iKhokha– one of the fastest-growing fintech companies in Africa has partnered with Jabu Malungane to tell his story of tenacity, resilience and persistence in a new documentary. This documentary has been launched and chronicles the entrepreneurial journey of Jabu Malungane, founder of Jabu Atchar.
The current unemployment rate in South Africa stands at 32.9%. However, some analysts argue that this figure significantly underestimates the true extent of unemployment, as it fails to capture the dynamic informal sector’s activity.
Township economies
In recent years, there has been increasing acknowledgment of the potential within township economies. In South Africa’s vibrant townships, resourceful entrepreneurs are crafting a new economic narrative. These individuals are not merely business owners; they are pivotal contributors to local development and employment.
Despite the persistent challenges faced by SMEs, including limited access to funding, inadequate infrastructure, restricted market entry, escalating crime rates, and a convoluted regulatory landscape, entrepreneurs like Malungane persevere. They demonstrate remarkable resilience and innovation, often reshaping their business strategies to navigate their surroundings effectively.
In pursuit of its broader mission to empower and inspire South African entrepreneurs and SMEs, iKhokha has joined forces with Malungane to share his story of perseverance, resilience, and determination.
The documentary
The documentary commences with Malungane reflecting on his past struggles, recounting nights of hunger and deprivation. It then delves into his journey towards success and his ambition to establish a lasting business legacy in Jabu Atchar.
Reflecting back, Malungane says that he doesn’t regret a single thing, and sees his business as a journey of discovery. “I never lost a cent; I paid school fees in the university of life. Failure is the biggest educator.” he says
Jabu Atchar has expanded its reach from being sold outside shopping malls to encompass retail customers in Eswatini, Botswana, and Lesotho. Malungane now sells locally through select Pick ‘n Pay and Spar outlets, as well as in fruit and vegetable markets like Evergreens in Pretoria. While these retail partnerships make up 40% of his business, the majority, constituting 60%, comes from spaza shops and shisanyamas within communities, representing his largest customer base by far.
Advise
His advice to others wanting to start their own business is very clear – find something that you love and build a business around that. He says that too many entrepreneurs start a business with money as the main motivator and are more likely to give up if they are not passionate about it. “Something you love will move you and your business.”
Lifting the SME sector
Co-founder of iKhokha and Executive Producer of the Jabu Atchar film, Ramsay Daly, is convinced that shedding light on these stories will uplift the SME sector—a mission that iKhokha has pursued since its inception.
”The SME landscape in South Africa holds incredible depth and diversity, and is filled with stories of perseverance and triumph against the odds. By providing a platform to tell these stories, we hope to further stimulate businesses like Jabu Atchar and unlock new avenues for growth.” he says
iKhokha’s collaboration with Malungane will not only offer business support but also leverage his success and insights to mentor other small businesses across the country. This initiative kicks off with the premiere launch of the documentary at 44 On Stanley in Johannesburg at the end of May.The post Fintech Company Spotlights Resourceful SMEs, Entrepreneurs’ first appeared on IT News Africa | Business Technology, Telecoms and Startup News.