Budget Speech 2018

Madam Speaker,

Transformation of the financial services sector is critical, as the allocation of capital greatly influences patterns of ownership and production in the economy.

In financial services, government has gazetted the Financial Sector Codes and a R100 billion Black Business Growth Fund has been created through the code.

The fund will assist black entrepreneurs to finance big deals – an intervention that is crucial to transforming capital allocation in the economy.

The Financial Sector Summit will also take place in April 2018.

All of these efforts serve to extend access to South Africans who were excluded from the financial system.