Massmart Holdings, a South African retail and wholesale conglomerate established by Mark Lamberti, has recently teamed up with credit provider Retail Credit Solutions (RCS) to offer its customers access to solar energy funding solutions.
As part of the partnership, the retail giant has announced that it will provide loans of up to R250,000 ($13,590) to its customers, enabling them to reduce their reliance on the unreliable national grid. The initiative aligns with South Africa President Cyril Ramaphosa’s recent appointment of the country’s first electricity minister to address the ongoing electricity crisis.
In the midst of the ongoing electricity shortages causing extended blackouts for homes and businesses in South Africa, the Lamberti-led retail group, which owns popular stores such as Makro, Builders Warehouse, and Game has partnered with RCS to provide solar energy funding solutions to reduce the challenges faced by its customers.
The funding, available at all three stores, allows customers to borrow up to R250,000 ($13,590) with fixed monthly installments to be repaid over one to five years.
Massmart Senior President for Financial Services Varsha Dayaram said the move was a response to increased customer demand for funding options for home solar energy projects, and the company aims to develop funding solutions that cater to their customers’ needs.
“We, in partnership with RCS, place a very high emphasis on developing funding solutions to meet the needs of our customers, and we have noted a significant increase in the number of people who want to fund solar energy projects for their homes,” Dayaram said.
Massmart, which was founded by Lamberti mroe than 30 years ago, is the second-largest distributor of consumer products on the African continent, and a prominent retailer of general commodities, basic foods, alcohol, and home improvement equipment.
Recently, in late 2022, the retail giant reached an agreement with its former employees as part of its exit from the Kenyan market. The agreement includes a one-time relocation fee of Ksh35,000 ($284) per person, signaling the end of the group’s Game Stores operations in Kenya.
Additionally, Massmart has committed to pay one month’s notice pay to employees who have worked for the company for less than five years, and two months’ notice pay to employees who have worked for the retailer for five years or more.
