A life lived in the service of others
Dr Sam Motsuenyane: a doyen of black business — pioneering African Bank and empowering communities
Since his passing on Monday April 29, tributes from far and wide have been pouring in to honour the life of a man that can only be described as exemplary. The words “in true service of humankind” come to mind when I reflect on Dr Sam Motsuenyane’s nearly eight decades of service across multiple sectors.
His drive for success was a central tenet of every project he undertook. Unfazed by the apartheid government’s laws that locked out black South Africans from the formal economy, he along with other black entrepreneurs founded the National
African Federated Chamber of Commerce (Nafcoc) in 1964.
A decade later, he pioneered the establishment of African Bank. The idea of starting a bank was largely driven by a lack of funding to black businesses. Banks regarded these businesses as being too risky to lend to, despite their track records of running sustainable, commercially viable enterprises.
Inspired by a decision by black businesses in the US to set up and run their own banks, Nafcoc set out to do the same. And with a mere R70 in the kitty, they forged ahead to provide financial services to the marginalised African community. They
vowed to own their own bank.
It took him and others a decade to raise the R1m needed for the banking licence application, securing funds from across the country. But they had massive regulatory hurdles to overcome.
When I visited his home in Winterveld, he shared the many stories of dealing with Reserve Bank officials who were determined to reject his banking application.
Setting up a bank was no easy feat. Asking people to invest in a new, blackowned bank proved difficult, and building trust even more so. Dr Motsuenyane knew that they needed the backing of a reputable institution. In 1972, he, together with a group of businesspeople, set out to meet Anthony Keith, the chairperson of Barclays Bank in London.
Their clarity of vision and commercially driven strategy led Barclays to not only invest in African Bank, but also provide training to its executive and staff. With such a powerful endorsement, they were able to raise the rest of the money. They were very clear that they wanted to start a bank that would mobilise the savings of the black community and channel it back into African communities.
His perseverance paid off, and in 1975 the banking licence was issued. The story of African Bank has been one of highs and
lows. He told me about how difficult it was when the bank was placed into custodianship of then Trust Bank because it had broken exchange control rules.
The bank had new shareholders and Nafcoc’s influence had diminished. Towards the end of his tenure as chairperson of the bank, he was no longer happy with the direction in which the institution was headed, moving away from savings and focusing mostly on lending.
It was his wish to claim the bank back, and move it back towards its founding vision
to serve and provide financial services to the marginalised and underserved.
It was not only at African Bank and Nafcoc that he made his mark.
After the 1994 elections, he served as leader of the house in the senate, now known as the National Council of Provinces. He initiated and drove debate about black economic empowerment that ultimately led to various pieces of legislation.
Two years later, his excellency President Nelson Mandela appointed him ambassador to the gulf states Saudi Arabia, Oman, Bahrain, Kuwait and Yemen.
His stint in government lasted until 2000, and in 2002 he and others launched the Winterveld citrus project, bringing together farmers to provide fruit to retailers across the country.
It was the Dr Sam Motsuenyane
Foundation that brought me closer to him.
He started the foundation to uplift township and rural agricultural projects across Gauteng, North West and Mpumalanga.
Like many other black professionals, I saw Dr Motsuenyane as an iconic figure, a doyen of black business, inspired by his relentless drive for success and excellence. I only got to know him on a more personal level through his foundation.
When we met virtually during Covid-19, I was struck by his energy, and despite his age, he did not seem to be slowing down.
When we arranged a meeting in person, he said he would come to the Reserve Bank offices. I told him that, as a young man, I felt
it was only right to pay homage and so I went to see him on his farm in Winterveld.
We spent the day talking about his love for agriculture, from cattle farming to his citrus farm, and his nursery that provided seedlings to other farms.
The conversation somehow kept circling back to African Bank.
He told me that he had set aside his family money to buy shares in African Bank when it lists or sells shares.
He asked me what my home totem is and I told “Ke Mokwena wa meetse a pula”. He stood up, shook my hand and said “Le nna ke Mowena”. I knew the crocodiles had connected.
So many decades later, he was still leading from the front, putting his heart and mind into a venture he believed in. It was fitting that he was honoured with the National Order of the Baobab (Gold) in recognition of his role in fostering the development of black-owned businesses and economic liberation.
My desire is that he be honoured by restoring African Bank to the vision of its founders! Robala ka khotso Mokwena!!
And with a mere R70 in the kitty, they forged ahead to provide financial services to the marginalised African community