“Money makes the world go round”, a quotation from the musical Cabaret, is a saying with which most of us are familiar. It is not literally true, of course, but does point to our heavy reliance on money and financial services.
While there may be very little that you can personally do about it, remember for a moment the unacceptably large percentage of our population who are not included in our economy, to whom providers of financial services would be a meaningless term.
This chapter is a look at some institutions behind the provision of financial services in the country.
Education and training
- BANKSETA Tel: 011 805 9661 www.bankseta.org.za The Sector Education Training Authority (SETA) for Banks
- FASSET Tel: 086 101 0001 www.fasset.org.za Financial and Accounting Services SETA
- INSETA Tel: 011 381 8900 www.inseta.org.za The SETA for the insurance sector
- South African Institute of Chartered Accountants (SAICA) Tel: 011 621 6600 www.saica.co.za
Consumer recourse: who can help you?
- The Ombudsman for Short-Term Insurance is an independent body and the services are provided free to the public. The ombudsman may be able to assist you if your insurer refuses to pay e.g. for damage to your vehicle. The service is free to insured consumers. You must complain to the insurance company first, and only if you are unable to resolve the dispute with your insurers, then you can refer the matter to their offices. The Ombudsman’s decisions are binding on the insurance company, but not on you. Visit www.osti.co.za.
- The Ombudsman for long-term insurance mediates in disputes between insurers and policy holders (life assurance). See www.ombud.co.za.
- The Ombudsman for Banking Services www.obssa.co.za
- Credit OMBUD www.creditombud.org.za
- For investment problems, talk to the Financial Services Board (FSB). Their website is www.fsb.co.za.
- The FAIS Ombud deals with “complaints against financial institutions, which do not fall within the jurisdiction of any other ombud scheme or where there is uncertainty over jurisdiction”. Visit www.faisombud.co.za.
- National Consumer Commission www.thencc.gov.za
- For debt counselling problems, but also for disputes that are not resolved by the Credit Ombudsman, speak to the National Credit Regulator (NCR). NB Only credit grantors that are registered with the NCR may grant credit. Visit www.ncr.org.za.
- The Fiduciary Institute of Southern Africa (FISA) is a self-regulating body for matters such as wills, trusts, estate planning. See www.fisa.net.za.
- If there is something bothering you about your medical scheme … the Registrar for Medical Schemes is the one. Visit www.medicalschemes.com.
- Pension Funds Adjudicator www.pfa.org.za
Other financial bodies and associations
- Actuarial Society of South Africa www.actuarialsociety.org.za
- Alternative Investment Management Association (AIMA) www.aima.org
- Association of Black Securities and Investment Professionals (ABSIP) www.absip.co.za
- Association for Savings & Investment SA (ASISA) www.asisa.org.za
- Banking Association of South Africa www.banking.org.za
- Financial Charter Sector Council www.fscharter.co.za
- Financial Intermediaries Association of Southern Africa (FIA) www.fia.org.za
- Financial Planning Institute of Southern Africa (FPI) www.fpi.co.za
- Financial Sector Conduct Authority (FSCA) www.fsca.co.za and the Prudential Authority (PA) www.prudentialauthority.co.za Previously the Financial Services Board (FSB), these bodies will regulate the conduct of retail banks and payment services
- Institute of Bankers in South Africa (IOBSA) www.iob.co.za
- Institute of Retirement Funds of South Africa (IRF) www.irf.org.za
- National Stokvel Association of South Africa (NASASA) http://nasasa.co.za
- South African Insurance Association (SAIA) www.saia.co.za
- South African Savings Institute (SASI) www.savingsinstitute.co.za
- South African Underwriting Managers Association http://sauma.org
Southern African Venture Capital and Private Equity Association (SAVCA) – Wondering where to find capital to expand your business? SAVCA provides a comprehensive and well-structured directory which lists the details and investing preferences of all members and associated members of the association. Find details at www.savca.co.za.
- The Banking Association of South Africa is the industry body for banks. Visit www.banking.org.za.
- BankservAfrica is the “automated Clearing House that provides interbank electronic transaction switching and settlement services”. See www.bankservafrica.com.
- The South African Banking Risk Information Centre (SABRIC) was established to assist the banking industry to combat organised crime. See www.sabric.co.za.
Absa Tel: 011 350 6854 Find the notes about the AgriBusiness Team, and the AgriBusiness range of products and solutions at www.absa.co.za.
Bidvest Tel: 011 731 7600 www.bidvest.com
CAPITEC Tel: 0860 10 20 43 www.capitecbank.co.za
First National Bank Tel: 011 649 0928 www.fnb.co.za
Land Bank – see notes under heading 5
Rand Merchant Bank Tel: 011 282 8000 www.rmb.co.za
Sasfin Bank Tel: 011 809 7500 www.sasfin.com
- Standard Bank agricultural advisors:
- Southern region (Eastern and Western Cape) – 021 401 2008
- Central region (Free State and Northern Cape) – 051 404 3460
- Eastern region (KZN and Gauteng) – 033 328 3039
- Northern region (Limpopo, Mpumalanga, North West) – 012 366 9930
State owned development banks and agencies
See also the “Regional/province-specific role players” heading.
Development Bank of Southern Africa (DBSA) Tel: 011 313 3911 www.dbsa.org
The Financial and Fiscal Commission (FFC) makes recommendations to Parliament, provincial legislatures, organised local government and other organs of state on financial and fiscal matters. See www.ffc.co.za.
Industrial Development Corporation (IDC) Tel: 0860 693 888 www.idc.co.za
- Bloemfontein – 051 411 1450
- Brits – 012 252 0007
- Cape Town – 021 421 4794
- Durban – 031 337 4455
- East London – 043 721 0733/4
- Kimberley – 053 807 1050
- Mahikeng – 018 397 9942
- Mbombela – 013 752 7724
- Pietermaritzburg – 033 328 2560
- Polokwane – 015 299 4080 Port Elizabeth – 041 363 1640
- Rustenberg – 014 591 9660/1
- Upington – 054 337 8600
IDC finance is for entrepreneurs in the agricultural, food, beverage and marine sectors wanting to expand and develop their businesses. The minimum financing is R1 million. An economically viable business plan must be submitted.
Land Bank Tel: 0800 00 52 59 www.landbank.co.za
The Land Bank’s objectives are food security, bringing those from a previously disadvantaged background into agriculture, and developing commercial farming in South Africa. Regional contact details are available on the website and in the “Finance for new farmers and SMMEs” chapter.
The National Treasury www.treasury.gov.za
Read about various government institutions, grants and incentives in the “Finance for new farmers and SMMEs” chapter. These include The Jobs Fund, which “is targeted at established companies with a good track record and which plan to expand existing programmes or pilot innovative approaches to employment creation, with a special focus on opportunities for young people.”
Regional / province-specific role players
- Amathole Economic Development Agency Tel: 043 721 2070 www.aspire.org.za
- Coega Development Corporation Tel: 041 403 0400 www.coega.co.za
- Eastern Cape Development Corporation (ECDC) Tel: 043 704 5600 www.ecdc.co.za Branches in Butterworth, King William’s Town, Port Elizabeth, Queenstown and Mthatha
- Eastern Cape Rural Development Agency Tel: 043 703 6300 www.ecrda.co.za Key programmes are crops, livestock, forestry, renewable energy
- Imvaba Eastern Cape Provincial Co-operatives Development Fund c/o ECDC www.imvaba.co.za
- Ntinga OR Tambo Development Agency Tel: 047 531 0346 www.ntinga.org.za
Free State, Gauteng and KwaZulu-Natal
- Free State Development Corporation (FSCD) Tel: 051 400 0800 www.fdc.co.za
- Gauteng Enterprise Propeller Tel: 011 085 2001 www.gep.co.za Satellite offices in Soweto, Ekurhuleni, Tshwane, Bronkhorstspruit, West Rand, Mohlakeng, Sedibeng and Heidelberg
- Gauteng Growth and Development Agency (GGDA) Tel: 011 085 2321 www.ggda.co.za
- Gauteng Investment Centre Tel: 010 001 8650 www.gautenginvest.co.za
- Gijima KZN www.gijimakzn.org.za [website not working, 16 March 2018] The Gijima KZN LED Support programme support projects that could assist disadvantaged people to improve their lives through economic activity.
- Ithala Development Finance Corporation Tel: 031 366 2500 www.ithala.co.za Ithala has presence across KwaZulu-Natal, from Izingolweni in the south to Qotho in the north. The website provides contact numbers and addresses for all branches.
- Trade and Investment KwaZulu-Natal Tel: 031 368 9600 www.tikzn.co.za
- Tshwane Economic Development Agency (TEDA) www.teda.org.za
Limpopo, Mpumalanga and the North West
- Limpopo Economic Development Agency (LEDA) has offices across Limpopo. See www.lieda.co.za.
- Trade and Investment Limpopo (TIL) Tel: 015 295 5171 www.til.co.za [website contains viruses – 22 Nov 2016; website still contains viruses – 16 March 20181]]
- Mpumalanga Economic Growth Agency (MEGA) Tel: 013 752 2440 www.mega.gov.za
- North West Development Corporation Tel: 018 381 3663 http://nwdc.co.za Branches in Mmabatho, Lehurutshe, Ganyesa, Mothibistadt, Taung, Temba, Rosslyn, Mogwase, Rustenburg and Klerksdorp
Northern Cape and Western Cape
Embassies and foreign financial support
Find details of foreign embassies and high commissions in South Africa at www.dfa.gov.za (take the “Foreign relations” option)
Some international role players with a presence in Southern Africa:
- The Agence Française de Développement Group (AFD) – http://afriquedusud.afd.fr
- AgFunder, the “world’s largest community of professional agriculture investors”, https://agfunder.com
- Australian Council for International Development (ACFID) – https://acfid.asn.au
- Barak Fund (Mauritius) http://barakfund.com
- DAI – http://dai.com
- Department for International Development (DFID) – www.dfid.gov.uk
- Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH – www.giz.de
- Find notes on the European Development Fund at www.welcomeurope.com.
- Delegation of the European Union to South Africa – http://eeas.europa.eu/delegations/south_africa/index_en.htm
- Finmark Trust – www.finmark.org.za
- FMO – Dutch Development Bank – www.fmo.nl
- German Development Bank – www.kfw-entwicklungsbank.de
- International Fund for Agricultural Development (IFAD) – www.ifad.org. Find details of all the other UN agencies at work in South Africa at www.un.org.za.
- Luxembourg Agency for Development and Co-operation – www.lux-development.lu
- Savannah Fund – http://savannah.vc
- Sweden International Development Agency (SIDA) – www.sida.se
- Swiss Agency for Development and Co-operation (SDC) – www.eda.admin.ch/sdc
- USAID (US Agency for International Development) – www.usaid.gov
International Chambers of Commerce also involve themselves in making investments. Refer to www.iccwbo.org.
Visit www.dcis.gov.za, [website not working, 16 March 2018] the Development Co-operation Information System website. This is an initiative of the South African National Treasury to provide information about Official Development Assistance (ODA) to South Africa. Take the “Partners and Institutions”, then “International Development Co-operation Partners” options. Find the drop-down box. Countries around the world are listed: any details of grants and funds available for use in South Africa are listed here. Click on “ODA Reports” then “Contact Lists” to get details on whom to contact for what kind of funding.
Several large global players work from South Africa, using this country as a springboard into Africa. Examples are HSBC and Citibank and international traders Archer Daniels Midland, Bunge, Cargill, Louis Dreyfus and Noble. Various groups offer agricultural equipment finance at cheaper rates tha banks e.g. John Deere and Barlowrand.
- Acorn Agri Tel: 021 852 2887 http://acornagri.com
- Agri-Vie Tel: 021 913 5662 www.agrivie.com
- Agricultural and Industrial Marketing Company Tel: 082 573 4344 www.theaimco.com Securing trade and finance instruments from banks, finding logistics solutions for communities, project management and more.
- ANDISA Agri Tel: 082 807 5587 www.andisaagri.com Numerous services include finance raising; debt, equity and grants; and managing “change of control” transactions and land reform transaction advisory
- Capital Harvest Tel: 021 886 7030 www.capitalharvest.co.za/en/
- CertiSure Tel: 018 464 7494 www.certisure.co.za
- Clarmondial www.clarmondial.com
- Deloitte Tel: 011 806 5000 www.deloitte.com Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries
- EmVest Tel: 012 003 0219 www.emvest.com
- Futuregrowth Agri-Fund Tel: 021 659 5300 www.futuregrowth.co.za The Fund invests mainly in equity investments in agricultural land, agri-businesses and farming infrastructure.
- Mavuno Tel: 010 220 5344 www.mavuno.biz
- Mutual and Federal Insurance Company Ltd Tel: 0860 22 55 63 www.mf.co.za Short-term insurance options, among which are Agricrop and Agri Asset Insurance.
- Nisela Capital Tel: 011 268 1839 www.niselacapital.com
- Old Mutual – find the agricultural offerings here.
- Oranjekas Tel: 079 205 1155 www.oranjekas.co.za
- Phatisa Group Limited Tel: 011 463 1920 www.phatisa.com Fund Manager for the African Agriculture Fund (AAF) initiative
- PwC South Africa Tel: 021 815 3000 www.pwc.co.za/en Specialist services for agriculture
- Santam Agri Tel: 086 010 2001 www.santam.co.za
- Treacle Private Equity Tel: 011 463 7476 www.treacle.co.za
- Umkhonto Development Solutions Tel: 012 543 0425 Tel: 021 979 5383 www.csolc.co.za Help with accessing the different financial incentives from government (aquaculture, Black Business Supplier Development Programme etc)
See the “Accessing government incentives” heading in the Consultants chapter.
Find the document The Future of Food: Maximizing Finance for Development in Agricultural Value Chains (2018) on the World Bank website, www.worldbank.org.