Iconic African bank founder and ‘father of black business’ passes away
Iconic African bank founder and ‘father of black business’ passes away
The father of Black Business, Dr Samuel Motsuenyane, has passed away. The SABC has confirmed that Motsuenyane died Monday afternoon. He was 97.
‘Father of black business’ dies
Dr. Samuel Motsuenyane, a founding member of Nafcoc and a key figure in establishing the African Bank, has died at 97.
His passing was confirmed on 29 April, leaving a significant legacy in South Africa’s business world.
According to BusinessTech, the statement hailed Motsuenyane as a champion of entrepreneurship and ethical business conduct.
Recognised as the “Father of Black Business,” Motsuenyane earned this title for nurturing and guiding Black business leaders and entrepreneurs.
In 1964, Motsuenyane co-founded Nafcoc with the vision of becoming South Africa’s foremost business advocate.
The concept of the African Bank emerged during Nafcoc’s inaugural meeting in Soweto, aiming to address Black individuals’ challenges in obtaining financial support.
As African Bank’s founding chairman, Motsuenyane initiated its establishment with a modest R70 and launched its inaugural branch in 1975.
Ramaphosa honours legacy of Dr Sam Motsuenyane, the ‘Father of Black Business’
President Cyril Ramaphosa has expressed heartfelt words of tribute for the late Dr Sam Motsuenyane, lauding him as a pioneering figure in business, agriculture, philanthropy, and the founding father of the African Bank.
According to IOL,Ramaphosa expressed profound sadness over the passing of the black business pioneer and extended his heartfelt condolences to Motsuenyane’s family, friends, and colleagues.
Ramaphosa highlighted Motsuenyane’s recognition as an Esteemed Member of the National Order of the Baobab (Gold), acknowledging his outstanding personal accomplishments and his influential role in advancing the growth of black-owned enterprises and economic empowerment.
“The passing of Dr Sam Motsuenyane 60 years after the establishment of Nafcoc is a profound reminder of the breadth, durability and longevity of his vision and passion for self-reliance and development, Ramaphosa said.
“The remarkable sweep of his life as an entrepreneur, leader of organised business, parliamentarian and diplomat among other roles embodied our resilient national character and values of ubuntu.
“His philosophy of self-sufficiency is today entrenched in the constitutional right each of us enjoys to freely choose our trade, occupation or profession and in the socio-economic rights that our Constitution safeguards.
“Dr Motsuenyane’s passing on the eve of the 2024 National Orders Ceremony causes us to recall the honour bestowed on him in 2002 as the nation paid tribute to an outstanding patriot and source of inspiration for our then fledgling democracy. May his soul rest in peace.”
Ramaphosa will talk about Motsuenyane at the Black Business Council Summit Dinner tonight. The BBC represents black professionals and businesses. They’ll remember Motsuenyane with tributes soon.
According to SABC News, Motsuenyane, born on February 11, 1927, in Potchefstroom, North West, co-founded NAFCOC in 1964.
He spearheaded the effort to establish an African Bank, rallying black communities to raise the necessary 1 million Rand. This enabled the bank to open its first branch in Ga-Rankuwa in 1975, aiming to provide credit to black South Africans.
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