Financial Data
Updated 29 Feb 2020

Unlocking local and regional economic transformation in SA

Did you know that Standard Bank boosted its procurement expenditure in Limpopo by 33% to R53 million in 2017? This is part of the bank’s strategy to support more local and regional suppliers.

05 June 2018  Share  0 comments  Print

Related stories

All the answers to your unique business lifestage questions

Standard Bank is making it clear that it is committed to the socio-economic transformation of South Africa.

Africa’s biggest lender is utilising its supply chain to boost transformation with more than 83% of its South African procurement spend now with B-BBEE compliant companies, over 23% of which is with black-owned companies and 15% with black women-owned companies.

Standard Bank’s efforts to boost local sourcing in Limpopo has seen the number of small and micro enterprises – companies earning less than R50 million per annum supplying the bank’s operations in the province – increase from R4 million in 2016 to R16 million in 2017.

“We are very proud of our efforts to boost procurement of local and original content in Limpopo, which forms part of a broader strategy to drive economic transformation across all regions of South Africa,” says Kholofelo Shaai, Head: Supplier Development at Standard Bank.

Related: Driving supplier diversity and business inclusion in South Africa

“Implementing this strategy across the supply chain of an organisation the size of Standard Bank is certainly no easy task, but we have made significant progress at both the local and regional level.”

Shaai says that in Limpopo, Standard Bank has focussed on sourcing most of the commodities used in its branch network in the province from local suppliers.

“This ranges from debt collection and valuation to maintenance, security, renovations, IT and cleaning services amongst others. Transforming South Africa’s economy to one that is more inclusive is an imperative for us at Standard Bank,” she adds.

Shaai says the success of Standard Bank’s regional efforts such as those in Limpopo and other provinces are critical to the bank achieving its overall transformational objectives.

Rate It12345rating

Introducing the bank’s advice for new entrants to farming

Considering going into farming? Head of Agribusiness, Nico Groenewald gives top advice on common mistakes to avoid and how to overcome the barriers to entry in agribusiness.

Login to comment