Over the past few days, South Africa has been brought together by two moments of universal reflection and solidarity. As the country celebrated the 30th anniversary of its seminal moment of freedom that was achieved in April 1994, we reflected on the journey that has been traversed, celebrated the achievements of the past three decades and reflected on the challenges that remain. As a country that believes in consensus and collaboration in tackling national issues, South Africa has provided a template for the world on how to forge a path of unity from the embers of discord and division.
The role played by many individuals, institutions and communities in getting South Africa to its breakthrough moment, is a tale of fortitude, courage and resilience where many sacrifices were made. On the business front, the intersectional nature of exclusionary laws and oppressive practices created a world where the idea of creating successful black businesses was elusive and simply regarded as impossible. For those who dared to try, the significant effort required to beat the odds and regulations designed to condemn every idea to failure, was onerous enough to kill off the very essence of enterprise. It was in this world of economic marginalization that a group of black businesspeople gathered 60 years ago in 1964 to deliberate on how the plight of black business prospects could be addressed.
The gathering of 1964 resulted in the formation of the National African Federated Chamber of Commerce and Industry (NAFCOC) which was conceptualised as the leading voice of business in South Africa. A key member of the gathering was Dr Sam Motsuenyane who passed away this week aged 97. Dr Motsuenyane’s role as one of the founders of NAFCOC resonated with his longstanding position as the champion of black entrepreneurship. As president of NAFCOC from 1968 to 1992, Dr Motsuenyane played a frontline role in continuously championing for the abolition of barriers to access and participation for black business.
Inevitably, the question of access to funding and financing for such businesses needed to be resolved in order to widen the net of economic participation. In the absence of funding mechanisms, the best-laid plans of men and women of entrepreneurial ambition, would remain stillborn and black entrepreneurship would simply never exist. It was this realisation that prompted the move to establish a bank that would address the funding conundrum faced by black businesses. The journey towards establishing African Bank, reflected similar tales of frustration and patience that many individuals would have regarded as too laborious to pursue. It was under Dr Motsuenyane’s leadership where the pathway towards the creation of African Bank was navigated with the patience that eventually led to the establishment of the bank in 1975.
The template of collaborating with purpose and intention; was to be replicated by other black business leaders and professionals in the years after the founding of NAFCOC. The formation of institutions like the Black Management Forum (BMF), the Association for the Advancement of Black Accountants of Southern Africa (ABASA) before 1994; and the Association of Black Securities and Investments Professionals (ABSIP) in 1995, all borrowed from the model of partnerships, collaboration and courageous leadership that Dr Sam Motsuenyane’s generation had ignited over 60 years ago.
As ABSIP, we have taken guidance from Dr Motsuenyane’s leadership lessons over the past 29 years as we have sought to play our role in driving meaningful transformation in the financial services sector. As the champion of access and inclusion in financial services that was firstly ushered in through the creation of African Bank, Dr Motsuenyane has served as the lodestar for ABSIP. His influence in the country’s business landscape and the financial services sector in particular, is a legacy that not only endures but serves as the motivational inspiration for our organisation and our members. As we reflected on his passing this week, we recognise our responsibility to honour his legacy by playing our part in transforming the country’s economic demographics and fortunes. We celebrate his life as an extraordinary example of leading through adversity and inspiring generations of South Africans. Rest in peace Dr Sam.
Polo Leteka
ABSIP President
3 May 2024