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Banking and financial services
All of the country’s major banks and financial institutions are represented in the North West. Financial services are available in small towns, although the bigger cities like Potchefstroom, Rustenburg and Klerksdorp have a greater concentration and diversity. Financial services extend beyond advising rich people on how to invest their assets or balance their portfolio. In a province where there has been some real financial distress, Agribusiness. Focus areas for programmes are in place to assist people. this unit are agronomy (grain,
Long strikes, volatile global markets and layoffs have created oil seeds, sugar and cotton), tough conditions for some workers in the platinum sector. Anglo livestock (including game American Platinum has teamed up with Summit Financial Partners farming), horticulture and to help miners manage their debt and plan their finances better secondary agriculture which through a scheme called Nkululeko. Garnishee orders went down covers agricultural processing among the Nkululeko group by and storage. 80% in a five-year period. In 2016, The large agricultural Summit won a Constitutional companies have finance Court judgement to the divisions. CertiSure is a joint effect that the judiciary must venture between NWK and keep an eye on emolument Senwes that offers short-term attachment orders (garnishees) insurance, crop insurance, to make sure they are fair. It had financial planning, medical earlier been found by a High Court funds and funeral policies. Financial literacy workshops. Image: ASISA that some orders were grossly unfair and exploitative. Summit has an office in Hartbeespoort. Senwes Credit is a registered credit provider which offers asset financing in collaboration
The Association for Savings and Investment South Africa is behind with Wesbank. another initiative called Project Qaphela, a financial literacy programme Brits-based Temo Agri aimed at workers in the mining sector (pictured). The curriculum and Noordwes Korporasie covers budgeting, saving, borrowing, understanding documents such (Lichtenburg) has received as payslips and benefit statements and preparations for retirement. the backing of the Industrial Partners in the programme include the National Union of Mineworkers, Development Corporation (IDC) Sanlam and Coronation. Ubank is owned by a trust that is managed to enable it to roll out agricultural by the Minerals Council South Africa and the National Union of credits to emerging farmers. Mineworkers (NUM). It has several branches in the North West. The Royal Bafokeng Nation,
With agriculture being such an important part of the North West a community of about 150 000 economy, all of the big banks have dedicated units such as Nedbank people living on platinumrich land north-west of Rustenburg, is a shareholder in a large banking group and several of South Africa’s insurance companies through its investment company, Royal Bafokeng Holdings (RBH). ■
Online Resources
Association for Savings and Investment South Africa: www.asisa.org.za Auditor-General of South Africa: www.agsa.co.za Chartered Institute for Government Finance, Audit and Risk Officers: www.cigfaro.co Financial Sector Conduct Authority: www.fsca.co.za Sector Insight Debt management and financial planning are available to mine workers.
