Broad-based Black Economic Empowerment Act (BBB-EE)
The Black Economic Empowerment Act (B-BBEE) is a policy of the South African Government that requires companies to ensure the economic participation and empowerment of black individuals within their operations. Need help with your B-BBEE data and reporting?
What you need to know about BBB-EE
The Black Economic Empowerment Act (B-BBEE) was enacted as way to formally incentivize corporations to contribute to black economic empowerment in South Africa. The fundamental objective of the Act is to advance economic transformation and enhance the economic participation of black people in the South African economy. Compliance with B-BBEE can include partial or majority black ownership, hiring black employees, or contracting with black-owned suppliers. Companies are also required to track and report yearly on their B-BBEE compliance criteria. In turn, these companies are given a B-BBEE score that rates their level of compliance.
How BanQu helps you with BBB-EE compliance
END-TO-END VISIBILITY
Thanks to our blockchain-based tech and on-the-ground implementation teams, we help companies map their value chains and gain visibility into sectors of their business that are otherwise informal or invisible.
PRIMARY VALUE CHAIN DATA
While we can integrate with any legacy or operating systems, as well as satellite imagery databases, the supply chain data captured throughout your value chain on BanQu is primary, verifiable, and auditable for the utmost BBB-EE compliance and optimized score.
This in particular can contribute positively to your Enterprise and Supplier Development which can really help your business. ESD is a component of Preferential Procurement and seeks to strengthen and diversify a Corporate's Supply Chain while simultaneously stimulating economic transformation and job creation.
REAL-TIME INSIGHTS & REPORTS
Once you have all of this great, reliable data in one place, you can use BanQu to generate customizable reports at the click of a button. As needed, you can easily share your reports with stakeholders, shareholders and BBB-EE auditors to prove your compliance and performance.
Frequently Asked Questions
BanQu’s blockchain-based solutions help companies capture the verifiable, unaggregated value chain data necessary to track and report on B-BBEE compliance. This will add tremendous value to your ESD program, scoring, compliance and incentivization.
We start by mapping out the value chain(s) of the company, connecting all players to our platform with on-the-ground implementation. We then offer ongoing customer success support to make sure you’re getting the most out of your data and reporting on the BanQu platform, empowering all stakeholders in the process.