The father of Black Business Dr Samuel Motsuenyane has passed away. The SABC has confirmed that Motsuenyane died this afternoon. He was 97.
Motsuenyane was the founding member of the National African Federated Chamber of Commerce and Industry and he also played a role in the formation of the African Bank.
Dr Motsuenyane earned himself respect as the “Father of Black Business” due to his immense contribution in establishing and mentoring black business executives and entrepreneurs.
Motsuenyane was born on the 11th of February 1927 at the Eignaarsfontein farm in Potchefstroom North West. He was one of the founders of the then-largest African business organisation – the National African Federated Chamber of Commerce (NAFCOC ) in 1964. He led the initiative by NAFCOC to establish the African Bank.
Through his business acumen, he mobilised black communities to contribute toward the 1 million Rand that was required to capitalise the bank for it to open its first branch in Ga-Rankuwa township in 1975.
The bank was created for the primary purpose of providing credit to black South Africans.
