Limpopo to get own insurance company
The Limpopo Economic Development Agency (LEDA) is powering ahead with plans to launch its own insurance company in October. LEDA managing director Ben Mphahlele told the Township and Village Revitalisation imbizo in Giyani recently that the company would underwrite insurance in Limpopo.
He said this was part of an initiative to ensure that most of the money spent by people in the province stays and circulates within Limpopo.
LEDA is an implementing agency of the Department of Economic Development, Environment and Tourism (LEDET), which organised the Township and Village Revitalisation imbizo.
“We have invested in a life insurance company which will start operation in October,” said Mphahlele, adding that further details regarding the company would be released in due course.
Mphahlele said the Mopani area, which incorporates Giyani, is a food basket for the country owing to its climate, and urged entrepreneurs to utilise their land productively.
He said LEDA has engaged with traditional authorities in the area to make land available for agricultural businesses such as agro-processing.
Mphahlele said once this has been achieved LEDA and LEDET will source funding to invest in business ventures linked to the agriculture and agro-processing businesses.
Mphahlele urged those who benefit from funding by LEDA to pay back their grants and loans to ensure continuity of empowering other up-andcoming businesses.
He said so far, the organisation has been forced to write off more than R70-million as a result of bad debt.
“When we give you money, pay it back, so that we can continue to empower others,” said Mphahlele.
Meanwhile, Limpopo Gambling Board’s (LGB) head of legal services, advocate Linda Ganess, said two bingo operators have been licensed in the Mopani district.
The LGB’s mandate is to regulate, control and monitor gambling activities in the province. Limpopo has three major casinos: Khoroni in Thohoyandou, Meropa in Polokwane and Thaba Moshate in Burgersfort.
Ganess said the licensed operators’ licences compel them to procure services from communities within which they operate to help empower locals.
She said a further eight bookmaker sites have been licensed in the district and that this has created a projected 120 jobs.
Ganess said illegal gamblers such as fafi operators and online gambling outlets masquerading as internet cafés “make millions from communities without ploughing back”.
She said residents and community leaders should work together to help curb the scourge.