ABSIP Honours Black Excellence In The Financial Services Sector

Updated on 3 November 2017

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Today's Top Entrepreneurship And Business Stories (3 November)

At the end of a conference charting economic transformation in the financial services sector, the Association of Black Securities and Investment Professionals (ABSIPrecognised men and women who have excelled in the financial services sector in 2017.

“The awards recipients are representative of our key focus areas and theme of this year’s conference “Towards a Transformed, Inclusive and Thriving Financial Sector by 2022,” said ABSIP President, Sibongiseni Mbatha.

Mbatha told delegates ABSIP was interested, affected and actively involved in influencing change, transformation and creating inclusive growth in the sector. “Effective leadership is transformational leadership. If South Africa is to achieve true transformation and growth in this sector, drastic change is required. We need the courage to create conditions that entice people to come out of their comfort zone and venture onto the critical path of transformation,” he said.

“If South Africa is to achieve true transformation and growth in this sector, the recipients of the awards are trendsetters,” he said. Mbatha said in 2017 there cannot be any better game changers than Geoffrey Qhena, Polo Leteka, Fatima Vawda and Standard Bank. ABSIP CEO of the Decade, Qhena has placed Industrial Development Corporation (IDC) at the centre of South Africa’s economic development, providing businesses with access to finance to boost growth, stimulate investment and create jobs.

Vawda, managing director of 27four Investment Managers and recipient of ABSIP Woman of Significance is a glass-ceiling-breaker who has made significant contributions towards growing a sustainable financial sector. Leteka, chief executive and co-founder of Venture Capital and Private Equity firm, IDF Capital and recipient of the ABSIP Special Recognition Award, has been working hard to influence women’s contribution in the financial services sector.

Standard Bank, recipient of “The Company with Significant Progress towards Transformation in the Financial Services Sector”, believes transformation improves productivity and product quality through increased flexibility in the use of labour and greater participation by workers in various production decisions.

The annual conference brought together an elite group of financial sector professionals who shared their insights on economic transformation in their industry.

Qhena said: “I am honoured to be recognized as CEO of the Decade. I believe that the outlook of the IDC’s mandate is positive. It is not easy. It requires a lot of work and a lot of commitment, both from the government side and also from the private sector side, but overall we believe we are delivering on our mandate,” said Qhena. As of the end of March this year, the IDC had created more than 20 000 new jobs.

Said Vawda: “I am extremely honoured and grateful to ABSIP for awarding me this prestigious title. This award is a representation of my modest contribution towards growing a sustainable financial sector.”

Leteka said: “I believe that being honoured by your own peers is probably one of the highest accolades any professional can receive. I am humbled and truly honoured. Of course this comes with more responsibility and expectations. I therefore take responsibilities that comes with this award seriously and will continue to work hard so that this recognition can have a lasting meaning.”

Cabinet Approves The Minimum Wage Bill

Cabinet has approved the Minimum Wage Bill, which will pave the way for workers to earn no less than R3,500 per month.

Communications Minister Mmamoloko Kubayi said Cabinet has also approved the submission to Parliament of an amendment to the Basic Conditions of Employment Act, in order for it to provide for the minimum wage legislation.

Deputy President Cyril Ramaphosa has given a commitment that the bill will become law in 2018.

Ramaphosa earlier this year announced that an agreement had been reached between government, business and labour that the minimum wage would be introduced at a level of R3,500 a month, or R20 an hour.

The agreement followed 18 months of fraught negotiations with the Federation of Trade Unions of South Africa threatening not to sign it. The Congress of South African Trade Unions wanted the minimum wage to be set at R4,500.

Critics of the measure have said it would lead to job losses but those in favour of it have pointed out that historically this has not been the case in nations that implemented national wage legislation. Ratings agencies have said it could help to ensure labour market stability. (via African News Agency)

Meet The 10 Most Promising Startups Selected To Pitch At Seedstars Gaborone 2017

Ten of Botswana’s most promising seed stage startups will today compete to represent the country at the Regional and Global Seedstars Summits, and to win up to  $1 million in equity investments and other prizes.

Seedstars World, the global seed-stage startup competition for emerging markets and fast-growing startup scenes has brought its pre-selection rounds to an end and selected 10 promising tech startups to pitch at the Seedstars Gaborone pitching event on 3 November 4pm at the University of Botswana Stadium, VIP lounge.

The top startups selected to advance to the pitching event are:

1. Indie Studios Africa: A social e-commerce consultancy service provider addressing the needs of the unbanked in emerging markets.
2. Jobcard : A secure online recruitment application built for businesses and job seeker.
3. Keakopa Explore: An advertising company that provides online business listing through a web portal.
4. Leintel Codemasters Holdings: A group of computer science undergraduates with sharpened expertise in computer programming on a mission to curb unemployment in Africa.
5. Lunchbox: An online marketplace for cooked lunch. It is a network of local restaurants, cooks chefs, food lovers and consumers.
6. Medmall Africa: A solution to connect doctors and patients through mobile and web application.
7. Optimum Q: A platform to bridge students and tutors by providing an online platform for tutors to upload quality and affordable content for easy access by students.
8. Plaasio pty ltd: Disruptive farmers management on the blockchain.
9. StudentPark: A platform where students get accurate information from relevant stake holders.
10. YAPILI: A peer-to-peer web platform and android app offering new opportunities for many Africans to connect to doctors for health advice.

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