These public enterprises became the conduit for employing thousands of supporters of political parties that assumed power in the country in rapid succession and a source of patronage, perks and privileges for the ministers and the favoured bureaucrats appointed to manage these enterprises. These employees and managers had neither the managerial expertise nor technical competence to carry out the job.
Due to its location at the centre of the trade routes between East and West, Cape Town has always been at the heart of international trade, right between the Atlantic and Indian oceans. Although trade was significantly slower during the Age of Sail, when Cape Town rose to prominence, there was already a need for payments spanning multiple countries and multiple currencies.