By Khensani Nobanda, Group Executive: Group Marketing and Corporate Affairs, Nedbank
Nedbank’s purpose-led transformation journey spanning more than three decades is a testament to our commitment to fostering inclusivity and driving growth. We have played our part in creating a more equitable society and aligned our business strategy with the country’s national development targets.
As South Africa has made the journey of transforming from the inequities of the past, Nedbank has partnered as a corporate committed to a more just and equitable future. In line with this approach Nedbank was among 115 leading corporations that signed a pledge in 2023 to support the government in driving economic recovery. We remain committed to using our financial expertise to do good for individuals, businesses and society.
Our success cannot exist in isolation from the communities in which we operate. We strive to unlock capital through preferential procurement, enterprise and supplier development, and socioeconomic development through investments in education, entrepreneurship and agriculture.
Among key milestones for Nedbank was the adoption of the Financial Sector Charter in 2004, aimed at increasing the economic involvement of black South Africans. By 2006, we had made substantial strides, achieving 47% black representation on our board and appointing Reuel Khoza as our first black chairperson. By 2018, we achieved Level 1 B-BBEE contributor status; we have retained Level 1 status for each consecutive year since. Our revised corporate social investment strategy launched in 2021 places a strong emphasis on supporting the green economy.
Nedbank’s contributions to the green economy represent a diverse and impactful range of initiatives, including launching a Green Economy Fund with an initial R10 million to support 100 start-ups in critical sectors, raising R2.7 billion through green bonds for renewable energy and sustainability-linked projects.
In 2023, Nedbank’s corporate social investment strategy invested over R153 million across the green economy, education and community development, among others. Throughout our journey, we have consistently prioritised the development of small, medium, and micro enterprises. This supports business growth and is also a catalyst for job creation. In recent years, Nedbank has continued to build on its transformation legacy. In 2024, we launched new initiatives including investments in renewable energy projects and introducing a new digital banking platform. These efforts improve financial inclusion and access to financial services for underserved communities. Additionally, in collaboration with local NGOs, our youth empowerment programmes and community development projects aim to uplift underprivileged areas by providing essential services and support.
Nedbank’s journey of transformation goes beyond reaching targets; it’s about making a profound and meaningful impact, changing people’s lives be they clients, creating shareholder value, or society at large. As we look to the next 30 years of democracy, we remain committed to this vision, ensuring every South African can thrive in a changing economic landscape. This is not just our responsibility but a privilege as a key player in South Africa’s financial sector.
