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Nicky Oppenheimer, South Africa’s richest man, has an estimated net worth of around $7,5 billion, or a cool R135 billion at the time of writing.

He didn’t have to contribute R1 billion towards the South African Future Trust (SAFT), set up by the family with the aim of easing the pain for South African businesses struggling in the shadow of COVID-19, and the same is true for the other billionaires who have contributed large sums of money to various causes.

SAFT is different from the Solidarity Fund, set up to help curb the spread of the coronavirus, and care for those affected.

When asked why he chose to make the donation, during an interview on CNBC Africa, Nicky says his grandson, and his son, had a big part to play:

“It was actually a word from my grandson, Sam, that said we have been privileged for quite some time as South Africans and in a crisis like this you need to give something back to the country and this idea developed into something, that I am very proud of, to give money in a trust that we will have no interest in so the money we are giving it as a straight donation,” Oppenheimer told CNBC Africa…

If there was any doubt in Oppenheimer’s mind that help was needed his son, Jonathan, delivered more telling words.

“Well my son has a simile that I think is appropriate here and he says that South Africa’s is like a car that has a puncture and you are pulled over the side of the road and you are stopped. But the car has another problem that is that the battery is not as strong as you would want it, so it is absolutely vital that you should keep the ignition turning while you change the tyre. What the South Africa Future Trust is trying to do is to keep small and medium enterprises alive while the tyre is changed,” says Oppenheimer.

SAFT will provide interest-free loans to businesses in the hopes of saving jobs, and the very existence of many small and medium-sized enterprises (SMMEs).

By reducing the cash outgoings of businesses, some much-needed breathing room may be found.

You can also help South African businesses by supporting them during this time – this sale is a good place to start.

From the SAFT website, on how the process works:

ABSA, FirstRand Bank, Nedbank and Standard Bank have all agreed to administer the scheme without any cost, and SMMEs will need to apply through their banks.

For information on the eligibility criteria, see here.

Oppenheimer says he is hopeful that other business people will be inspired to contribute towards the fund, and extend its reach.

[sources:cnbc&saft]