Small Businesses Losing Millions in South Africa Amid Jacob Zuma Protest
- Businesses are at the receiving end of the ongoing protest in South Africa as looters have taken advantage of the chaos to loot
- Shopping malls, drug stores, boutiques were broken into, and automated teller machines were destroyed in a bid to cart away money
- Hundreds of people have been arrested in connection to the looting as the government send out soldiers to tame the protesters
Businesses across South Africa are currently volatile as protest continues in the country's cities. Business operation has been disrupted by supporters of former President, Jacob Zuma.
The 79-year-old had been sentenced to 15-months in jail following a contempt of court during a corruption probe. His imprisonment triggered protest, and companies have lost millions of South African rands to it.
About 800 persons have been arrested during the protest, but this hasn't deterred looters. While the protest has been tied to Zuma's imprisonment, it has also been linked to low income and unemployment.
Source: Getty Images
Extent of the protest's impact on businesses
Businesses in the country's cities, Soweto, KwaZulu-Natal, Durban, amongst others have been attacked, with shopping centres experiencing the hardest hit.
Electronics and other household items have been carted away, while some mall workers can no longer go to work due to the destruction that has affected about 200 shopping centres, according to Bloomberg.
Financial institution properties have also been attacked, and Automated Teller Machines have not been spared by looters taking advantage of the protest.
Restaurants, boutiques, alcohol and Pharmaceutical stores, as well as blood bank have also been ransacked by rioters. It was gathered that livestocks were also stolen.
Small businesses get platform to raise capital
In related news, small businesses have been offered a platform, GetEquity, to source for funds needed to support their company's growth.
GetEquity was founded by Jude Dike and William Okafor. They want to bridge the gap between startups and investors, either foreign or local.
The Nigerians have received funding from GreenHouse Capital, to support their initiative of democratising capital opportunities.
Source: Legit.ng
