Net1 bets big on SA informal economy – CEO Chris Meyer on its R3.7bn acquisition of the Connect Group
Nasdaq and JSE-listed fintech business Net1 announced a “transformational” deal, acquiring the Connect group for a whopping R3.7bn.
Nasdaq and JSE-listed fintech business Net1 announced a “transformational” deal, acquiring the Connect group for a whopping R3.7bn.
GG Alcock appeals to the business community to help elevate and invest in businesses in the informal sector as that’s where opportunities lie.
“We have to define how we measure unemployment. A big problem with the numbers that we see is that it says unemployment – not formal unemployment.”
The author of Kasinomics, GG Alcock, believes that the secret to more jobs and the economic growth in South Africa lies in the informal sector.
GG Alcock says the informal sector is resilient and believes they will be able to “batten down the hatches.”
Recent Nielsen research shows that, 20% of all money spent in SA is spent in informal stores, which sell goods to the value of R46 billion per year.
Entrepreneur Andrew Fenwick supports the call for an Economic Codesa, saying collaborate thinking may open the door to more solutions.
The number of employed people in SA rose by an encouraging 198,000 in the second quarter of the year, after an increase of 139,000 jobs in Q1 2015 and a gain of a massive 563,000 over the past year.