Financial and Business Services

image

The local services industry is the fastest growing sector in the economy, accounting for more than 66% of Gross Domestic Product (GDP) in 2006. The services sector was also the fastest growing sector globally and it accounted for 25% of cross border trade. In addition, more than half of the direct investment into developing countries was in this sector.

Community and social services sectors, some of which are provided by government and others initiated by communities and NGOs also fall within this category. In addition, these have been the sectors in which significant job creation has taken place in recent years. Of importance is that many other service activities in our society straddle both the first and second economies.

Financial services

South Africa's excellent financial services sector is supported by a sound regulatory and legal framework. A choice of domestic and foreign institutions, provide assorted services - commercial, retail and merchant banking, mortgage lending, insurance and investment.

New legislation, increasing client expectations, aggressive competition, enhanced consumer awareness and a changing demographic environment are some of the factors set to bring change to the way in which South Africans perceive and negotiate life assurance policies. Recent and ongoing consolidation in this highly competitive industry will allow companies to further improve their respective market shares as well as their product ranges. Major players in the industry are Old Mutual, Sanlam, Liberty, Momentum, Metropolitan, M-Cubed Capital and BoE Life.

Estate Agents

Acutts, Wakefields Estate Agents, Re/max of Southern Africa and Pam Golding Properties are some of the top real estate companies operating in KwaZulu-Natal

ICT

image

The rapid development of information technology as well as the increased level of sophistication of consumers, rising per capita incomes and the increased demand for services have been driving this shift. This sector has also become an important employer and attracts large amounts of foreign direct investment.

KwaZulu-Natal is striving to be a vibrant, innovative, fully inclusive knowledge society with a strong ICT and electronics brand that speaks of innovative approaches to local and global challenges. KwaZulu-Natal must be an example of an environment where ICT and Electronic-based innovation flourishes with social entrepreneurs from historically disadvantaged population groups, remote communities and the knowledge intensive industry benefiting and contributing to the well-being and quality of life of our citizens.

This will accelerate the development of our knowledge economy and information society and afford the citizens of KwaZulu Natal access to a wealth of information and services that will improve the quality of life, create wealth, accelerate economic development and make our province globally competitive.

There are approximately 240 companies in the ICT and electronics sectors within KwaZulu-Natal (KZN). Of these, about 180 are in the ICT sector and about 60 in the electronics sector. The KZN ICTE sector is heavily concentrated in Durban. More than 80% of the firms in the sector and well over 90% of employment in the sector are in Durban and the surrounding suburbs.

Pietermaritzburg represents the second largest concentration of information and communication technology and electronics (ICTE) firms and Richards Bay represents the third largest concentration of firms.

SmartXchange

Based in Durban, SmartXchange is a public private partnership initiative Information and Communications Technologies cluster. The not-for-profit organization was established to promote and support the region's vision to be the technology hub of Africa. It aims are:

  • To develop a quality ICT SMME base in KZN (Incubation and SMME support)
  • Cluster Development and Promoting the region as an ICT hub of Africa
  • ICT Skills Development and
  • Supporting initiatives that work to bridge the digital divide http://www.smartxchange.co.za/

KZN Financial and Business Services

Copyright © 2017 KwaZulu-Natal Top Business
x

Get the Flash Player to see this player.