En­ter 8 more black-owned bro­ker­ages

The Star Early Edition - - NEWS - Joseph Booy­sen joseph.booy­sen@inl.co.za

THE GRAD­U­A­TION of eight black-owned bro­ker­ages in Gaut­eng last week gives a wel­come boost to the much needed trans­for­ma­tion of the in­sur­ance in­dus­try.

Ac­cord­ing to JSE data, black stock­broking firms col­lec­tively make up less than 2 per­cent of the value traded on the stock ex­change, Si­bongiseni Mbatha, the pres­i­dent of the As­so­ci­a­tion of Black Se­cu­ri­ties and In­vest­ment Pro­fes­sion­als, said re­cently.

The eight bro­ker­ages, who grad­u­ated last week were: LKC Busi­ness Con­sult, Royal Square Con­sul­tants, Shomang Group, V K Con­sult, Jab­u­lani Moyo, RightSure Risk Man­agers, Sibany­oni Bro­kers and ISU Fi­nan­cial Ser­vices.

The 18-month pro­gramme was tar­geted at black-owned bro­ker­ages in Gaut­eng and aimed to pro­vide busi­ness de­vel­op­ment sup­port.

The Mo­men­tum Ma­si­bam­bane Bro­ker Ini­tia­tive pro­gramme was de­liv­ered in part­ner­ship with the As­so­ci­a­tion for Sav­ings and In­vest­ment South Africa (Asisa) through the Asisa En­ter­prise De­vel­op­ment Fund (EDF) and man­aged and ex­e­cuted by en­ter­prise and sup­plier de­vel­op­ment providers, Edge Growth and En­coreSA.

The ini­tia­tive formed part of MMI Hold­ing’s Masikhulise En­ter­prise and Sup­plier De­vel­op­ment Trust, a ringfenced broad-based own­er­ship scheme, which houses the group’s en­ter­prise and sup­plier de­vel­op­ment ini­tia­tives and in­vests in the sus­tain­abil­ity of small to medium sized en­ter­prises.

Fiona Ally, a group lead for en­ter­prise and sup­plier de­vel­op­ment at MMI Hold­ings, said: “By help­ing to de­velop bro­ker­ages in our com­mu­ni­ties we are not only se­cur­ing the fi­nan­cial well­ness of the SMEs (small and medium en­ter­prises), but also en­sur­ing that ap­pro­pri­ate fi­nan­cial ad­vice and so­lu­tions are made avail­able to the com­mu­nity.”

Ruth Ben­jamin-Swales, the chief ex­ec­u­tive of the Asisa Foun­da­tion and manag­ing trus­tee of the Asisa EDF, said ac­cess to the mar­ket, build­ing a solid client base and sup­port from the in­dus­try were the main chal­lenges that many fi­nan­cial in­ter­me­di­aries faced.

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