Business Development     9 October 2018

Achievement of a Level 2 B-BBEE status

Curo Fund Services are proud to have achieved a Level 2 B-BBEE status under the new Broad Based Black Economic Empowerment (B-BBEE) codes despite recent changes made to codes. With ...

Curo Fund Services are proud to have achieved a Level 2 B-BBEE status under the new Broad Based Black Economic Empowerment (B-BBEE) codes despite recent changes made to codes.

With industry transformation being affirmed as a business objective, Curo’s empowerment initiatives have maintained a positive score when other businesses have failed to do so and even dropped two or three levels in light of amendments.

On 29 March 2018, the Minister of Trade and Industry issued a gazetted draft statement in which changes were proposed to the Codes of Good Practice on BEE Codes signalling the most fundamental changes to these since 2013. Amendments were specifically outlined for the construction, financial and agricultural sectors seeking to further structure and enhance current policies.

Amidst these changes, Curo’s transformation agenda proved ahead of its time when considering its implementation before code changes.

Human Resources Executive, Mandla Dlova, explains, “Both our Empowerment and Corporate Social Responsibility initiatives are aimed at improving the condition of the communities in which we operate. As a business, we have directed our efforts to making a meaningful impact in the area of education as we see this as a powerful mechanism for change.

“Having this holistic approach has assisted our BEE score but, first and foremost, we established a solid foundation to bring about change beyond the rating we have achieved.”

A key amendment which was proposed in the Draft Skills Development Statement includes the recognition of expenditure on bursaries for black students at Higher Education Institutions as skills development expenditure. Notably, last year, Curo announced a B-BBEE transaction to fund the education of primarily black women under the age of 35, through the establishment of a B-BBEE Development Trust. The Trust forms part of a holistic transformation strategy that includes a Graduate Recruitment and support programme; industry learnerships; education support at tertiary level; community outreach and support at secondary school level; and continuous learning opportunities for employees.

Curo CEO, Barri Maggott, affirmed, “We find ourselves in a unique position to actively drive change in our industry and are geared to lead the charge in making a lasting impact in the financial sector and the broader economy through our empowerment initiatives.”

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