Author: Gugu Lourie

Yesterday Mybroadband reported that R219 million was paid to three top executives at struggling Cell C. We note with amusement that this is the same story TechFinancials published three years ago. Original story: R219 Million Paid To Three Top Execs At Cell C in 2017 Yesterday’s Mybroadband story did not make any reference to TechFinancials. Here is their story: Cell C execs paid R219 million while the company burned For more read: Cell C CEO Got A Chunk Of R219 Million Payout, No bonus For Workers and Cell C Move To Terminate Franchisees Stores Backfires However, Financial Mail on the 27 September…

The Cortex Group in South Africa says Artificial Intelligence (AI)-driven platforms can help transform health and financial wellness for everyone. “There is a magnificent opportunity to create a scalable AI-driven platform for health and financial wellness for our people and the rest of the African continent and beyond,” said Dr Jacques Ludik. The founder of both the Cortex Group (and subsidiary Cortex Logic, which is an AI Engine for Business and developer of the AI-driven platforms) and Machine Intelligence Institute of Africa made the remarks on Sunday. Speaking to TechFinancials via Microsoft Teams, Dr Ludik said his Cortex Group had…

The Progressive Blacks in ICT (PBICT), a lobby group, today took a swipe at the ‘elite privileged black consortium’ for its stance in the debate about the licensing process for Wireless Open Access Network (WOAN). Late last year, the Independent Communications Authority of South Africa (ICASA) published an invitation to invest in the country’s planned WOAN, a creation of a private sector-led wholesale operator to compete with Vodacom and MTN. The South African government anticipates the WOAN will eventually lead to lower mobile data retail prices. It is envisaged that WOAN will bring much-needed competition into the services layer of…

The Independent Communications Authority of SA (ICASA) says it will oppose MTN’s court action over the upcoming 5G spectrum auction. MTN filed papers in the high court in Pretoria on Wednesday to declare unlawfully, and to review, correct or set aside two decisions made by ICASA which relate to the spectrum auction process. The mobile phone operator MTN asks the court to declare Icasa’s process for awarding the 3.5GHz spectrum unlawful. In December,  Telkom in December filed an urgent court application saying it considers the regulator’s spectrum auction process to be irregular and unlawful. ICASA said in a statement on…

Coinbase, the biggest U.S. crypto exchange, announced yesterday plans to become a publicly-traded company. The company will be the first major crypto exchange to go public. The cryptocurrency exchange was founded in 2012 and allows users to buy and trade decentralized tokens like bitcoin and ethereum. In a blog post, the company said it proposed direct listing of its Class A common stock. Coinbase Global, Inc. previously announced on December 17, 2020, that it had confidentially submitted a draft registration statement on Form S-1 with the SEC. “The Form S-1 is expected to become effective after the SEC completes its…

Horizon Metrics, a South African black youth-owned tech startup, plans to roll out national innovation labs across the townships. Innovation labs, also known as accelerators, business incubators, are business units that employ agile startups’ methods to devise novel ideas that can either disrupt or complement the overall company. Innovation labs are a safe place for organizations to run experiments and iterate on projects or dream up novel ideas. The Rosebank-based Horizon Metrics, founded in 2017, is already reinvesting into the townships nationwide by launching their first of many innovation labs called Technify Me. The innovation labs are aimed at driving…

The High Court in Pretoria has turned down MTN’s application for a declaratory order seeking clarity from the taxman regarding the correct Value Added Tax (VAT) for certain types of pre-paid vouchers or tokens. MTN took the South African Revenue Services (SARS) to court because it was disputing how VAT is attributed to discounted vouchers. The question was whether VAT must be accounted for on the discounted amount paid for a voucher or its stated monetary value when used as payment for goods or services. The dispute dates back to 2017 when MTN requested SARS to issue a ruling confirming…

South Africa’s AI, Data Systems and IoT startup Aizatron is developing future-focused technology. The startup has developed an award-winning facial recognition application, and a facial recognition smart bell. It is also able to iterate and pivot its products rapidly to meet its customer requirements. It also drives digital transformation for its customers and addresses their challenges quickly with technology. As a result, Aizatron has snapped several industry awards for its solutions and service to the enterprise market. The Cape Town-based startup services large enterprises, distributors, global consulting companies & other technology services firms. Aizatron, founded three years ago, is powered…

Revue, a Dutch startup that allows users to publish and monetize email newsletters, has been bought by social media giant Twitter. Twitter is where people go to see and talk about what’s happening in the world. It’s where writers, experts and curators – from individual creators to journalists to publishers themselves – go to share their written work, spark meaningful conversations and build a loyal following. In a blog post, Twitter Product Lead Kayvon Beykpour and VP of Publisher Products Mike Park, said these writers and long-form content curators are a valuable part of the conversation. “It’s critical we offer…

Mohamed Yusuf Khan, a former Cell C employee, is ready to spill the beans about a ‘multi-million rand identity scam’ and the unsavoury goings-on at the struggling mobile phone operator. He also alleges a Cell C staffer accepted cocaine as payment for his part in the alleged fraud. The so-called fraud that occurred between 2018 and 2019 may amount to R100 million. The KwaZulu-Natal ‘scam’ involves bogus customers taking out Cell C cellphone contracts using fraudulent identification card (IDs) with the correct details, unknown ID pictures, fabricated payslips and bank statements victims’ real work and home details. TechFinancials can today…