Nedbank launches ReNEW program to turn waste into economic opportunity

SOUTH AFRICA – Nedbank has unveiled its Recycling, New Enterprises and Waste-to-value (ReNEW) program at the 2025 Nedbank Green Economy Indaba, an initiative designed to tackle South Africa’s dual challenges of unmanaged waste and youth unemployment.

The ReNEW program identifies, funds, and scales youth-led circular economy businesses, from recycling and upcycling to innovative waste-to-product models.

It aims to empower young entrepreneurs while driving South Africa’s transition to a green, inclusive economy.

Since its early pilot phase in 2021, ReNEW has already generated over R240 million in social value through enterprise development, skills training, and climate resilience projects.

“We cannot solve South Africa’s economic challenges without empowering its youth – and we cannot secure their future without protecting the planet,” said Poovi Pillay, Executive Head of Social Impact at Nedbank.

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

Over the initial three-year rollout, the program will identify 100 youth-led circular economy businesses, accelerate 10–15 high-potential ventures with tailored support, and fund five to ten enterprises with an average of R650,000 each.

Participants will also gain access to mentorship, strategic guidance, fee-free banking, discounted insurance, and Nedbank’s SimplyBiz SME platform.

Pillay added, “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.”

The program’s future phases will extend into renewable energy, water, and sustainable agriculture, creating broader opportunities for green innovation.

Nedbank’s ReNEW joins a growing wave of financial and corporate initiatives across Africa focused on waste-to-value innovation.

In Nigeria, Sterling Bank’s Recycla initiative partners with local waste collectors to turn plastic waste into raw material for manufacturing.

Meanwhile, Absa’s Green Solutions Fund in Kenya supports youth enterprises developing biodegradable packaging and composting technologies.

With these initiatives, banks are positioning themselves as key enablers of Africa’s circular economy, helping to transform environmental challenges into entrepreneurial opportunities.

As Nedbank’s ReNEW gains momentum, it could set a powerful precedent for how financial institutions can drive social impact, proving that sustainability and profitability can coexist in Africa’s evolving green economy.

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