Reluctance to prescribe holding up progress with financial sector pledges for transformation
Big industry players met last week and pledged their commitment to the programme which starts disbursing funds in January 2019, writes Londiwe Buthelezi
The big players in the financial services sector congregated in Sandton on Thursday last week to pledge their commitment to transformation and even changed the name of the Financial Sector Charter Council to the Financial Sector Transformation Council (FSTC). A lot of promises have been made in the past but when are we going to see them materialise into something? In the 2018 budget speech, former finance minister Malusi Gigaba announced that the financial sector would set aside R100bn to provide funding to black-owned businesses through the Black Business Growth Fund. At the launch of the FSTC Business Day caught up with Trevor Chandler, senior policy adviser on transformation at the Association for Savings & Investment in SA (Asisa), to find out when the funds will start rolling to the businesses in need. Q: It’s been months now since the finance ministry announced this funding programme. What have you done to date? A: What has already happened or what we were hoping for is t...