Author: Gugu Lourie

After five years of distinguished leadership, Nischal Mewalall has announced his decision to step down as Chief Executive Officer (CEO) of SABRIC (South African Banking Risk Information Centre) to pursue personal aspirations. The SABRIC Board, employees, and stakeholders have expressed their profound gratitude for his visionary guidance and steadfast dedication to the organization. Mewalall took the helm during one of the most turbulent periods in recent history, the COVID-19 pandemic and national lockdown. Despite these challenges, he provided strategic stability, ensuring SABRIC not only weathered the crisis but emerged as a stronger, more digitally transformed entity. Under his leadership, SABRIC evolved into a technology-driven organization, better equipped…

Simply revising a single aspect of South Africa’s cryptocurrency regulations to align with global standards could generate at least R540 million in additional tax revenue for the government. This conservative estimate comes from Luno, one of the world’s oldest and largest crypto exchanges, now operating in 40 countries and originally founded in South Africa. In light of South Africa’s sluggish economic growth, mounting debt, and urgent social needs, leveraging digital assets for economic expansion has never been more critical. Marius Reitz, Luno’s General Manager for Africa & Europe, highlights the opportunity: “Digital assets, particularly Bitcoin, have vastly outperformed traditional investments like stocks and bonds…

The Prieska Power Reserve (PPR), a pioneering green hydrogen and ammonia project in South Africa’s Northern Cape, has achieved a major milestone with funding approval from KfW Development Bank in partnership with the Industrial Development Corporation (IDC). The project is co-owned by Mahlako, a women-owned infrastructure investment firm, and CENEC (Central Energy Corporation), a zero-emissions energy specialist. A Landmark Achievement for Green Hydrogen “Prieska is the first green ammonia and hydrogen project to receive funding approval from the KfW grant. This marks a significant milestone for the project,” said Meta Mhlarhi CA(SA), Director of Prieska Power Reserve. “The backing from KfW signals strong international confidence in South…

Telkom has reached a historic leadership milestone with the appointment of Beauty Apleni as CEO of Openserve, finalising Group CEO Serame Taukobong’s eight-member executive team with ‘equal gender representation’. The move brings to four the number of women in Telkom’s eight-member executive committee, achieving full parity in the telecommunications company’s top leadership. This appointment completes Telkom’s leadership team, providing gender diversity at the highest levels of the organisation. The executive team now comprises four women and four men driving the OneTelkom strategy, exceeding the company’s 2025 target of 35% female representation in leadership positions (up from 34.1% in 2024). Apleni…

The Financial Sector Conduct Authority (FSCA) has issued an urgent warning about fake WhatsApp groups called “Q23 Momentum Official Securities Group” and “Q923 MOSG Official Securities Group” that are fraudulently using the name and image of Risto Ketola, Group Finance Director of Momentum Metropolitan Holdings Limited (MMI). Key Facts About the Scam: The groups falsely promise returns exceeding 160% They offer a “check-in reward” of R2,000/month for promoting the group Momentum Metropolitan confirms they have no connection to these groups The FSCA states: “These groups are not authorized to provide any financial services” How the Scam Works:  Uses fake credentials of a real executive (Risto Ketola)  Operates through WhatsApp, Telegram, and Facebook Makes unrealistic profit claims (a…

The Financial Sector Conduct Authority (FSCA) has issued a public warning against Vusy Holdings (Pty) Ltd, trading as Tshi-Lettie Funeral Services and Tombstones. The regulator states: “We urge the public to exercise extreme caution when considering funeral insurance policies from this provider. Our investigation found they may be issuing policies without proper authorization.” Key Concerns: Tshi-Lettie Funeral Services cannot be found at its registered address The company is not authorized by the FSCA or Prudential Authority to sell insurance Selling insurance without a license is a criminal offense in South Africa FSCA’s Strong Warning: “Any company issuing insurance policies must be authorized by both the FSCA…

The Financial Sector Conduct Authority (FSCA) has issued an urgent warning about a fraudulent investment scheme using deepfake videos of President Ramaphosa, Dr. Patrice Motsepe, Leanne Manas and Paul Mashatile to trick the public. These scams promise daily profits of R13,000–R17,000 on a R4,500 investment: an unrealistic return that signals fraud. The FSCA confirms these platforms are not authorised and may be stealing money from investors. How the Scam Works: Fake videos of Pres Ramaphosa and other leaders endorse the scheme. Fraudsters use AI-generated deepfakes to appear legitimate. No response when questioned by the FSCA—a major red flag. How to Avoid Being Scammed: Check FSCA registration before investing. Never trust “guaranteed…

Telkom Consumer has demonstrated the success of its data-focused strategy with impressive financial results, including double-digit growth in mobile revenue and subscriber numbers. The Telkom division, led by CEO Lunga Siyo, achieved a 10.2% increase in mobile service revenue to R20.9 billion, powered by a 12.3% surge in mobile data revenue – marking the second consecutive year of such strong performance. “We delivered market expansion, revenue diversification and strong customer loyalty, while strategic investments in digital innovation and network resilience drove sustained profitability,” the company stated. These results affirm Telkom Consumer’s position as South Africa’s fastest-growing mobile and fixed broadband…

Telkom has brought cheer to its investors by declaring dividends for the first time in four years, with a total payout of R1.3 billion to shareholders. The company’s Group CEO, Serame Taukobong, expressed satisfaction with this development, stating, “We are pleased to confirm the reinstatement of a dividend, signalling a renewed focus on delivering value to shareholders after a four-year suspension.” The payout comprises both an ordinary and special dividend amounting to R2.61 per share, marking a significant milestone in Telkom’s financial recovery. The decision to resume dividend payments follows strong operational performance across Telkom’s business units. The Consumer division…

In recent years, the Financial Sector Conduct Authority (FSCA) has received multiple complaints regarding unlicensed entities issuing performance guarantees. State entities, including municipalities and government departments, often require these guarantees from contractors bidding on infrastructure projects, as stipulated in the National Treasury’s General Code of Contractors. However, investigations revealed that many entities offering these guarantees were conducting unauthorised insurance business. The FSCA emphasizes that holding a National Credit Act licence or an FSP licence does not permit an entity to issue insurance products. Why This Poses a Risk The FSCA warns that: Guarantees issued by unlicensed insurers may not be legally enforceable. The Insurance Act protects policyholders and ensures market integrity—benefits not available with…