Economic inclusion: Landmark partnership signed between NEF and B-BBEE Commission

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This agreement sets the foundation for enhanced collaboration between the two organisations, focusing on implementing and enforcing the B-BBEE Act and promoting economic inclusion.

The Memorandum of Agreement (MoA) establishes a framework for collaboration between the NEF and the B-BBEE Commission, focusing on three key areas. First, in terms of capacity building, the NEF will provide support by recruiting and seconding employees or interns to assist the Commission with its compliance, monitoring, and educational mandates under the B-BBEE Act.

Second, the partnership will include information sharing to enhance the monitoring and advocacy efforts of both organisations. Lastly, both parties will pool their expertise and resources to advance the goals of the B-BBEE Act, aiming for greater operational efficiency in their work.

“This agreement is a powerful step forward in our collective efforts to transform South Africa’s economy. By combining our strengths, we can ensure that black economic empowerment becomes more impactful and sustainable,” said Tshediso Matona, B-BBEE Commissioner.

Driving economic transformation together

Mziwabantu Dayimani, chief executive officer of the NEF, affirmed the importance of the partnership, saying that “the NEF and B-BBEE Commission share a critical mission to drive transformation across South Africa’s economic landscape.

"This partnership enhances our ability collectively to support black-owned businesses and enforce meaningful compliance with the B-BBEE Act.”

Zandile Mhlongo, acting general counsel at the NEF, highlighted the operational benefits, emphasising that “the collaboration between the NEF and the B-BBEE Commission represents an alignment of objectives that will enable us to better address challenges hindering economic inclusion. Together we aim to make a lasting impact.”

The signing of this MoA reflects the NEF and the B-BBEE Commission’s shared dedication to fostering inclusive economic growth, Mhlongo said. "It represents a significant milestone in their joint efforts to empower black entrepreneurs and ensure the objectives of the B-BBEE Act are achieved effectively."