'Mega black-owned' bank to launch in 2013

2012-08-23 08:23

Johannesburg - The National African Federated Chamber of Commerce and Industry (Nafcoc) plans to open its own commercial bank next year, according to a report on Thursday.

"We are already seriously fundraising to launch the bank," Nafcoc president Lawrence Mavundla told Business Day.

"Our investment portfolio is R1bn, we'll use that for the bank, the Indonesians have also agreed to support us."

Nafcoc was expected to sign a memorandum of understanding with an Indonesian delegation this weekend.

Last year, Nafcoc said it wanted to launch a black-owned "mega" bank to help grow small businesses, but failed to make its deadline of end-2011.

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  • arm.witmens - 2012-08-23 08:37


      andres.dewet - 2012-08-23 08:52

      Why can't you applaud Black success? Wealth across the board makes for a stable country. People with nothing to lose are the most dangerous people. If this country has too many of the aforementioned, we're ALL in danger! Get that into your head before you chastise fellow South African success stories. - 2012-08-23 08:56


      fussed.anderson - 2012-08-23 09:08

      What ever happened to the land bank??????

      arm.witmens - 2012-08-23 09:17

      @fussed.anderson. - Looking at the board of the bank, its no wonder you arent hearing a peep. Chairman:Dr B B S Ngubane Chief Executive Officer: Mr. P S Hadebe Members: Prof ASM Karaan,Mr. BP Mathidi Ms NP Mnxasana, Mr. JT Potgieter,Ms N Qata Ms. MMT Ramano,Ms. S Singh Ms. SA Lund Dr. JL Purchase Mr. Lebogang Serithi The mission : Land Bank is a specialist agricultural bank guided by a government mandate to provide financial services to the commercial farming sector and to agri-business and to make available new, appropriately designed financial products that would facilitate access to finance by new entrants to agriculture from historically disadvantaged backgrounds..... No furher comment....

      lee.vanrensburg.9 - 2012-08-23 09:29

      @ arm.witmens - I like what you say and how you say it. You look at the bigger picture.

  • herman.heil - 2012-08-23 08:37

    New ways to steal money, now even the Indonesians is gonna be robbed....SA, the new land of opportunity....for skelms that is

      peter.ndamase - 2012-08-23 09:03

      Another waste of......

  • Barileng.Dile - 2012-08-23 08:37

    It's about time!

      amanda.victor.92 - 2012-08-23 09:01

      You can put your money there. Don't forget now.

  • andres.dewet - 2012-08-23 08:38

    Glad to hear. Exactly what this country needs, great Black-African entrepreneurs and businessmen starting new ventures and making inroads into the economy. It'll benefit everyone if the economy becomes more balanced and is no longer perceived to belong to one group or another group. This is not BB-BEE, this is REAL wealth creation and applaud it.

      Rabbler.Rouser - 2012-08-23 08:44

      I agree. It's time for them to be innovative, competitive and develop an entrepreneurial spirit. That is the only way this country will progress. Waiting for handouts and becoming dependantant on the state is the road to disaster.

      beki.khumalo - 2012-08-23 08:47


      chris.novak.9235 - 2012-08-23 08:53

      I have my reservations....

      arm.witmens - 2012-08-23 08:54

      Yes, its what this country needs. And people wonder why i chuckled when i saw this. Let me clarify : "(Nafcoc) president Lawrence Mavundla used part of a R720 000 loan for an ancestral feast at the expense of workers’ wages" "A Nafcoc insider, who declined to be identified, said the small business chamber had recently got a R750 000 loan from casino and hotel group Hosken Consolidated Investments [JSE:HCI] (HCI)" "Johannesburg - The National Federated Chamber of Commerce and Industry ­(Nafcoc) has fired its chairperson Duma Makanda for opposing a ­decision to acquire the Gallagher Convention Centre" So they state they missed the 2011 deadline, but why? Because they are corrupt. They cannot function properly because there are no real leaders or people with the know how or integrity to run a financial institution. So to all the people with the thumbs down, do a bit of research before you go charging off into the sunset with your flags waving.

      arm.witmens - 2012-08-23 09:44

      You do realise that if this bank gets a sizable portion of the population's business and they go under, YOUR tax money will be used to bail it out......with its current management, its a given they will belly up after a few years of milking the system.

  • beki.khumalo - 2012-08-23 08:46

    Hopefully Lawrence and the crew will be able to meet the new deadline. There's a desperate need for growth and acceleration of black businesses in SA. All the best!

      jws.paterson - 2012-08-23 09:49

      True. But that comes from the government policy, not the banks. Govt supports tenderprenuers, and well connected business interests. Nothing in their policy points to helping entrepreneurs, let alone black entrepreneurs.

  • craig.drysdale.96 - 2012-08-23 08:51

    Gonna be interesting to see who will be CEO. The indo's must be desperate.

  • faizieishlah.shabalala - 2012-08-23 09:00

    Mega "Bank Up"

  • elvis.nkoana - 2012-08-23 09:14

    That's where i am taking my money. A bank onwed by blacks without government help [BBBEE or AA]. That's great news! SA should create a big middle and upper class to have a stable country.

      almeleh - 2012-08-23 09:52

      I hope we don't have to pay for a government bail-out in the future.

  • johnnie.vercuil - 2012-08-23 09:23

    You know now already that the end result will be one big ZERO, why even try. Why take money from the poor to make them poorer.

      petererroljohn.sachse - 2012-08-23 11:45

      Yes I agree.They using the situation where there aim is to make money on Blacks and mislead the people to believing they doing good for them.There only aim is to make money from the poor masses.Secondly they can't organise a piss up in a brewery so it will be another failed attempt!!!!!

  • mantothieve.missingman - 2012-08-23 09:28

    What a great idea , you can get all 40 million people in SA to bank their government grants with you so you can take a % of that

  • gavin.simpson.0 - 2012-08-23 09:31

    Good.let the racists try finance each other. Maybe real banks won't have to charge so much to cover the failure rate.

  • zelda.dickson - 2012-08-23 09:38

    They tried an airline and it failed. Now a bank. How long will it last.

  • marlene.eckard - 2012-08-23 09:47

    And if there is whites only bank its racism !

  • almeleh - 2012-08-23 09:49

    Aren't we still waiting for SANTACO the black owned airline to take off?

  • sbu.mahwai - 2012-08-23 10:14

    "Mega owned black bank" - I thought we are a progressing nation but oops we still talking white/black owned even today. I put my money where I will get good return on investment

  • eddy.cartersmith - 2012-08-23 10:54

    It Name is is going to Velvet Bank or is that Velvet Sky Bank. and the Logo will be. Watch your money Fly away.

  • IvdBergh - 2012-08-23 11:01

    What a joke - LOL !!!!!!!!

  • quartus.vanzyl - 2012-08-23 11:03

    what a racist country. A black forum for this and a black forum for that It is time again for international sanctions against the RSA just like those during apartheid.

  • byron.jay.37 - 2012-08-23 11:29


  • peter.hall.3956 - 2012-08-23 11:43

    !!!!!!Failure,Theft of the Money,Suspended CEO's,Big parties and conferences with only the best hotels and beverages etc etc etc!!!!! There is no confidence in big business in SA anymore it's already ruined! Regarding the "black thing", who cares they will carry on steeling from the very people they promise to help

  • kevin.kramer111 - 2012-08-23 11:49

    Will they BEE partnering with the Taxi airline..?

  • Michael - 2012-08-23 12:57

    Wonder how often the taxpayer is going to have to bail this one out?

  • luccourtiade - 2012-08-23 13:21

    i think this is brilliant....we need BEE initiative like this. i hope they can bring lower banking rates to south Africans that cannot afford the huge charges we have atm. dont shoot it down before its even started.

  • jeremy.forbes.1293 - 2012-08-23 13:42

    Good news, I really do hope that they succeed. Sadly, I cannot promise to invest until this institution has proven its anti-corruption credentials.

  • cristina.salva.7 - 2012-08-23 14:43

    Enough already!!! why is everything about colour?!!..why not open a BANK plain and simple..!!!!!

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