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Investment Commitment Sparks Creation of 3,000 Jobs
The investment commitment of R500 million made by SA Taxi at the fifth South African Investment Conference earlier this year is gaining traction, creating over 3,000 jobs. Announced as part of the investment pledges totaling R1.51 trillion over a five-year period, the initiative is exceeding its initial R1.2 trillion target set by President Cyril Ramaphosa as reported by SA News.
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Matsidikanye Moswane, Chief Government and Industry Officer at SA Taxi Holdings, reported that over R350 million from the developmental credit provider, Transflow, has already been deployed for this endeavour. The investment aims to promote financial inclusion by extending developmental credit to small and medium enterprises (SMEs) that lack access to traditional financing sources.
Through this initiative, the Development Bank of Southern Africa (DBSA) is empowering under-serviced and emerging SMEs, creating both direct and indirect employment opportunities. So far, it has facilitated the generation of 1,620 direct jobs and 2,700 indirect jobs.
SA Taxi, based in Midrand, Gauteng, caters to entrepreneurs operating minibus taxis who might not otherwise have access to conventional bank credit. The company plays a pivotal role in job creation and enhances public transport safety in South Africa.
As an independently owned commercial enterprise, SA Taxi is the first financial service provider exclusively dedicated to the taxi industry. It significantly contributes to the national economy by creating 1.8 new jobs related to the industry for each taxi it finances. The company relies on foreign and domestic direct investments to source the capital it lends to its clients.
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Photo: Facebook / @ Cyril Ramaphosa
