Connect with us

Entrepreneur Today

Anzisha Grand Prize For African Youth Entrepreneurship Announced

Nigerian job placement technology entrepreneur wins Anzisha 2015 Grand Prize for African youth entrepreneurship.

Entrepreneur

Published

on

anzisha-prize-2015

The Anzisha Prize is a partnership between African Leadership Academy and The MasterCard Foundation.

The 12 finalists for Anzisha Prize for 2015 were selected from an impressive initial pool of 494 young entrepreneurs, up from 339 applications in 2014.

The Anzisha Prize is proud to have attracted applicants from 33 African countries, with finalists from Zimbabwe and Ethiopia identified for the first time this year.

Applications were also received from a diversity of sectors, with agriculture having the most applicants. Now in its fifth year, The Anzisha Prize celebrated these outstanding young people during Global Entrepreneurship Week joining the worldwide festivities.

We-recommend-tickWe recommend: 8 Reasons Young Entrepreneurs, or the Young at Heart, Lead the Way

Having received a share of US $75,000, the Anzisha Finalists join a growing pool of now 54 Fellows to receive access to ongoing support to scale their enterprises and expand their impact.

The Anzisha Prize is thrilled to announce this year’s winner of the $25,000 Grand Prize in the 5th year of Africa’s premier award for youth entrepreneurship. Chris Kwekowe, 22 from Nigeria, founder of Slatecube which offers a job-relevant skills learning platform and job placement services, impressed the judges.

Slatecube has had significant success to date with potential for scale and will serve as an inspiring beacon for other youth interested in entrepreneurship. The decision was not easy, however, given the talented pool of finalists. Fintech entrepreneur Fabrice Alomo, 22 from Cameroon was 1st Runner Up ($15,000) and fashion entrepreneur Mabel Suglo, 22 from Ghana was 2nd Runner Up ($12,500).

Chris-Kwekowe

Chris Kwekowe

Chris Kwekowe founded Slatecube to increase job access for youth through creating a platform on which they can build job-relevant skills and linking them with virtual internship opportunities that enable them to develop experience.

His vision for the venture is to see it grow into a wide-scale provider of relevant job market access, with increasing ability to open doors for job seekers.

“I did not believe that I could have won the prize when the competition started. But I feel confident in what I can achieve now given the capital and training that I have received through the Anzisha Prize. I congratulate all the other finalists as I believe they were all very impressive and look forward to engaging them as we support each other to grow going forward,” says Chris.

Fabrice Alomo

Fabrice Alomo

The first runner up was Fabrice Alomo from Cameroon, founder of My AConnect. The venture aims to increase the ease with which unbanked people in Cameroon transact and gain access to financial services.

My AConnect provides AMoney, and electronic currency with which unbanked individuals can make purchases with over 500 enterprises by depositing money through charge cards. Fabrice’s vision is to increase financial service access for Cameroon’s 17 million unbanked people.

Mabel Suglo

Mabel Suglo

A still impressive second runner up was Mabel Suglo from Ghana, founder of Eco Shoes. Mabel offers an assortment of shoes and accessories that are fashionable and Afro-themed, using recycled materials.

Her employee-base is predominantly disabled individuals. She aims to increase their economic participation through job opportunities. Mabel believes that disability is not inability and employs people with a variety of disabilities to create products that she sells into wholesale and retail markets.

The Anzisha Sector Prize in Agriculture was awarded to Chantal Butare, founder of Kinazi Dairy Cooperative. Chantal’s cooperative collects milk from over 3,000 families in her community, and processes the milk for sale.

We-recommend-tickWe recommend: 7 Insanely Productive Habits of Successful Young Entrepreneurs

She generates income for these families, as well as for ten milk collectors who are in her employ. Her ambition is motivate for sufficient capital to mechanise her process and increase scale to create revenue for yet more families in her community.

Chantal is a shining example of youth role models that Anzisha Prize aims to celebrate: Youth who are operating successfully in sectors that are considered non-traditional for youth, but that have immense potential to catalyse economic growth in Africa.

“Over the past five years, we have seen the Anzisha Prize evolve from a one-time prize for social entrepreneurship, to an entire community of young, innovative leaders across Africa who have access to comprehensive support and networking opportunities,” says Koffi Assouan, Program Manager, Youth Livelihoods at The MasterCard Foundation.

“I continue to be impressed by the calibre of youth entrepreneurs that Africa has to offer and congratulate them on their ability to inspire both ourselves and the rest of the continent.”

The 2015 Anzisha Prize Finalists were celebrated at a prestigious invitation-only ceremony on Tuesday, November 17th 2015 at Room Five venue in Rivonia, Johannesburg. The keynote speaker was Alex Okosi, pioneer of MTV Networks in Africa, a staunch proponent for a truly African voice for youth.

We-recommend-tickWe recommend: (Slideshow) Quotes to Fuel the Fire of Young Entrepreneurs

Applications for the next cycle of the Anzisha Prize will open on the 15th of February in 2016. However, nominations for promising youth entrepreneurs are open all year round.

For more information on the Anzisha Prize and to nominate an entrepreneur, please visit:

Entrepreneur Magazine is South Africa's top read business publication with the highest readership per month according to AMPS. The title has won seven major publishing excellence awards since it's launch in 2006. Entrepreneur Magazine is the "how-to" handbook for growing companies. Find us on Google+ here.

Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Entrepreneur Today

3 Stealthy Tax Hikes Payroll Managers And Employees Need To Take Note Of

By Rob Cooper, tax expert at Sage, and chairman of the Payroll Authors Group of South Africa

Entrepreneur

Published

on

tax-increase

“Dammed if you do and dammed if you don’t.” 

The adage summarises the difficult decisions government and the Finance Minister faced when balancing the country’s books, rescuing state-owned enterprises, and reviving the growth of our economy. Given the economic pressure that most taxpayers are facing, government ideally needed to achieve all of that without direct increases to personal income tax in the most recent Budget Speech.

Personal income tax has comprised at least a third of South Africa’s total tax revenue in recent tax years, despite growing unemployment. The 2019 Budget, presented in February, forecasts that personal income tax will account for nearly 39% of tax collected during the upcoming (2019/20) tax year. Given that we are in an election year and that the tax base is fragile, it’s not surprising that the Finance Minister and the National Treasury avoided direct increases to the statutory tax tables used to calculate PAYE for employees in the budget.

Nonetheless, government has made inflation work in its favour to impose some tax increases by stealth. Here are three ways government is raising more revenue without direct tax increases:

1. Bracket creep

The statutory tax tables used by payrolls and employers have not been changed for 2019/20, nor have the brackets been adjusted for inflation. This effectively amounts to an indirect tax increase that will yield a revenue saving of approximately R12.8 billion for government’s coffers.

It is not unusual for government to use ‘bracket creep’ to effectively raise more revenue. But unlike previous tax years, even low- and middle-income earners are not getting much relief. Rebates and the tax threshold are being increased by small amounts to allow some relief, but many people this year will feel the pain as inflationary salary increases push them into a higher tax bracket.

2. Medical aid credit not adjusted for inflation 

As proposed in the 2018 Budget, the Finance Minister did not apply an inflationary increase to the Medical Tax Credit, which allowed him to raise an extra R1 billion in revenue for the year. Surprisingly, these funds will be allocated to general tax revenue rather than ring-fenced for healthcare. In previous tax years, revenue generated from below-inflation increases on medical scheme credits was used to fund National Health Insurance (NHI) pilot projects.

There is still no clarity on how the NHI is going to be funded except for a general statement that the funding model is a problem for the National Treasury to solve, and that the principles of cross-subsidisation will apply. One wonders if any real progress will be made soon, given the fiscal constraints government faces.

3. Business travel deduction left untouched

The Budget leaves the per-kilometre cost rates used to determine tax deductions for business travel untouched. By not increasing travel rates to account for inflation, government effectively increases income tax collection at the cost of the taxpayer. This will be a blow for people who need to claim from their employers for business travel in their personal vehicles. This change has slipped through largely unnoticed and the budget does not provide numbers for the expected increase in tax revenue.

Closing words

Amid political turmoil and uncertainty, the Finance Minister presented a balanced budget for 2019/20 that offers hope for the future along with some tough love. With government taking steps to accelerate economic growth and improve revenue collection, we should hopefully see a steady improvement in government finances, which will translate into less pressure on the taxpayer in future years.

Continue Reading

Entrepreneur Today

SMEs: Staying On The Right Side Of The Taxman

Remaining SARS compliant can be a constant challenge for small- to medium-enterprises (SMEs), especially when they are trying to focus on growing their businesses and streamlining their operations.

Entrepreneur

Published

on

tax

EasyBiz Managing Director, Gary Epstein, says submitting taxes can be a seamless process that does not have to take up more time than is necessary. “If business owners understand what is required of them and they put a few processes into place to deal with their tax submissions properly, their lives will be so much easier.”

What are the top three considerations for SMEs when submitting tax returns?

“Firstly,” says Epstein, “SARS returns must be accurate and submitted in terms of the relevant Act. Secondly, returns should be submitted and paid on time to avoid unnecessary penalties and interest, and thirdly, business owners must follow up on queries issued by SARS. “Do not ignore these queries, act on them as soon as possible”.

What are the major SARS submission deadlines for SMEs?

Epstein points out that small business owners need to adhere to various tax deadlines, each with their own particular dates for submission. “It is important that business owners diarise the dates (and set advance reminders for themselves) and/or enlist the services of an accountant or financial adviser to help them keep abreast of requirements.”

Value-added tax (VAT)

VAT payments need to be submitted in the VAT period allocated to the business, according to various categories and ending on the last day of a calendar month. This may mean making payments once a month, once every two months, once every six months or annually, depending on the category.

Provisional taxes

Provisional tax should be submitted at the end of August (first provisional) and at the end of February (second provisional) – for February year-end companies.

Employee taxes

In addition to submitting an annual reconciliation (EMP501) for the period 1 March to end of February for Pay-As-You-Earn (PAYE), Skills Development Levy (SDL) and Unemployment Insurance Fund (UIF), employee tax, in the form of an EMP201 return, needs to be submitted by the seventh of every month.

When can SMEs get extensions and is it worth it?

Epstein says SMEs can apply for various extensions, but these are subject to the Income Tax Act and Tax Administration Act.

“It is best for SMEs to consult their tax professionals to get advice regarding extensions for their businesses.”

What is SARS not flexible about?

SARS is not flexible when it comes to late returns and late payments.

“I cannot stress enough how important it is for SME owners to ensure their tax returns are submitted on time. In this way, they will avoid the inconvenience and expense of additional fines and interest,” notes Epstein.

What skills do SMEs need in their organisations to be able to submit to SARS efficiently?

Business owners often don’t have the time or expertise to deal with tax submissions throughout the year. If the business cannot afford to employ a full-time accountant or financial services expert, it would do well to outsource its tax requirements to a registered tax practitioner.

“I would recommend that even if they are not submitting the tax returns themselves, business owners should have a broad understanding of the tax regulations and what is expected of them. There is a lot of helpful information on the various Acts and tax requirements on SARS’ website,” says Epstein.

How does the right software help SMEs remain SARS compliant?

SME’s (and their accountants’) jobs can be made easier by using reliable accounting software to calculate accurate VAT reports. These reports are only as accurate as the data entered into them, which means care needs to be taken when inputting data into the accounting programme. Epstein says a good accounting software package must be reliable, easy to use and functional.

“SMEs need to check that the software has thorough reporting capabilities and can interface with other software solutions. Of course, it is also important to find out whether the software is locally supported by the vendor or not.”

Continue Reading

Entrepreneur Today

4 Dangers Of Business Under-insurance

A common short-term insurance peril that many SMEs face when submitting a claim following an insured event is the risk of being underinsured.

Entrepreneur

Published

on

business-insurance

Malesela Maupa, Head of Products and Insurer Relationships at FNB Insurance Brokers says, many small business owners mistakenly believe that by merely having a short-term insurance policy in place they are adequately protected against unforeseen events.

“This is technically correct provided that the business is covered for the full replacement value of the items insured. However, in circumstances where the sum insured does not cover the full replacement value or material loss of the item insured, the business is underinsured,” explains Maupa, as he unpacks the dangers of business underinsurance:

1. Financial loss

The most common risk is financial loss on the part of the business. If the business is underinsured or the indemnity period understated, the short-term insurance policy will only pay out the sum insured for the stated indemnity period as stated in the schedule, with the business owner having to provide for the shortfall. This often leads to cash flow challenges, impacting profit margins or rendering it difficult for the business to recover following the financial loss.

2. Reputational damage

Should an underinsured business not have sufficient funds to replace a key business activity or critical component following a loss, this may impact its ability to fulfil its contractual obligations, leading to a loss of business or market share, and irreparable reputational damage in the worst-case scenario.

3. Legal action

A small business also faces the risk of customers or clients taking legal action against it, should it fail to deliver on goods and services following a loss or be unable to honour its financial commitments that they committed to prior to the loss.

4. Survival of the business

A catastrophic event such as fire, which could result in the loss of stock or company equipment and documentation, could threaten the survival of a small business that is not yet fully established, if the business assets are not adequately insured.

Working with an experienced short-term insurance broker or insurer is essential when taking up short-term insurance to ensure that business contents are covered for their full replacement value.

Furthermore, depending on the nature of the business or item insured, the policy should be reviewed on a regular basis to avoid underinsurance as the value of items often change overtime due to fluctuations in economic activity. Where it’s necessary, evaluation certificates need to be kept up to date.

“Lastly, SMEs should ensure that the sum insured does not exceed the replacement value, which would lead to over insurance. Should a business submit a claim following a loss, the insurer would only pay out the replacement value, regardless of the higher sum insured,” concludes Maupa.

Continue Reading
Advertisement

SPOTLIGHT

Advertisement

Recent Posts

Follow Us

Entrepreneur-Newsletters
*
We respect your privacy. 
* indicates required.
Advertisement

Trending