Nedbank’s ReNEW Initiative Empowers Young Entrepreneurs Through Circular Economy Solutions

The ReNEW programme identifies, funds, and scales youth-led businesses operating in the circular economy. From recycling and upcycling to waste-to-product models, ReNEW champions sustainable innovation and unlocks economic pathways for a generation that is too often left behind.

Since 2021, the ReNEW programme has generated over R240m in social value enterprise development, skills training, and climate resilience projects.

In recognising South Africa’s urgent social and environmental challenges, the ReNEW programme has created a platform that identifies, funds, and scales innovative social ventures, and transforms waste-related problems into economic opportunities while empowering a new generation of entrepreneurs.

“We cannot solve South Africa’s economic challenges without empowering its youth – and we cannot secure their future without protecting the planet,” says Poovi Pillay, executive head: social impact at Nedbank.

“ReNEW is not just a programme. It’s a platform for environmental, economic and generational transformation.”

Over an initial three-year pilot phase, ReNEW will:

• Identify 100 youth-led circular economy businesses.
• Accelerate 10–15 high-potential ventures with tailored business support.
• Fund five to 10 enterprises with an average of R650,000.

The ReNEW Programme offers a full ecosystem of enablement through mentorship, strategic guidance, fee-free banking, discounted insurance, and access to Nedbank’s SimplyBiz platform for small and medium enterprises (SME).

“Young entrepreneurs are showing us what innovation looks like in the face of adversity.

“ReNEW is our way of backing their brilliance with the resources they need to scale – because waste is only waste if we waste it,” says Pillay.

Future phases of the programme will expand into renewable energy, water, and agriculture, and support a holistic shift to a greener, more inclusive economy.