In 2015, the absence of credit solutions for spaza shop owners led to bankers Siya Ntutela and Mdu Thabethe deciding to fill this gap by starting their own financial services company, Zande Africa.
“The name of the company was derived from a Nguni word that means ‘to multiply’, in reference to our objective to unlock the spaza shop economy, which boasts an annual revenue of over R40bn,” says Ntutela.
Their subsequent analysis uncovered that supply issues were an even greater challenge than cash constraints. “Spaza shop owners, at least once a week, have to either close shop or employ someone to run the shop while they are away buying merchandise. To address this challenge, we added supply and logistics solutions to our product offering,” says Ntutela.
Unlocking a market
Getting the initiative off the ground was easier said than done and had to be self-financed by Thabethe and Ntutela. In 2016, Zande Africa received a R1m injection from Merrill Lynch South Africa and AlphaCode, and won R750 000 when it took third place in the SAB Innovations Awards programme in 2018.
“There is a lot of great innovation competing for funding out there, so winning in some of these rounds proved to us that our business idea was on the right track,” Ntutela says.
As newcomers to the fast-moving consumer goods (FMCG) industry, Ntutela and Thabethe had to work hard to build the trust of suppliers and spaza shop owners. FMCG companies also have highly formalised distribution networks, so it took a lot of effort to persuade them to change their business practices and supply spaza shops more directly.
ãã®èšäºã¯ Finweek English ã® 27 August 2020 çã«æ²èŒãããŠããŸãã
7 æ¥éã® Magzter GOLD ç¡æãã©ã€ã¢ã«ãéå§ããŠãäœåãã®å³éžããããã¬ãã¢ã ã¹ããŒãªãŒã9,000 以äžã®éèªãæ°èã«ã¢ã¯ã»ã¹ããŠãã ããã
ãã§ã«è³Œèªè ã§ã ?  ãµã€ã³ã€ã³
ãã®èšäºã¯ Finweek English ã® 27 August 2020 çã«æ²èŒãããŠããŸãã
7 æ¥éã® Magzter GOLD ç¡æãã©ã€ã¢ã«ãéå§ããŠãäœåãã®å³éžããããã¬ãã¢ã ã¹ããŒãªãŒã9,000 以äžã®éèªãæ°èã«ã¢ã¯ã»ã¹ããŠãã ããã
ãã§ã«è³Œèªè ã§ã? ãµã€ã³ã€ã³
THE HEALTH OF SA'S MEDICAL SCHEMES
As the Covid-19 pandemic abates, finweek takes a look at the financial performance of some of the largest players.
The effect of Gilbertson's departure
With Ntsimbintle Holdings now the major shareholder of Jupiter Mines, it could change SAâs manganese industry.
Making money from music
Why investors are increasingly drawn to the music industry.
Conviction is key
Sandy Rheeder plays a critical role in Mukuruâs mission to open up financial services to the emerging consumer market in Africa through tailor-made technology solutions and platforms.
The post-pandemic toolkit
How CFOs can use technology to support growth.
Big city living exodus
Mini cities like Waterfall City and Steyn City are redefining city-style apartment living.
Big compact, big value
Handsome, with a hefty level of standard specification, the roomy Haval Jolion compact crossover is a great value proposition.
On barriers to entry
There are various ways in which a company or sector can achieve competitive dominance. They usually make for good investments.
Fear and greed in one index
To buck the trend, when markets are hot or cold, is a tough thing to do. However, it can deliver solid returns.
Africa's largest data centre facility coming soon
Vantage Data Centers plans to invest over R15bn for its first African data centre facility in Attacqâs Waterfall City.