National Empowerment Fund (NEF)

Contact Details

Physical: West Block, 187 Rivonia Road, Morningside, Johannesburg
Postal: PO Box 31, Melrose Arch, Melrose North, 2076
Tel: 011 305 8000
Fax: 011 305 8001


The vision of the National Empowerment Fund (NEF) is to become the leading provider of innovative transformation solutions for an economically inclusive South Africa.

The NEF is a driver and thought leader in promoting and facilitating black economic participation by providing financial and non-financial support to black-empowered businesses, and by promoting a culture of savings and investment among black people.

In pursuit of its mandate, the NEF provides financial and non-financial support. Financial support is comprised of the provision of innovative financing products to black-empowered businesses via five funds: the uMnotho, iMbewu, Rural and Community Development, Strategic Projects, and Women Empowerment Funds. Non-Financial support provided includes the following services: Pre-Investment Support; Post-Investment Support; Turnaround, Workouts and Restructures; and Socio-Economic Development and Asset Management.

Office Bearers/Management

Mr R Garach
Chief Executive Officer
Ms P Mthethwa

Mr Rakesh Garach
Deputy Chairperson:
Board Members:
Ms Angelina Matlhodi Makwetla
Ms Philisiwe Mthethwa (CEO)
Ms Innocentia Pule (CFO)
Ms Jacqueline Williams
Chief Executive Officer:
Ms Philisiwe Mthethwa
Chief Financial Officer:
Ms Innocentia Pule
Senior Management:
Ms Hlengiwe Makhathini (Divisional Executive: Venture Capital and Corporate Finance)
Mr Setlakalane Alfred Molepo (Divisional Executive: SME and Rural Development)
Communications Officers:
Mr Moemise Motsepe (Marketing and Communications Manager)

Financial Information

All Financial Values: R'0002015/162014/152013/142012/13
AUDIT OUTCOMEClean AuditClean AuditClean AuditClean Audit
Current Assets2 027 2512 071 5032 028 7462 228 456
Non-Current Assets3 316 1883 850 6864 018 0613 193 237
Total Assets5 343 4395 922 1906 046 8075 421 693
Current Liabilities178 83663 10556 36349 226
Non-Current Liabilities42 99014 56517 713-
Total Liabilities221 82677 67174 07649 226
Total Net Assets5 121 6135 844 5195 972 7315 372 467
Total Revenue581 038437 069973 522654 644
Revenue from Exchange Transactionsn/an/an/an/a
Revenue from Non-Exchange Transactionsn/an/an/an/a
Total Expenditure(1 294 694)(565 281)(379 437)(541 067)
Employee Costs(159 897)(137 463)(135 826)(131 397)
Surplus/(Deficit) for Year(713 656)(128 212)594 085113 577
Net Cash Flows from Operating Activities(24 769)(195 535)(167 995)(185 827)
Net Cash Flows from Investing Activities(23 911)182 950(41 035)(327 109)
Cash & Cash Equivalents at End of Year1 418 7671 467 4471 480 0321 689 062
Unauthorised Expenditure----
Irregular Expenditure----
Fruitless & Wasteful Expenditure----
Posts Approvedn/an/an/an/a
Posts Filledn/a152146n/a
SourcesAnnual ReportAnnual ReportAnnual Report n/a
NoteNot audited by AGSA. Independent Audit Report. Not audited by AGSA. Independent Audit Report.Not audited by AGSA. Independent Audit Report.Not audited by AGSA. Independent Audit Report.

Overseeing Department/Entity

Annual Reports

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