A collaborative effort to accelerate agricultural sector growth in South Africa was announced at a thought leadership session co-hosted by Old Mutual and the Cape Chamber of Commerce and Industry.
“The partnership [between the two organisations] will assist us to collectively work towards creating an enabling environment and a platform for businesses, partners, government, and stakeholders to flourish,” said Lushen Govender, Old Mutual’s provincial general manager in the Western Cape.
Addressing nearly 100 people at the Grand Roche Hotel in Paarl, he highlighted the importance of partnership and financial access for agricultural businesses.
Govender emphasised Old Mutual’s dedication to supporting the agricultural sector through various initiatives. He specifically mentioned the Old Mutual Masisizane Fund, which has been “steadily scaling up its successful micro-enterprise lending programme” in partnership with the Phakamani Foundation.
Since its inception in 2007, Govender noted, the Masisizane Fund has been addressing “poverty and chronic unemployment in underserved communities of South Africa” by providing crucial support to aspiring agricultural business owners. This includes micro-business loans, training, and support to underprivileged entrepreneurs.
Empowering rural farming communities
Govender pointed to the Masisizane agricultural flagship project as a prime example of the transformative power of collaboration.
The goal is to empower a group of emerging farmers to transition into successful commercial grain farmers, specialising in soya beans, dry beans, and maize. Additionally, the organisation is now broadening its scope to include other agricultural projects.
“Through an investment of over R100 million together with its partners,” he explained, “the Masisizane Fund has changed the prospects of the rural farming community in the Alfred Nzo and Harry Gwala district municipalities [in the Eastern Cape and KwaZulu-Natal, respectively].”
Digital solutions for modern agriculture
Recognising the importance of embracing technology, Govender introduced Old Mutual SMEgo, a digital platform designed to meet the specific needs of agricultural small- and medium-scale enterprises.
“This innovation comes at the right time,” he declared, “where we all exist in the digital era of Artificial Intelligence (AI) and smarter more efficient ways to operate.”
Old Mutual SMEgo offers a comprehensive suite of features, including automated invoicing, funding opportunities, and business management tools. “Equipping SMEs with quality funding solutions has long been one of our key social investment focus areas,” said Govender.
SMEgo offers a comprehensive suite of features, including automated invoicing, funding opportunities, and business management tools. Govender elaborated on the functionalities, stating, “SMEs can sign up on this platform for free and for an affordable fee of R99 per month you can automate your business function of invoicing fully.”
Building a strong partnership
Govender expressed his optimism for a long-lasting partnership with the Cape Chamber of Commerce and Industry. “We are delighted that the Cape Chamber of Commerce will now be part of the voice that grows the Old Mutual business while creating a positive impact for our communities,” he said.
This collaboration aims to address the financial challenges faced by many agricultural businesses, but it goes beyond that.
Govender concluded by emphasising Old Mutual’s commitment to the agricultural sector: “Our purpose is to help our customers thrive by enabling them to achieve their lifetime financial goals, while investing their funds in ways that will create a positive future for them, their families, their communities, and the broader society.”
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