Wrapping up October and looking forward to a great 2020! Eric Crawford has settled in as CEO of Phakamani and exciting growth is well underway. Mark is developing the five-year funding plan, including adding a potential new funder from Europe. The process has highlighted the significance of the consistency of contributions from our faithful donors, PF USA, PF Canada, the PF Trust and various South African and Australian companies and individuals. We are sincerely grateful to all who selflessly contribute their time and resources to Phakamani. Specifically, we are grateful for your continued support and encouragement.
EXCITING UPDATES FROM THE FIELD
- Funding was secured from the Jobs Fund for expansion into the Eastern Cape province. The Eastern Cape is a particularly vulnerable part of our country with over 67% of the adult population living in poverty (highest after Limpopo). Our first 3 branches were opened in September and all manager positions were filled by internal promotions.
- In September we completed a project that reviewed productivity in operations and developed job profiles for our operations teams.
- Phakamani’s growth continues!!!We disbursed 71,500 loans & R149.4M in capital during the past financial year
- Six new branches were opened taking us to 40 branches
- Revenue grew by 30.8%
- Distributions from the Trust grew by nearly 37%