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Nicola Daniels | 10 May 2023 Cape Town - The country’s major banks have come under scrutiny by the Department of Employment and Labour for non-compliance relating to Employment Equity. Chief director of statutory and advocacy services, Fikiswa Mncanca-Bede said the department had been monitoring the compliance of JSE-listed companies for compliance with affirmative action in the last financial year, but found that 99% were not compliant and the banks were among them. Earlier this year, the department explained that in 2017 it embarked on a review of JSE-listed companies as part of a project by the director-general to test compliance with Employment Equity Act (EEA) implementation. Agreements were reached with companies for the department to come back and assess and review compliance. The purpose of the EEA of 1998 is to achieve equity in the workplace – by promoting equal opportunity and fair treatment in employment through the elimination of unfair discrimination; and implementation of affirmative action measures to redress the disadvantages in employment experienced by designated groups to ensure their equitable representation in all occupational categories and levels in the workforce. She said plans were submitted by the banks but when it came time to test progress recently, they found that the banks were among those that were non-compliant. “The findings showed that the banks were non-compliant with affirmative action measures, they didn't achieve their targets in terms of employing the designated groups. They had a plan they came up with but failed to achieve the targets. The next step is to take them to court.” She said the reason for the focus on listed companies was because they were big and could assist the country in achieving its transformation and employment goals. Companies could face a R1.5 million fine or cough up 2% of turnover. “It is a continuous process. Some of the banks have come forward to settle out of court and we are negotiating with them. Our mandate is to ensure that they are equitable to correct the wrongs of the past. Women need to be given opportunities in top management in the workplace,” Mncanca-Bede said. Generally, she said top management consisted of mainly males regardless of race, “It’s still a man’s world. “You only find women under technical skills or unskilled labour. We want to fix that,” she said. She said her message to all companies was that they would not stop until they see transformation and when the minister publishes sectoral targets, companies will face fines. Standard Bank said it had many constructive engagements with the department, and these are ongoing. “We can confirm that we have not agreed or reached any settlement on any matters relating to non-compliance. Standard Bank has a Broad-Based Black Economic Empowerment (B-BBEE) Level 1 Rating, as measured against the amended Financial Sector Code (FSC) in South Africa. We have maintained our Level 1 Rating since 2017. Standard Bank is committed to playing its part in transforming the country and economy and is dedicated to meeting its commitments as required by law. The bank has regular engagements with the authorities. While we have met or exceeded some of our targets, there are other targets that we have committed to focus more on in order to improve. We are a bank that remains committed to Employment Equity (EE) and we demonstrate this through various initiatives run across the bank led by senior leaders who are held accountable for the implementation of our EE programmes.” FNB and Absa did not respond to requests for comment by deadline on Sunday. ‘Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER’. https://www.iol.co.za/capetimes/news/major-banks-come-under-scrutiny-over-ee-non-compliance-4f491ab9-da34-45e0-b634-c413ac60192e

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The core aim of Enterprise Development, Supplier Development and Socio-Economic Development is growth. However, a growth path often dictates change. A change could be in the form of adding Shareholders or Directors, or changing the entity name. However, how would such changes impact an organisation’s claim at the time of its B-BBEE Verification? When a Beneficiary makes changes to either the name of their business or to their Shareholders or Directors, evidence necessary would be in the form of CIPC documentation, updated share certificates or the share register to confirm such amendments. Importantly, if there are any changes to the Shareholders or Directors, it is imperative that the amendments still meet the Beneficiary criteria. Technical Services are available to advise Members on growth aspects of Beneficiaries.

An organisation's Skills Development is vital to evaluating the skills needs and shortfalls within its workforce. Notably, a Skills Development Forum must link an organisation’s B-BBEE and Employment Equity Strategies. The forum members must know the rational intent, roll-out and implementation of the strategies. The responsibilities of the forum include (not limited to): Assisting the SDF in identifying, formulating, and prioritising training needs. Promoting, where feasible, skills development interventions aligned with the Sector Skills Plan (SSP). Monitoring the implementation of planned training interventions as indicated in the WSP and PTP. Where relevant, ensuring that the WSP and PTP align with the objectives of the Employment Equity Plan. Providing feedback on the quality of training presented and communicating suggestions for improvement. Identifying any barriers hindering certain groups from gaining access to training opportunities. Presenting training-related input from both the workforce and management alike at the forum meetings. Where possible, ensuring that the company makes use of accredited training providers. Before submission, approving and signing off on WSP, PTP, ATR and PTR to the relevant SETA. Human Capital Services are available to assist Members with insight into Skills Development Forums.

Are there any consequences of not having a valid B-BBEE Status? Firstly, choosing not to have a valid B-BBEE Status is an internal choice an organisation has to make, as it is not a legal requirement. However, organisations must evaluate what the impact of not having a valid B-BBEE Status means in terms of gaining and retaining business within the private and public sector. For example, a supplier contract may become invalid with no accompanying B-BBEE Credentials, or it may impact an organisation’s ability to win new business. However, organisations whose financial turnover has significantly changed should evaluate whether they fall under another threshold due to their loss in revenue. For example, ABC Traders is a Qualifying Small Enterprise (QSE) under the General B-BBEE Codes of Good Practice, and in their February 2022 Financial Year End, their annual total revenue was R25m which shrunk to R9m for their February 2023 Financial Year End. Subsequently, they would now be measured as an EME with lesser compliance and financial implications. Technical Services are available to advise Members on consequences of not having Valid B-BBEE Credentials.

Ben Bierman | 8 May 2023 Cashflow issues can be crippling and maintaining the delicate balance between income and expenses is a make-or-break factor in business, the SME Confidence Index suggest. Did you know that globally, the leading reason for small business failure relates to cashflow? The quarterly SME Confidence Index, conducted by Business Partners Limited, continuously underscores this statement within the local context. Year after year, respondents to the survey report that cashflow issues can be crippling and that maintaining the delicate balance between income and expenses is a make-or-break factor in business. Understanding the day-to-day financial position of your business will help you make informed decisions. These include: when to expand or even diversify your business, how to do it, whether to invest in additional resources and how to operate more cost-effectively. As a small business owner, it’s also crucial that you have a full view of how you are spending money. Too often, business owners are revenue-minded and pay little attention to how their money is being spent. However, maintaining optimal cashflow depends on finding ways to make more money while also finding ways to spend less money. Making sure that both these factors are being considered at all times requires some due diligence, regular finance check-ins and a good amount of vigilance. Below are four steps to working towards better cashflow management: 1. Negotiate with suppliers The first thing you need to remember about costs is that everything is negotiable. Your suppliers could also be small business owners, and it is likely that it will be in their best interests to build the relationships that will encourage repeat business. Once you have built up a track record of regular, on-time payments, you will have the leverage you need to negotiate better, more flexible payment terms. If your supplier isn’t able to offer you lower costs, you could negotiate on other aspects. Explore the possibility of longer payment terms, discounts on early payments and larger quantities or a loyalty system that will grant you benefits that you can cash in at a later stage. 2. Implement a collections policy Before initiating any relations or interchanges with your customers, you should have a clear and documented collections policy in place. This should include your policy on when payment becomes due after an invoice is issued, how you will follow up on outstanding payments and any penalties that apply to late payments. It should also include any rewards that apply to early payments and how you will manage bad debts. Once you have a clear outline of what these terms are, be sure to include them on every invoice and in your contractual agreements, so all parties are fully aware of how payment will be dealt with upfront. 3. Build a prudent reserve Financial experts always stress the importance of building up an emergency fund as a way of mitigating the risk of unexpected expenses. The same should apply to how you manage the cashflow of your business. At a minimum, you should aim to build an amount that totals at least two months of the cost of your team’s salaries. This will provide a buffer against sudden business interruption factors. In tandem with taking out insurance to cover you against factors that could disrupt your operations, building a prudent reserve is an effective way of managing risk. 4. Create a debt repayment schedule As a business owner, you will most likely accrue debt in various forms, whether that be on a company vehicle, a company premises, a small business loan or equipment bought on credit. With the increasing interest rates and to avoid debt from piling up, you need to remain vigilant and maintain a healthy debt-to-income ratio. As a good cashflow management principle, your business should have a debt repayment schedule that lists all outstanding debts, the applicable interest rates and how each debt will be paid off. This should be coupled with goals on when to pay those balances in full. Keep this schedule fresh in your mind and reference it regularly to make sure that you’re on track. ‘Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER’. https://www.iol.co.za/business-report/economy/business-and-cashflow-why-getting-on-top-of-your-finances-is-a-business-imperative-301cfa62-ab69-4ec2-b8ef-2a047ed0394d

Nonkululeko Mathebula | 7 May 2023 At least 6 000 young people from different parts of the province will be trained to become solar panel installers. Gauteng Premier Panyaza Lesufi is doing his bit to tackle youth unemployment and has launched a project to train 6000 young people from different parts of the province, through his solar panel installers learnership programme. The project was launched on May 4, at the Premier’s office in Midrand and is in partnership with the Manufacturing, Engineering and Related Services Sector Education and Training Authority (Merseta). This project comes in the backdrop of a promise made by Lesufi during his State Of the Province Address in February this year and will start bearing fruits soon. According to Lesufi, the project is also aimed at responding to the energy crisis that is grappling different parts of the country. He said that this will ensure that young people who are unemployed are trained and skilled efficiently. “We want our young people to be assured of opportunities in the province, which is why every fortnight until the end of June, we will be announcing with training offers until we reach the target of 6 000 young people. “Gauteng cannot be the City of Gold while our youth go through pain and suffering. We are excited about this project as it will propel them into greater heights,” said Lesufi who added that the trainees will receive an allowance of between R4 000 and R7 000, depending on their qualifications. To qualify for the solar panel programme, the youth must be South African residents under the age of 35. They will undergo training for 12 months and the project will last 36 months where the learners will be taken at different cohorts. The project will provide theoretical, practical, as well as in-service training. The theoretical part will be between eight to 12 weeks to develop technical skills. This will be complemented by six to eight months of experiential learning, when candidates will be given practical work experience. Applications are set to open on May 8 and close on June 8. Applications can be sent to GCRA.wfd@gauteng.gov.za /SAYouth.Mobi They can also dial *134*47472# which is free of charge. ‘Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER’. https://randfonteinherald.co.za/419965/gauteng-to-train-6-000-people-to-become-solar-panel-installers/

Jabu Tshabalala | 7th May 2023 The Employment Equity Amendment Act has come under fire from black business organisations after President Cyril Ramaphosa signed it into law last month. The Presidency said the act sought to advance the transformation of South Africa’s workforce by setting equity targets for economic sectors and geographical regions and requiring enterprises to develop transformation plans. The new law amended to the Employment Equity Act of 1998 has new measures to promote diversity and equality in the workplace, the Presidency added. The Presidency published the Employment Equity Amendment Act in the Government Gazette on April 14. However, the Black Management Forum (BMF) and the Association of Black Securities and Investment Professionals (Absip) opposed the act. BMF acting managing director Xolile Kunene wrote in a statement that the act purported to advance the transformation of South Africa’s workforce by setting equity targets for economic sectors and geographical regions. It requires enterprises to develop transformation plans. The act empowers the employment and labour minister to regulate compliance criteria to issue compliance certificates as per section 53 of the Employment Equity Act. “Even though it all appears as a progressive move, the tail has a sting. What is unpleasing is the omission by the employment and labour department on the turnover threshold for employers who employ less than 50 employees. This exclusion creates a back door escape mechanism for companies who do not want to employ black professionals,” Kunene added. She said the BMF rejected aspects of section 53 of the act. “In terms of this new dispensation, a company turning over R100-billion, as an example, is deemed a small company, and therefore undesignated on the basis that it employs less than 50 people and thus exempted from the compliance expected from designated employers who employ more than 50 employees. ‘This further creates a loophole for companies not supporting transformation to unbundle into subsidiaries that employ less than 50 people. The BMF rejects the exclusion of the turnover threshold in defining small employers, as it reverses the transformation gains achieved thus far. “We call on the department of labour to tighten all loopholes that can be used to derail this important agenda of transforming workplaces. Lessons learned thus far indicate that those against this agenda will use any hole to hide. The amendments to the act must strive to close these as far as possible,” Kunene said. Absip is concerned that the Employment Equity Amendment Act may undermine the financial sector’s progress on transformation and hinder efforts to achieve diversity, inclusivity and equity. “We believe that the new rules exempting companies with less than 50 employees from BBBEE compliance regardless of their annual turnover will harm the representation of black professionals in the workplace. This will not only delay our progress towards diversity and inclusivity but may also reverse the gains we have made to transform the face of SA Inc,” Absip added in a note posted on its website. “We need your collective input to draft a comprehensive submission regarding this development. Your comments and inputs are essential to our ability to influence the legislative process,” Absip wrote. The department of labour and employment conducted public hearings in October 2018 after publishing the amendment bill for public comment. Black Business Council chief executive Kganki Matabane did not respond to an email from Sunday World seeking comment about the Employment Equity Amendment Act. ‘Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER’. https://sundayworld.co.za/news/business/employment-equity-amendment-act-comes-under-fire-from-black-business/

Ina Opperman | 7 May 2023 Everyone is struggling in adverse economic conditions, including small business that lost even more confidence in the last quarter of 2022. Small business’ confidence has plummeted again in South Africa due to the escalation of the energy crisis with it the onset of indefinite stage 6 load shedding. The confidence of small- to medium-sized enterprises (SMEs) decreased once more following an upward trajectory in the lead-up to the end of 2022. Hopes of making a comeback will rely on the ability of small businesses to divert to alternative sources of energy according to the Business Partners Limited Q4 2022 SME Confidence Index, says David Morobe, executive general manager for impact investing at Business Partners Limited. Load shedding woes The independent small business financier predicted that the rising confidence levels seen last year would be hit hard when load shedding intensified. “We know that the impact of the energy crisis caused a ripple effect across the SME sector, with many businesses facing severe financial losses related to a loss of revenue, supply chain disruptions and a drop in productivity.” Therefore, small businesses now face the option of investing in alternatives to limit their reliance on the national grid. With rolling blackouts expected to persist indefinitely, accessing a predictable source of power is imperative for business continuity and should be treated as a top priority, which might remain a challenge for 27% of SMEs surveyed who indicated that their businesses could not afford to invest in alternative energy solutions.” Confidence in local economy According to the index, SME confidence that the local economy will be conducive for business growth within the next 12 months is at 64%, 13 percentage points lower than the previous quarter. Business owners’ confidence that their ventures will grow in the next 12 months, which currently sits at 56%, indicated a similar pattern of decline, falling by 9 percentage points compared to the previous quarter. The most notable decrease in confidence levels was seen in the confidence SMEs have in the private sector and whether it is doing enough to support South African small businesses. This indicator saw a decrease of 14 percentage points compared to the third quarter of 2022. “This is a red flag given the critical role of the private sector in supporting the growth of small businesses. Many SMEs rely on supplier agreements with the private sector and structure their business models around this demand,” Morobe says. Private sector players also provide small businesses with much-needed access to funding for kickstarting their ventures, purchasing assets and hiring talent. “As such, the return of SME confidence in this area is a vital factor in creating an enabling environment for entrepreneurs, who are essential contributors to job creation, social empowerment and economic growth.” However, despite the overall negative trajectory, remarkable increases in confidence levels were noted on two fronts in the fourth quarter compared to the same quarter in 2021. There was an increase in the belief that government is doing enough to foster SME development (a level that is currently at 51%, a 17 percentage point increase compared to 2021). There was also a 11 percentage point increase in SME confidence that local labour laws are conducive to growth, which currently sits at 56%. Morobe says this can relate to the perception of progress being made to reduce red tape and promote better ease of business including the establishment of the Red Tape team in the Presidency. Provinces such as the Western Cape have made strides in this regard, particularly in the area of procurement and extending the opportunity for small businesses to win government tenders. Less administrative burdens “Other key developments include the exemption of SMEs that employ less than 50 employees from the annual reporting requirements in terms of the New Employment Equity Act that was tabled late last year and became policy only in 2023.” Morobe says generally any reduction in red tape goes a long way to ease the administrative burden involved with conducting business and give small businesses some breathing room to focus on other needs and objectives. Cashflow retained its position as the most long-standing challenge identified by local small businesses in the SME Index, while crime was the second most pressing concern, followed by funding, which replaced ‘economic conditions’ as the third biggest roadblock to success. Morobe says cashflow challenges have been exacerbated by the increase in rolling blackouts, with the national grid buckling under existing pressures as 41% of SMEs surveyed reported business interruption and 39% claimed a loss in productivity as a direct result of rolling blackouts. This was compounded by rate hikes which escalated significantly towards the end of 2022 and for 60% of local small businesses, this market factor contributed to increased financial distress. Not surprising small business confidence took a knock “The SME sector is buffeted by headwinds on a national and global front. It is therefore not surprising that their confidence has taken a knock. Hopes of recovering this confidence lie in the collaborative efforts of all sectors and stakeholders to provide the support SMEs need to switch to power alternatives and sustain their operations in the long-term.” He says as a company Business Partners aim to address this need with initiatives such as its Energy Fund for SMEs, which offers loans for small businesses seeking to invest in their own alternative energy systems. “We hope that initiatives like these will make the difference that the industry needs to find its feet and work towards the level of success we know it can achieve.” ‘Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER’. https://www.citizen.co.za/business/personal-finance/small-business-confidence-plummets/

Natasha Odendaal | 5 May 2023 Social enterprise Kusini Water is accelerating its Water Champions programme to train unemployed youth and unlock economic opportunities in communities, as it works to provide water access across South Africa. The firm, which builds water treatment systems from nanotechnology and macadamia nut shells to bring clean, safe drinking water to people in rural, peri-urban and informal settlements, aims to equip 100 youth, particularly women and youth with disabilities, with water technology skills in 2023. Kusini Water founder and CEO Murendeni Mafumo tells Engineering News that financial and operational sustainability is one of the biggest challenges in rural water economics. Over 50% of all water projects fail within the first two to three years as they lack local ownership and, particularly in donor-led or aid-based solutions, once a project is installed in a community, the community itself is often ill-equipped to operate and sustain the project. The Water Champions programme is Kusini Water’s technical response to that challenge. “We train young people from communities that are affected by lack of access to clean water to operate and run the water filter systems that we install in those communities, enabling them to generate some sort of income from those locations while sustaining the project, creating full-time employment as well as ensuring that the project continues,” he says. The group, which moved to new, larger premises in Riversands, Gauteng, early in April, has collaborated with various local and global enterprises since 2016 to provide water access at over 50 locations, which are used to gather and treat five-million litres of water each month. “Our objective is to directly supply clean water to five-million individuals by 2025 and expand to all African nations by 2030.” The 2023 edition of the Water Champions programme, a hybrid skills development programme, is designed to give technical training to 100 young individuals, primarily unemployed women, equipping them water-related technical skills and providing them with a National Certificate in Community Water, Health and Sanitation promotion (NQF Level 2) accreditation in the basics of water technology and treatment. This programme also aims to improve economic participation by training them to run and own water kiosks. For each province, the top 10 successful candidates will be participating online in the first half of the bootcamp, of which four will be selected to join the in-person bootcamp where they will be trained further and receive a grant to start and run their own water kiosk in their own community, particularly at points of use in schools, clinics and other important facilities within communities affected by lack of access to clean water and sanitation. “This provides more potential for job creation. As each kiosk is launched, there is a technician that is assigned per kiosk,” Mafumo says, noting that there will be opportunities for 100 technical support jobs. “We are operating in all nine provinces and we need to be able to have a good network of technical support as well,” he continues, pointing out that, as much as water champions are trained, they often do not have years of technical experience operating the systems. In addition, Kusini Water builds filtration systems from waste macadamia nut shells, so further jobs can be created through macadamia nut farmers supplying the company with the materials required for its filtration systems. All Kusini Water’s systems, which are modular, customisable, mobile-enabled, affordable and durable, use locally-sourced material, expertise and renewable energy to bring clean water to communities regardless of location. The solar-powered Kusini Kiosk, for example, is one solution for township and middle-income areas, featuring a high-capacity solution for water provision in communities, including a water container and a mini water treatment plant that filters, unit-dependent, 5 000 to 20 000 litres of municipal or underground water each hour, with filtered water sold to communities at reduced rates. “All our finished projects are fitted with a flow sensor, this sensor allows us and our partners to see how much water is flowing at any given time,” he adds, noting that the systems, which have a minimum four-stage treatment, comply with the SANS 241 standard for drinking water to ensure the water is safe for consumption. The Water Champion programme requires applicants to be entrepreneurial youth, preferably women, between the ages of 18 and 35, be based in, and involved in, a rural or economically disadvantaged community and interested in solving water problems. ‘Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER’. https://www.engineeringnews.co.za/article/kusini-to-equip-communities-with-water-skills-unlock-economic-opportunities-2023-05-05

Partner | 5 May 2023 In today’s increasingly digital and interconnected world, access to technology and connectivity is more important than ever. However, not everyone has equal access to these resources, and the resulting digital divide can create significant barriers to economic and social progress. This is particularly true in developing countries like South Africa, where many people lack the skills and infrastructure necessary to take advantage of the opportunities provided by the digital economy. One company that is working to address this issue is MBV IT, a leading provider of ICT and telecommunication services in South Africa. The company participated in the 2023 Pella Career Expo involving Sewagodimo Technical High School and Morare High School in conjunction with an NPO called Pella-Mathlako Development Group(PMDG), an event aimed at promoting ICT skills development and connectivity in rural communities. The two high schools are based in Rustenburg in the Northwest province. By engaging with students and educators at the event, MBV IT demonstrated its commitment to corporate social responsibility and its belief in the power of technology to drive positive change in disadvantaged areas. By investing in the development of ICT skills and connectivity infrastructure in these areas. MBV IT is helping to create a more inclusive and resilient society that is better equipped to face the challenges of the future. The benefits of initiatives like these are clear. By providing opportunities for students to develop their ICT skills and gain access to connectivity and companies like MBV IT are helping to bridge the digital divide and create a more equitable society. This, in turn, can drive economic growth and development, as individuals and communities are better able to take advantage of the opportunities provided by the digital economy. Moreover, initiatives like these can also benefit the companies that engage with them. By demonstrating a commitment to corporate social responsibility and investing in the communities they serve, companies like MBV IT can build stronger relationships with their customers, employees, and other stakeholders. This, in turn, can lead to increased brand loyalty, improved employee morale, and a range of other benefits that can help to drive long-term success. In conclusion, initiatives like MBV IT’s participation in the Pella Career Expo for high school scholars in underdeveloped areas are essential for addressing the digital divide and promoting economic growth and development in disadvantaged communities. By leveraging their expertise and resources to provide opportunities for students who may otherwise be left behind. MBV IT is demonstrating their commitment to corporate social responsibility and setting an example for others to follow. As we move forward into an increasingly digital and interconnected world, it is essential that we continue to invest in the development of ICT skills and connectivity infrastructure in disadvantaged areas, to ensure that no one is left behind in the pursuit of economic and social progress. For more information please visit the MBV IT website on www.mbvit.co.za and for Fiber please visit the Pluxnet website on www.pluxnet.co.za or Email: info@mbvit.co.za ‘Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER’. https://businesstech.co.za/news/industry-news/685039/mbv-its-initiative-to-bridge-the-digital-divide-empowering-disadvantaged-students-through-ict-skills-and-connectivity/

Brandvoice Partner | 4 May 2023 As sub-Saharan Africa’s second-biggest economy, South Africa is a booming business hub with a thriving informal economy that cannot be ignored. The country’s micro-enterprises and informal businesses are a crucial part of the National Development Plan for economic transformation, job creation, and poverty reduction, and are an attractive under-penetrated market for financial services. This 20-page white paper, titled Driving Financial Inclusion In South Africa’s Informal Economy: The Landscape At The Bottom Of The Pyramid, published by FORBES AFRICA Insights, in association with Mastercard, captures the challenges and opportunities of the informal sector and the transformative power of financial inclusion in this segment that will thereby further economic growth that benefits everyone. The recent report investigated underserved consumers (LSM 4-7) and Small Medium and Micro Enterprises (SMMEs) in the informal sector across South Africa’s three provinces and business hubs – Gauteng, KwaZulu-Natal and the Western Cape – to establish factors that would democratize and widen financial access and enable equitable financial inclusion. The report documents the state of financial inclusion in South Africa, thereby exploring potential solutions or alternatives to cash as a preferred form of payment within the informal market sector. How can the main actors at the bottom of the income pyramid be incentivized for digitizing their commercial exchanges – and eventually switch from cash – so they can be included, and empowered, in a formal financial ecosystem? The report was brought out through quantitative surveys, data analysis, stakeholder interviews and desktop research. Over 500 face-to-face quantitative interviews were conducted with excluded consumers – consumers who primarily use cash when making or receiving payments, or have bank accounts that are inactive, or have access to facilities such as credit and digital banking but choose not to make use of them; over 200 quantitative interviews were conducted with informal sector SMMEs; and over a dozen qualitative interviews were conducted with senior executives in the country’s financial services sector. The interesting findings and insights include why cash still reigns, why there is now a shift in sentiment being recorded and the many opportunities for accelerating contactless and digital payment solutions in the country’s township economies. FORBES AFRICA Insights is the strategic research and thought leadership practice of FORBES AFRICA. This report was produced in partnership with Mastercard. ‘Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER’. http://www.forbesafrica.com/insights/2023/05/04/driving-financial-inclusion-in-south-africas-informal-economy-the-landscape-at-the-bottom-of-the-pyramid/