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 (Acting)
Deputy Chairperson:
Board Members:
Ms Angelina Matlhodi Makwetla
Ms Nomalanga Tsatsi Mosala
Ms Philisiwe Mthethwa (CEO)
Ms Zukiswa Ntlangula
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'0002016/172015/162014/152013/14
AUDIT OUTCOMEClean AuditClean AuditClean AuditClean Audit
Current Assetsn/a2 027 2512 071 5032 028 746
Non-Current Assetsn/a3 316 1883 850 6864 018 061
Total Assetsn/a5 343 4395 922 1906 046 807
Current Liabilitiesn/a178 83663 10556 363
Non-Current Liabilitiesn/a42 99014 56517 713
Total Liabilitiesn/a221 82677 67174 076
Total Net Assetsn/a5 121 6135 844 5195 972 731
Total Revenuen/a581 038437 069973 522
Revenue from Exchange Transactionsn/an/an/an/a
Revenue from Non-Exchange Transactionsn/an/an/an/a
Total Expendituren/a(1 294 694)(565 281)(379 437)
Employee Costsn/a(159 897)(137 463)(135 826)
Surplus/(Deficit) for Yearn/a(713 656)(128 212)594 085
Net Cash Flows from Operating Activitiesn/a(24 769)(195 535)(167 995)
Net Cash Flows from Investing Activitiesn/a(23 911)182 950(41 035)
Cash & Cash Equivalents at End of Yearn/a1 418 7671 467 4471 480 032
Unauthorised Expendituren/a---
Irregular Expendituren/a---
Fruitless & Wasteful Expendituren/a---
Posts Approvedn/an/an/an/a
Posts Filledn/an/a152146
Sources n/a Annual ReportAnnual ReportAnnual Report
NoteNot 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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