The Role of Black-Owned Companies in South Africa’s Fintech Sector
As the financial and insurance technology sectors in South Africa rapidly advance, black-owned enterprises are pivotal in driving digital innovation and fostering inclusive economic growth. To reach their full potential, these companies require targeted support and substantial investments to facilitate their transformation.
Introducing the ESD Sanlam Group Accelerator Program
The ESD Sanlam Group ESD accelerator program, established through a collaboration between EDGE Growth specialists and the Sanlam Foundation, serves as a strategic platform for fintech companies at an effective scaling stage. This initiative aims to provide essential market opportunities to these businesses.
Program Benefits for Entrepreneurs
Spanning 18 months, the program offers eligible entrepreneurs access to comprehensive coaching and strategic support. Participants can showcase their solutions to leading companies without incurring financial costs, as the program only requires eight hours of engagement per month.
Workshops and Coaching Opportunities
The accelerator includes hands-on workshops and masterclasses led by business growth experts, alongside personalized coaching for experienced tech entrepreneurs. Participants will benefit from invaluable strategic advice, market access opportunities, and the chance to qualify for grant funding.
Success Stories from Previous Cohorts
Previous participants have demonstrated significant success, with average income growth exceeding 40%. One notable success story involves Brothers Sipho and Sifiso Mavuso, founders of Vuso Technology. Established in 2019, this 100% black-owned ERP solutions provider addresses the lack of black ERP resellers in South Africa.
Transformative Impact of the Program
Despite their early challenges in market access and brand visibility, Vuso Technology experienced a turning point after joining the ESD program in 2023. With strategic mentoring, they refined their business model, revamped their brand identity—including a new logo and website—and received operational support, including a R25,000 grant to purchase an inverter for power outages. These enhancements have contributed significantly to successfully securing major contracts in the private sector.
Future Aspirations and Growth
Looking ahead, Vuso Technology plans to attain Oracle certification and aims to expand their workforce from five to ten employees, emphasizing a broader commitment to skills development. Their journey exemplifies how targeted support and entrepreneurial drive can facilitate growth, placing SMEs at the forefront of high-value sectors within technology.
Eligibility Criteria for Participation
To qualify for the ESD accelerator program, companies must be at least 51% black-owned, operate within the fintech sector, preferably have revenue-generating solutions tailored for the insurance domain, and be willing to fully commit to the 18-month duration of the program.