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NAFCOC urges government to regulate small business sector, citing foreign takeover

Date: May 5, 2025

The National African Federated Chamber of Commerce and Industry (NAFCOC) has called on government to implement stricter regulation of the small business sector, expressing concern over what it calls a growing takeover by undocumented foreign national

Speaking at a business breakfast in Pretoria for the launch of the Transformation Fund, NAFCOC President Gilbert Mosena said:“As we speak, the whole issue of the township and rural economy is now driven by people who are not even from this country. It is now driven and run by people who are undocumented, who are illegally in the country.”

Mosena emphasised the need to re-evaluate platforms like NEDLAC to ensure better inclusion of small businesses, and to strengthen the financial and economic infrastructure for transformation.

“Yes, it is true that we need to review a number of aspects. NEDLAC needs to be reviewed for small business to be able to participate. We need to review the financial and economic infrastructure of transformation.”

He also lamented the shift in ownership of key institutions:

“We have put the African Bank, but as we speak today, it is no longer in the hands of Africans.”

The newly launched Transformation Fund aims to accelerate transformation and provide support to black-owned and black-managed businesses across various sectors in the country.

--ChannelAfrica--