The owner of the popular Soweto eatery, Sakhumzi Restaurant, is to venture into big-time insurance business, a launch he has pencilled in for next month.
The decision to embark on the project is motivated by what he describes as “a need to provide township businesses with adequate short-term cover to protect black businesses from catastrophe in the event of any emergency – small or big”.
On this, Sakhumzi Maqubela, founder and owner of the restaurant, said: “There is no turning back; the process of diversification continues. We have done our feasibility study; we think we know what to expect. We are excited about the project”.
Although his first pet love is the restaurant nestled in the tourist-bustling Vilakazi Street, Orlando West, his business empire boasts an assortment of assets, which include, among others, a filling station, a panel-beating workshop and Sakhumzi Stokvel.
“Cast your eyes on the businesses that were destroyed by floods in Durban. Among other things, the residents lost their homes and expensive electronic devices, with years of accumulated wealth, in whatever form, destroyed in one fell swoop.
“If you did not have a short-term insurance cover, what is there to live for when your assets, worth millions, and built over many years, are destroyed by floods and rioters?
“Climate change is not a Western scare tactic. It is for real; it has affected many black businesses and households.
“We have seen floods in Joburg, and other parts of the country, destroy our valuables. Not to have a reliable insurance is something we all must avoid. We must protect our assets as efficiently as we can. Not to do so is to court disaster.
“That is where we see ourselves going, hence the launch of our insurance company in February,” he said.
Turning to the July 2021 Durban riots, which spread across various parts of the country, including Gauteng, Maqubela said: “South Africa is increasingly becoming prone to catastrophic events. If this is true, and we know it is true, it means we all need to protect our properties, businesses, electronic devices and all our valuables.
“The Sakhumzi insurance company due to hit the South African scene intends to offer a solution,” he said.
“Black people have suffered great indignities, are short-changed, and have lost millions through unscrupulous dealers who do not, in full detail, explain the fine print. The fine print is used to hoodwink people without explaining everything.
“We plan to be an answer to these exploitative tendencies, to help clients make informed choices through the principles of honesty.”
Asked which company would underwrite his company, Maqubela said: “We do not want to go ahead of ourselves. Suffice to say a reputable name will be in our corner to help us achieve our objectives.
“Once established, we will be knocking on the door of every household, every business in black areas, to offer a first-rate business proposition”.
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