How one of the South African fuel industry's biggest transformational deal payouts came to be | Fin24

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SPONSORED: Get a closer look at how new partnerships and initiatives by banks and other vital role players are helping grow SA's energy sector and share the benefits with a broader base of business owners. | Nedbank

The South African energy sector is undergoing significant and exciting change, and the fuel retail industry is at the forefront of transformational change in this country.

These funding models facilitate opening new sites or buying existing fuel sites from various oil companies. And while establishing the differentiated funding models, the Nedbank Commercial Bank franchise team identified vital role players that could offer support and mentorship to qualifying BEE candidates.

"In partnership with Nedbank Commercial Banking, this program from PetroCONNECT is augmented through the necessary empowerment funding and banking solutions to ensure success," says Pillay. After application, Ngxongo was appointed for a BP service station in Kwa-Zulu Natal. PetroCONNECT assisted with the sale agreements between the buyer and seller. Once the franchise team received the financial pack, the application was referred to the business manager to contact Ngxongo. She assisted the client with the preparation and application of the purchase.

Pillay says this is by no means the only industry or example where Nedbank has helped businesses with their transformational goals. However, it's a transformation success story worth noting, given how it successfully brought essential roleplayers together.

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