and hides has been banned in this country and this has opened up a whole lot of opportunities for the leather industry value-chain. Opportunities are also up for grabs in our timber, and oil and gas industries,” he said.

The mission is organised and funded by the dti through its Export Marketing and Investment Assistance Scheme (EMIA).

The objective of the scheme is to develop export markets for South African products and services and to recruit new foreign direct investment into the country. More than 1 000 companies were assisted through the scheme in the last financial year. The mission will conclude on Friday. – SAnews.gov.za

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Motoring

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MINISTER OF ENVIRONMENTAL AFFAIRS PUBLISHES AMENDMENTS TO THE FINANCIAL PROVISIONING

MINISTER OF ENVIRONMENTAL AFFAIRS PUBLISHES   AMENDMENTS TO THE FINANCIAL PROVISIONING REGULATIONS PERTAINING TO MINING IN TERMS OF ENVIRONMENTAL LEGISLATION

21 MAY 2019 

The Minister of Environmental Affairs, Ms Nomvula Mokonyane, has published further amendments to the Financial Provisioning Regulations for the rehabilitation and remediation of environmental damage caused by the prospecting, exploration, mining or production operations in Government Gazette No. 42464 (Notice 667) for public comment.

The amendment regulations have been published in terms of the National Environmental Management Act (Act No. 107 of 1998).

The “One Environmental System” for mining came into existence in December 2014 initiating the streamlining of the licensing processes for mining, environmental authorisations and water use. The system  represents Government’s commitment to improve the ease of doing business and further enhance South Africa’s global competitiveness as a mining investment jurisdiction.

Under the One Environmental System, The Minister of Mineral Resources issues environmental authorisations and waste management licences in terms of the National Environmental Management Act, 1998 (Act No. 107 of 1998) (NEMA), and the National Environmental Management: Waste Act, 2008 (Act No. 59 of 2008), respectively, for mining and related activities. The Minister of Environmental Affairs will be the appeal authority for these authorisations.

In November 2015, in line with the “One Environmental System”, under which all environmental matters pertaining to mining are to be regulated in terms of the environmental legislation, the Financial Provisioning Regulations were published in terms of the National Environmental Management Act (NEMA).

These purpose of these Regulations are to make  financial provision for costs associated with the remediation and rehabilitation of environmental impacts associated with mining activities. As a result of continued discussion with stakeholders, the Minister published proposed amendments to the Regulations on 10 November 2017, for public comment.

As part of the “One Environmental System”, the requirements for financial provisioning for rehabilitation in the mining sector were transferred from the MPRDA to NEMA through the Financial Provisioning Regulations, as of November 2015. These regulations, which are implemented by the Minister of Mineral Resources, regulate the manner in which holders and applicants of various types of mining rights and permits must provide for and execute rehabilitation of the environmental impacts from mining activities. 

In consultation with the Department of Mineral Resources, the South African Revenue Services, National Treasury and the Department of Water and Sanitation, several proposed amendments were made to the regulations in November 2017 and gazetted for public comment. Based on the comments and inputs received from various sectors, further amendments have been proposed and have been gazetted by the Minister of Environmental Affairs, Ms Nomvula Mokonyane.

Some of the more significant proposed changes being considered are:

·         the introduction of a specific obligation of the holder to rehabilitate and remediate environmental damage;

·         the identification of circumstances under which the Minister of Mineral Resources, may access the financial provision of a holder;

·         clarification that the financial provisioning does not include funding for an incident;

·         the requirement for the funds set aside for residual and latent impacts to be ceded to the Minister upon the issuing of a closure certificate;

·         the strengthening of the provisions for the holder to disclose information;

·         the ability for a holder to claim against their financial provision 10 years or less before closure in order to facilitate closure under strict conditions;

·         the offences have been broadened; and

·         the content of the various plans for the calculation of financial provisioning have been amended to provide more clarity and to align with the calculation of the financial provision.

The concept of ‘sustainable end state’ has also been introduced in the draft amendment to allow mines to practically reach a point where a closure certificate can be issued and the methodologies for calculating the financial provision have been simplified and the timeframe for setting aside the financial provision has been amended.

These proposed amendments have been effected to provide more clarity to the sector, to confirm that funds set aside for financial provisioning are for use by the Minister of Mineral Resources, should a holder not fulfil their rehabilitation commitments, and to facilitate the actual closure of mining operations.

Interested and affected parties are invited to submit, within 45 days of the publication of the Gazette, written representations or objections to the following address:

By post to:         Department of Environmental Affairs

                        Director-General

                        Attention: Ms Dee Fischer

                        Private Bag X447

                        Pretoria

                        0001

By hand at:       Reception, Environment House, 473 Steve Biko Road, Arcadia, Pretoria

By email:           Dfischer@environment.gov.za

Any inquiries in connection with the notice can be directed to Ms Dee Fischer at 012 399 8843.

Comments received after the closing date will not be considered.

To access the government gazette, click on: 

https://www.environment.gov.za/sites/default/files/gazetted_notices/nema107of1998_proposedregulations_financialprovision.pdf

For media inquiries contact Albi Modise on 083 490 2871

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Empower youth to grow the African continent

Monday, May 6, 2019

Young people should be provided with information that will arm them for
their future, says Trade and Industry Deputy Minister Bulelani Magwanishe.

“Realising the full potential of the youth is when critical information
is availed to arm the youth for future battles and opportunities,” said
Magwanishe.

The Deputy Minister was speaking at a Youth Opportunities and Career
Expo that was hosted by the Department of Trade and Industry (dti), in
partnership with the Department of Communications and the Ekurhuleni Metro
Municipality in Germiston on Friday.

“We are gathered here during the month when Africa is celebrating Africa
Month. We are referring to the Africa whose aspirations reflect our desire for
the creation of a continent of free citizens and expanded horizons, where the
full potential of women and youth is realised.”

Magwanishe said it is important for all countries on the continent to
commit to developing an informed youth that appreciates the challenges and the
agenda of the continent.  

“It is only when we succeed in creating a working Africa that peace will
reign. This expo should therefore be understood in the context of a programme
aimed at achieving economic freedom, where all are able to realise their full
potential. For any country to realise and sustain economic freedom, they must
have developed an informed workforce comprising young people capable of leading
a programme for continued change,” said Magwanishe.

He said there is a need to change the mindset of the young people so
that they are able to see opportunities in the challenges facing the continent.

The Deputy Minister added that 60% of arable land is in Africa,
something that represents myriad opportunities.

“This creates unlimited opportunities for massive employment, poverty
eradication, industrialisation, entrepreneurship and scholarly research. 
Africa needs about a million managers to effectively run the continent’s
economy that has a Gross Domestic Product of over R40 trillion.

“We only have 300 000 managers and we need 700 000 more
managers. The youth should also be in the forefront of ensuring that Africa’s
economic integration does not fail,” he said.

Magwanishe reiterated the importance of the collaboration between
government and the private sector in growing the South African economy. – SAnews.gov.za

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SA modern pentathlon championships

The Gauteng Province is proud to announce that it will be hosting the 2019 South African Modern Pentathlon and Laser Run Championships.  The five pentathlon events will take place on the 3rd and 4th of May at Curro Hazeldean, The Gauteng Fencing Federation and Zwavelpoort Equestrian Centre.

Modern Pentathlon is UIPM’s flagship Olympic sport comprising of Swimming, Fencing, Show Jumping, Running and Shooting and offers the ultimate test of an athlete’s fitness, courage and skill.

According to LOC member, Graham Burnett, “We are proud to be hosting the 2019 SA Modern Pentathlon Championships and we are looking forward to welcoming South Africa’s top athletes to Gauteng.  We are working hard to ensure that this will be a superbly organised event for both athletes and spectators.

The level of competition is expected to be very high this year as some SA athletes are world champions in various events and place well at World Championship level.

The laser run discipline is also held as a stand alone SA Championships event providing an excellent opportunity for a larger number of athletes from around the country to compete. Top performers on the day will also be eligible to represent the SAMPA national team at the World Laser-run championships in Hungary later in September.

Watch and follow our local A-list athletes that will assemble on the start line:  From Fourways High School Nadya and Nikita Stolarczyk, defending Champions Dylan Kruger (Wits) and Marco Prins (Hoerskool Randburg), Diaan Rooseboom (Laerskool Fairland), Andreas Roos (Jan Celliers), Matthew and Thomas Hunt from Bryanston Primary School, multiple world champ Joshua Eccles from St Stithians, Chloe Diedericks-Boudouris (Curro Aurora), Megan Hunt (Bryanston High School) and sisters Regan and Riley Egbers from Dainfern.

The top performers from the junior ranks will also be eyeing positions in the National team when the continent hosts the 4th Junior Olympic Games in three years’ time in Dakar Senegal in 2022. 

The international Olympic body the UIPM stages World Championships for senior, junior and youth age groups in other Modern Pentathlon (Running, swimming and shooting) sub disciplines including Laser-run, Biathle and Triathle events to grow participation around the world. The SA Championships in the Biathle and Triathle disciplines are scheduled for Durban in June.

COMPETITION SCHEDULE

Date                              Discipline            Location

Friday 3rd May              Fencing               Curro Hazeldean

                                      Swimming           Curro Hazeldean

Saturday 4th May                   Horse riding        Zwavelpoort Equestrian Centre

                                      Laser Run           Curro Hazeldean

Sunday 5th May           Laser Run           Curro Hazeldean

                                      (SA Champs)


2019 SAMPA Pentathlon Laser Nationals Invitational Letter-final03.07v1r3.pdf

After the Laser Run Championships the awards luncheon and presentation will take place at Farm Inn.

For more information on one of the oldest Olympic sports see the International Modern Pentathlon (UIPM) website www.uipmworld.org

Gauteng Contact Information: LOC Gauteng Modern Pentathlon

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SA to introduce 4IR affiliate centre in September

Wednesday, April 17, 2019

South Africa and the World Economic Forum (WEF) have signed a host government accord to establish an affiliate centre of the WEF’s Fourth Industrial Revolution Centre (C4IR).

South Africa will be joining China, India and Japan, who already have the affiliate centre.

The C4IR, which is intended to be launched in September in SA, acts as a hub for global, multi-stakeholder cooperation to develop policy frameworks and advance collaborations that accelerate the benefits of science and technology.

It focuses on issues of local concern and contributes to the overall research and thought leadership processes of the C4IR network.

The South African government, through the Department of Science and Technology, intends to establish its affiliate centre as a public-private partnership based at the Council for Scientific and Industrial Research (CSIR).

Science and Technology Minister Mmamoloko Kubayi-Ngubane said the establishment of the South African C4IR affiliate centre will provide a platform for stakeholders in South Africa to work together on the evolution of new technologies.

The Minister said it is no longer possible to discuss economic development without factoring in the impact of the 4IR on the economy as a whole. 

“Any effort we make as a country to grow our economy will now largely be shaped by how quickly we are able to embrace and master the technologies associated with the Fourth Industrial Revolution.”

Head of the WEF’s C4IR Network, Murat Sönmez, urged South Africa to make sure that 4IR technologies benefit all communities, particularly the poor. This, he said, is important as technology in the 4IR environment is advancing rapidly.

“South Africa has the potential to contribute to all these developments in the global network and has a seat on the C4IR advisory board, helping to shape what we are intent on achieving. We are therefore looking forward to hosting this affiliate centre in South Africa,” Sönmez said.

The CEO of the CSIR, Dr Thulani Dlamini, said the council was ready to partner with the private and public sectors to develop relevant technologies for 4IR.

He said the CSIR’s focus areas for 4IR includes applying technologies for improved service delivery, training the future workforce, and developing and implementing scalable 4IR infrastructure. –SAnews.gov.za

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Big plans in store for 4IR, digital economy

Wednesday, April 10, 2019

Communications Minister Stella Ndabeni-Abrahams will on Thursday unveil
the 4th Industrial Revolution in South Africa (4IRSA) partnership and plans for
the inaugural Digital Economy Summit.

4IRSA is a partnership between Telkom and the Universities of
Witwatersrand, Fort Hare and the City of Johannesburg, which seeks to stimulate
and facilitate an inclusive national dialogue to shape a coherent national
response to the 4IR.

It also aims to complement and support other national activities
relating to 4IR – most notably the recently appointed Presidential Commission
on 4IR.

The task of the commission, which is chaired by President Cyril
Ramaphosa, is to identify relevant policies, strategies and action plans that
will position South Africa as a competitive global player.

As such, Ndabeni-Abrahams will use the launch on Thursday as an
opportunity to introduce the commissioners who will serve on the commission.

The Minister will also unveil plans around the inaugural Digital Economy
Summit, set to take place in June.

The media launch will include a presentation and handover of the 4IRSA
process summary report and a panel discussion on “4IR challenges and
opportunities for South Africa”. – SAnews.gov.za

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Government welcomes Rio Tinto investment

Tuesday, April 9, 2019

Mineral Resources Minister Gwede Mantashe has welcomed the announcement by global mining company, Rio Tinto, of the US$463 million investment in the expansion of its Richards Bay Minerals operation in South Africa.

“As we intensify efforts to grow South Africa, we welcome investment injections such as this one, which bear testament to our efforts at turning this sector and economy around, for the benefit of our people,” said Mantashe on Tuesday.

Mantashe said the investment in KwaZulu-Natal is an affirmation of South Africa’s attractiveness as an investment destination, while also confirming South Africa’s stable and predictable policy and regulatory environment.

Rio Tinto on Monday announced its approval of $463 million for investment in the further development of its Richards Bay Minerals (RBM) operation in South Africa through the construction of the Zulti South project.

The company said the investment will sustain RBM’s current capacity and extend its mine life.

RBM currently operates four mines in the Zulti North lease area, a mineral separation plant and smelting facility. The Zulti North orebody grade is declining, hence the Zulti South mine is required to maintain the output of high-margin zircon and rutile, and provide sufficient ore to support titanium dioxide (TiO2) sales.

The Zulti South mine (Phase 1) will prop-up RBM’s supply of zircon and ilmenite over the life of the mine. Construction is scheduled to start in mid-2019, subject to the granting of all necessary permits, with first commercial production expected in late 2021.

Rio Tinto chief executive Jean-Sébastien Jacques said the company has a long history in South Africa.

“The investment underscores our commitment for the coming decades and beyond. Zulti South is one of the best undeveloped minerals sand deposits in the industry, and will significantly extend RBM’s position as a world-class, first-quartile asset,” he said. –SAnews.gov.za

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