Author: Gugu Lourie
The Financial Sector Conduct Authority (FSCA) has imposed a R4.4 million administrative penalty on Hernell Funerals (Pty) Ltd, along with its directors, Mr Shaun Andre Peterson and Mrs Carol-Ann Peterson, for offering unauthorised financial services. Additionally, Mr Peterson was debarred for five years, while Mrs Peterson faces a 10-year ban from the industry. The FSCA’s investigation revealed that Hernell Funerals and the Petersons violated Section 7(1)(a) of the FAIS Act and Section 5(1) of the Insurance Act by selling funeral cover policies without the required licenses. “Hernell Funerals and its directors illegally provided financial services, including life insurance, without being registered as a financial services provider or a long-term insurer,” the FSCA stated. As a…
Saudi Arabia’s Jameel Motors is boosting South Africa’s auto market through a game-changing partnership with China’s Changan Automobile, set to launch SUVs, sedans, bakkies and cutting-edge NEVs by Q4 2025. This strategic move taps into SA’s rebounding economy where new car sales surged 18.3% YoY in January 2025. From Benni Blues to EV Revolution While South Africans remember Changan for the budget Benni hatchback and Chana Star bakkies, the new lineup promises premium tech. The dual-brand strategy will deploy: CHANGAN: Combustion-engine workhorses for SA’s rugged terrain DEEPAL: Next-gen electric vehicles charging into the NEV space “This marks our first African…
Since its launch in 2016, the EPF Tech Fund has played a pivotal role in powering South Africa’s most innovative startups, driving technological advancement and economic growth. What began as an ambitious idea to bridge the gap between visionary concepts and real-world execution has now become a cornerstone of the country’s startup ecosystem. The Sunday Times Business Times reported that the fund was founded on a simple yet powerful question: What if South Africa’s most promising entrepreneurs had access to the capital, mentorship, and networks needed to turn their ideas into successful businesses? Under the leadership of Joanna Govender, the…
South Africa has just welcomed the Volvo EX90, an electric SUV that doesn’t just set new standards in safety but redefines them with artificial intelligence. Following the success of the EX30, Volvo’s flagship model arrives as the smartest, most protective vehicle the brand has ever built, blending cutting-edge sensing tech with Scandinavian luxury. The ultimate safety revolution Volvo calls the EX90 the “safest car it has ever made,” and for good reason. At its core is an “invisible safety shield”, a network of LiDAR, radars, and cameras working alongside NVIDIA DRIVE AI to detect hazards before they become threats. This system doesn’t just react; it predicts and prevents, offering features like Collision…
The Financial Sector Conduct Authority (FSCA) has issued a strong warning against dealing with AfriInvest and MutualWealth, two entities illegally soliciting investments with false promises of R10,000 daily returns through AI-driven crypto trading. Key concerns: No FSCA authorisation: Neither company is licensed to provide financial services in South Africa. False celebrity endorsements: They fraudulently used Steve Hofmeyer, Kallie Kriel, and Maroela Media’s names, all have denied any involvement. Unrealistic returns: Claims of R10,000/day profits are highly suspicious and likely fraudulent. No contact possible: The FSCA could not reach AfriInvest or MutualWealth for comment. How to protect yourself: Verify Authorisation – Check if a provider is FSCA-approved via: Toll-Free: 0800 110 443 Online Search: FSCA Regulated Entities FAIS Act Check: Search FSPs Here Beware of…
The Financial Sector Conduct Authority (FSCA) has issued a public warning against J532-NBSG Stock Discussion Group, which falsely claims to be linked to Nedbank or Nedbank Stockbrokers. The FSCA revealed that J532-NBSG administrators are soliciting funds through Facebook and WhatsApp, luring victims with a “beginner’s trading course” under Nedbank’s name. Once signed up, members are added to a WhatsApp group displaying Nedbank’s logo, where they receive trading tips and offers of a “10% discount on block trades.” “Nedbank has confirmed this group is fraudulent and using its branding illegally,” the FSCA stated. The FSCA emphasised that J532-NBSG is NOT authorised to provide financial services in South Africa. “Offering financial products without FSCA approval is illegal,” the regulator warned. Key Red Flags: Fake association with Nedbank Unauthorized trading offers on…
The Financial Sector Conduct Authority (FSCA) has issued a public warning against Alpatoken and Ms. Gugu Sbahle Mdabe, urging caution when dealing with them for financial services. The FSCA revealed that Alpatoken and Mdabe are soliciting investments from the public via WhatsApp groups, promising unrealistic returns of over 35% in just seven days. Minimum deposits range from R220 to R22,000. “Unrealistic returns must be viewed with great suspicion,” the FSCA stated. While the FSCA did not comment on the specifics of their operations, it confirmed that neither Alpatoken nor Mdabe are authorised to provide financial services in South Africa. Mdabe was unavailable for comment. The FSCA strongly advises the public to avoid unregistered entities and verify authorization before investing. “Always check if a provider is FSCA-approved,” the regulator warned. How to Verify…
South African-founded food delivery platform Spaza Eats is coming to your nearest township as it expands nationally. Business Day reported today that Spaza Eats’ vision is to achieve a nationwide rollout by June 2025, followed by expansion into Kenya, Nigeria, Rwanda, and the Democratic Republic of Congo. Spaza Eats currently operates in Gauteng, Cape Town, Limpopo, Durban, Rustenburg, East London, and Mbombela. Rising young entrepreneur Talifhani Banks, founder of Spaza Eats and parent company AnalyticsX, confirmed to TechFinancials that the company is expanding nationally. Why are you expanding nationally? “Our decision to expand nationally stems from our commitment to bridge the gap between…
BYD Energy Storage, a division of BYD Co. Ltd., a global leader in integrated renewable energy solutions, has unveiled its latest innovation -theBYD Battery-Box LV5.0+ – at Solar & Storage Live Africa in Johannesburg. This cutting-edge residential energy storage system expands BYD’s award-winning Battery-Box series, offering enhanced performance, higher power output, and extended warranty coverage while maintaining compatibility with a wide range of inverters, including BYD’s own Power-Box hybrid inverters. Since its introduction in South Africa in 2018, the Battery-Box series has played a pivotal role in the continent’s renewable energy transformation. With over 1.1 million installations worldwide, the system’s safety, reliability, and modular flexibility have made it a…
Underground storage solutions could bolster national energy security while accelerating South Africa’s shift to cleaner energy alternatives. In a landmark collaboration bridging mining, energy, and sustainability, SUISO and the Council for Geoscience (CGS) have joined forces to explore South Africa’s subsurface potential. The initiative will expand the CGS’s ongoing assessment of underground carbon storage capacity, enhance sustainable critical mineral exploration, and support the country’s transition to a greener energy future. SUISO, a sustainable blue-ammonia production facility in Kriel, Mpumalanga, is partnering with CGS to determine whether South Africa’s geological formations can safely store carbon emissions. This could reduce industrial pollution while unlocking new opportunities…
CIVH, the Remgro-controlled parent company of fibre network operator Maziv – which owns Vumatel and Dark Fibre Africa (DFA) – reported a loss in earnings for the six months ending December 2024. JSE-listed Remgro disclosed that CIVH’s contribution to its headline earnings amounted to a R141 million loss, compared to a R6 million profit in the prior year’s period. “The decrease in earnings is mainly due to increased borrowing costs due to higher average debt balances and a negative fair value adjustment on an interest rate hedge, totalling R232 million (Remgro’s portion being R132 million),” said Remgro. Despite the loss, CIVH’s revenue for the…
The Financial Sector Conduct Authority (FSCA) has issued a public warning against xrp2024.live, an unregistered platform soliciting investments in crypto with promises of unrealistic returns. The FSCA confirmed that xrp2024.live is not authorised to provide financial services in South Africa. Reports indicate the platform urges users to deposit funds into crypto wallets, raising concerns of a potential scam. Key warnings from the FSCA: No FSCA authorisation – The entity is not licensed to operate. Unrealistic returns – High-profit promises are a major red flag. No verifiable contact – The FSCA could not reach xrp2024.live for comment. Public advised to: ✔ Verify FSP registration via FSCA’s website or toll-free line (0800 110…
Cassava Technologies has announced plans to establish Africa’s first AI factory, a state-of-the-art data centre facility powered by NVIDIA AI computing technology. This initiative will provide African businesses, governments, and researchers with access to advanced AI computing capacity, enabling them to develop smarter AI-driven solutions, optimize operations, and remain competitive in a rapidly evolving landscape. The AI factory will offer the supercomputers and software necessary for training AI models while ensuring data remains within Africa’s borders. The company intends to deploy NVIDIA accelerated computing and AI software using NVIDIA Cloud Partner (NCP) reference architectures at its South African data centres…
Private higher education provider Stadio Holdings has reported strong financial results for the year ended 31 December 2024, highlighting significant revenue growth and robust cash generation. The group, which owns three private higher education institutions – Stadio Higher Education, Milpark Education, and Afda – has demonstrated impressive performance across key metrics. Revenue and student growth Stadio’s revenue increased by 14%, rising from R1.4 billion in 2023 to R1.6 billion in 2024. This growth was driven by an 8% increase in student numbers, with total student enrollment for Semester 2 reaching 50,039 (up from 46,508 in 2023). Notably, Stadio Higher Education saw a 14% increase in new…
Eskom today announced the successful addition of Kusile Power Station’s final unit, Unit 6, to the national grid at 16:45. This marks a crucial step in completing one of South Africa’s largest infrastructure projects and is a key milestone in Eskom’s plan to add 2,500MW of new capacity to the grid by March 2025. “Eskom is at a critical point returning megawatts to the grid as we are currently in a constrained state. This milestone is a testament to the unwavering dedication and resilience of Eskom’s employees and contractors. Their commitment has driven us forward despite numerous challenges. As we…
The Technology Innovation Agency (TIA), an entity of the Department of Science, Technology and Innovation (DSTI), is driving the growth of clean technology entrepreneurship in South Africa through its support of the Global Cleantech Innovation Programme (GCIP-SA). Embracing new economic opportunities in green technologies can drive industrial development, innovation, and economic diversification, and this would lead to a sustainable and economically resilient future. The programme is implemented in partnership with the United Nations Industrial Development Organisation (UNIDO) and funding from the Global Environment Facility (GEF). Since 2014, more than 200 innovators have been supported in various cleantech innovations aimed at reducing…
Scientists from South Africa and China have successfully established the world’s longest intercontinental ultra-secure quantum satellite link, spanning 12,900 km. Using the Chinese quantum microsatellite Jinan-1, launched into low Earth orbit, this milestone marks the first-ever quantum satellite communication link established in the Southern Hemisphere. In this demonstration, quantum keys were generated in real-time through Quantum Key Distribution (QKD), enabling the secure encryption of images transmitted between ground stations in China and South Africa via one-time pad encryption—considered unbreakable. The results from this pioneering experiment from a collaborative research initiative between scientists from Stellenbosch University (South Africa) and the University of Science…
The Financial Sector Conduct Authority (FSCA), South Africa’s market conduct regulator for financial institutions, recently conducted a desktop review to evaluate whether banks are consistently delivering fair customer outcomes in complaints handling. The review, which took place between July 18, 2022, and November 17, 2022, assessed 23 banks for regulatory compliance and adherence to principles outlined in section 8 of the Conduct Standard for Banks. The findings revealed significant gaps in complaints management processes, raising concerns about customer treatment and regulatory compliance. Key findings of the FSCA Review The review highlighted widespread deficiencies in banks’ complaints handling processes. Key areas…
FNB today announced a major milestone for its flagship nav» platform within the FNB Banking App. With a nine-year track record of delivering smart digital tools, FNB’s nav» Money has reached 5 million users, including 1 million new users in the past 12 months. Since its 2016 launch, nav» has transformed how FNB customers manage finances, assets, wellbeing, and environmental impact. The platform offers tools across Money, Car, Home, Earth, Energy, Marketplace, Care, and the newly launched nav» Graduate, catering to various life stages. “Over the past nine years, we’ve focused on innovating solutions that go beyond traditional banking,” says…
Tyme Global, headquartered in Singapore, is the holding company behind the launch of digital banks across multiple countries. Its first venture, TymeBank in South Africa, set the stage for its expansion into Asia with GOtyme Bank in the Philippines. Launched in November 2022, GOtyme has rapidly gained traction, reaching a significant milestone of 5 million customers by December 2024. In June 2024, GOtyme Bank strengthened its position in the Philippines by acquiring Savii, a payroll lender. This strategic move allows GOtyme to leverage its growing deposit base to enter the lending market through a proven and established model. The acquisition…
Old Mutual launched its Mobile Virtual Network Operator (MVNO), OM Connect, in October last year. In its recent financial results, the company revealed, “We launched our mobile virtual network operator, OM Connect, in the fourth quarter and have since acquired approximately 18,400 customers.” The insurance giant views OM Connect as a critical component of its strategy to expand its integrated financial services offering to existing customers and attract new ones. “We see this offering as a key driver of growing our integrated financial services offering to existing customers and a new customer acquisition enabler,” Old Mutual stated. Leveraging its deep…
TymeBank, a top digital bank, continues to outpace global peers in customer growth, reaching 10.7 million customers by 31 December 2024. The bank has seen steady monthly increases in income-generating transactions, with total deposits climbing to R6.9 billion, up from R6.3 billion in June 2024. Net advances also rose significantly, from R1.9 billion to R2.3 billion. TymeBank boasts one of the industry’s highest net promoter scores, underscoring its strong customer satisfaction. The bank is owned by Patrice Motsepe’s African Rainbow Capital Investments. Driven by technology, TymeBank is advancing toward sustainable monthly profitability while investing in long-term initiatives like AI and…
Old Mutual has made significant strides in the launch of OM Bank, its new digital-first retail banking venture in South Africa. The company anticipates an initial loss run rate of R1.1 billion to R1.3 billion, with losses expected to decrease as revenue grows, ultimately reaching break-even by 2028. Key milestones have been achieved, including meeting the remaining Section 17 conditions and securing regulatory approval for the appointment of Clarence Nethengwe as CEO of OM Bank. The bank’s board of directors has also been established, with Nomkhita Nqweni serving as the inaugural chairperson. These leaders will oversee a gradual, risk-based customer…
Old Mutual’s fintech platform, O’mari, has rapidly gained traction in Zimbabwe, attracting 1.3 million customers since its launch. This success highlights the growing demand for digital financial solutions in underserved markets. O’mari, a fintech-enabled banking and lending platform, is central to Old Mutual’s strategy to expand its reach and offer innovative financial services. The company sees O’mari as more than just a digital wallet; it plans to use the platform to deliver additional services like savings, loans, and insurance, creating a comprehensive financial ecosystem. The platform’s success in Zimbabwe has also opened doors for scaling into other African markets. Old…
Mesh.trade MD Connie Bloem believes the future of gold investment must be inclusive, with tokenisation as the solution. “The potential gold holds as a safe, proven hedge against market volatility makes it extremely attractive as an asset class, and tokenisation makes it accessible to just about anybody,” she says. Krugerrand tokens are now live on Mesh.trade’s digital capital markets platform. Each token represents full ownership of a physical, uniquely numbered 1oz bullion Krugerrand, securely stored at Brink’s, an internationally recognised vault facility. The coins, sourced from Rand Refinery, are fully backed and vaulted. “What’s unique about this offering is that…