South Africa’s economic future depends on its entrepreneurs. Small, medium and micro enterprises (SMMEs) are creating jobs and driving development across the country, yet many still struggle to access funding, mentorship and growth opportunities.
In this edition of BBQ Magazine, we speak with Seapei Mafoyane, Head of 104+ SMME Growth and Empowerment Solutions, an ambitious initiative that is working to transform the SMME ecosystem in South Africa.
Through strategic partnerships, investment, and mentorship programmes, the initiative is helping unlock the potential of entrepreneurial talent while strengthening the foundations of inclusive economic development.
With more than two decades of corporate experience and a deep passion for sustainable development, Mafoyane has emerged as a leading voice in shaping innovative solutions that bridge the gap between capital and opportunity.
A Leader Committed to Africa’s Entrepreneurial Future
Seapei Mafoyane describes herself as an entrepreneurial leader dedicated to sustainable development and the advancement of businesses that create meaningful impact.
“My work focuses on fostering economic growth while ensuring transformational stewardship and measurable impact,” she explains.
Over the course of her professional journey, Mafoyane has supported high-impact businesses across multiple disciplines, helping them scale and create value within the broader economy. Her work has consistently centred on one key objective: enabling entrepreneurs and enterprises to thrive within a system that historically has not always been designed for them.
Her leadership at 104+ SMME Growth and Empowerment Solutions reflects this commitment to building systems that empower entrepreneurs while strengthening South Africa’s development agenda.
The Vision Behind 104+ SMME Solutions
The 104+ SMME Solutions initiative was launched in 2022 as part of Sanlam’s 104th anniversary celebration. Rather than simply commemorating a milestone, the organisation chose to mark the occasion with a bold commitment to the future of entrepreneurship in South Africa.
The initiative began with a R200-million commitment, designed to catalyse sustainable growth for SMMEs while unlocking the country’s entrepreneurial potential.
“104+ SMME Solutions brings together like-minded South African businesses to support SMME development, growth and empowerment,” says Mafoyane.
Since its inception, the initiative has positioned itself as a collaborative platform that bridges both the public and private sectors, creating a unified ecosystem that supports entrepreneurs at every stage of their journey. The programme is built on the belief that SMMEs represent a powerful engine for economic transformation. By supporting agile businesses and innovative entrepreneurs, the initiative seeks to accelerate economic inclusion while promoting long‑term growth.
Transformative Leadership in Action
At the heart of Mafoyane’s approach to leadership is a philosophy rooted in transformation and stewardship.
“My leadership philosophy is transformative,” she explains. “It is grounded in the belief that leadership is a platform to steward resources, capital and influence toward the economic advancement of historically marginalised groups.”
For Mafoyane, success cannot exist in isolation. Instead, it is intrinsically linked to the success of the broader ecosystem.
“At 104+ SMME Solutions, we understand that our success is inextricably connected to the success of the ecosystem we operate within,” she says. “Performance must therefore be achieved through collective and intentional undertakings.”
This philosophy has shaped the strategic direction of the initiative, guiding how partnerships are formed, how investments are structured, and how impact is measured.
Driving Inclusive Economic Growth
Economic development remains one of South Africa’s most pressing priorities. With unemployment and inequality continuing to challenge the nation’s progress, initiatives that support entrepreneurship and business development are essential.
104+ SMME Solutions contributes to this effort by strategically investing in high-potential, impact-driven enterprises.
The organisation works closely with investment managers and implementing partners who bring deep expertise and a strong track record in sustainable investment.
One example of this impact is the investment made into Capital Link Partners (CLP), a 100% black-owned and managed asset management firm. The initiative invested R11-million into CLP, enabling the firm to strengthen its operations and meet regulatory requirements while expanding its human capital and operational capabilities.
Capital Link Partners focuses on asset management and capital advisory services, with investments across fixed income, global multi-asset funds, and over-the-counter financial products. The company’s commitment to socio-economic transformation, combined with its Level 1 B-BBEE status and focus on renewable energy investments, aligns closely with the mission of 104+.
Milestones That Demonstrate Impact
In just over three years, 104+ SMME Solutions has achieved several milestones that demonstrate the effectiveness of its model.
The initiative has raised approximately R275-million in funding to support SMMEs. While Sanlam provided the initial seed funding of R200-million, other investors have joined the effort, including Santam, ABSA, HYPROP, and GZ Industries.
Through its appointed investment managers, the initiative has deployed more than R165-million in debt and equity investments to businesses within its growing pipeline.
Among the companies supported are Wetility, Mortgage Market, and PCB Power Transformers, all of which represent innovative enterprises contributing to economic development in their respective sectors.
Beyond direct investment, the initiative also powers several ring-fenced programmes designed to support smaller SMMEs that often struggle to access traditional funding.
One of the most notable is the Sanlam-SANParks Rural SMME programme, implemented by I AM AN ENTREPRENEUR (IAAE). This programme supports SMMEs operating in and around South Africa’s national parks, many of whom face limited opportunities and financial barriers.
Through this programme, entrepreneurs receive 100% interest-free purchase order loans, allowing them to fulfil contracts without the burden of upfront capital requirements.
Another key initiative is the UWC CEI Fellows Leadership and Mentorship Programme, developed in partnership with the University of the Western Cape’s Centre for Entrepreneurship and Innovation. The programme provides mentorship and coaching to black-owned enterprises, equipping them with the strategic insights and leadership skills needed to grow their businesses.
Women Shaping the Future of Economic Development
Women are playing an increasingly influential role in shaping South Africa’s business landscape, and 104+ SMME Solutions reflects this shift.
The initiative is guided by strong female leadership, including Lezahn Steenkamp, who serves as Chair of the Board, and Thandeka Nkambule, Sanlam’s Chief Transformation Officer.
According to Mafoyane, the presence of women in leadership roles brings an important perspective to economic development.
“The perspective of women in this space is a competitive advantage,” she says. “It ensures that development is cultivated through empathy, community resilience and sustainable growth.”
Her message to young women aspiring to build careers in business and development is simple yet powerful: start where you are, with what you have.
“There is still much to be achieved to move economic outcomes forward for SMMEs,” she says. “This industry offers the perfect platform to architect innovative systems that prioritise social impact alongside commercial success.”
Lessons From Building a Transformational Ecosystem
Building an initiative like 104+ has not been without challenges. Creating a solution that brings together multiple stakeholders while delivering measurable impact requires careful coordination and long-term commitment.
According to Mafoyane, one of the most important lessons has been understanding that traditional investment models are not always suited to the realities of a developing economy.
“To succeed, we have had to move beyond the traditional investment playbook and embrace the realities of our context,” she explains.
The team has learned that meaningful change requires both speed and patience – moving quickly to seize opportunities while ensuring that each investment is supported by strong business development strategies.
Looking Ahead: Investing in South Africa’s Future
The long-term vision for 104+ SMME Solutions is both ambitious and inspiring.
The initiative aims to raise R1-billion in funding, support more than 500 SMMEs, and contribute to the creation of over 3,400 jobs across South Africa.