Author: Gugu Lourie

Mineworkers Investment Company (MIC) pours R68.5 Million into Pineapple, South Africa’s prominent Insurtech firm. The infusion of funds reflects MIC’s dedication to fortifying its primary portfolio with cutting-edge direct investments, focusing on enterprises exhibiting robust growth potential, scalability, and effective management, affirms Nchaupe Khaole, MIC’s Chief Investment Officer. This strategic move aligns with Pineapple’s larger R400 million series B funding round. “We have had a long-standing interest in the insurance industry, driven by the global trend integrating technology into financial services. Pineapple’s unique value proposition lies in its robust technology infrastructure, enabling seamless and rapid onboarding of new policyholders. MIC…

Today, rumours emerged that MTN Nigeria is in discussions with the owners of 9Mobile, signaling the potential acquisition of a significant stake in the country’s fourth-largest mobile operator, according to a report in Technology Times. The newspaper said according to reliable sources in the telecoms industry, MTN Nigeria, a subsidiary of South Africa’s MTN Group, and Emerging Markets Telecommunications Services Limited (EMTS), the owners of 9mobile (formerly known as Etisalat Nigeria), are in advanced stages of negotiations concerning a frequency trade arrangement. This spectrum-focused strategy is being explored as a means to revitalise struggling 9mobile, which has faced challenges following…

MTN Nigeria is reportedly in discussions with the owners of 9mobile, signaling the potential acquisition of a significant stake in the country’s fourth-largest mobile operator, according to a report in Technology Times. The newspaper said according to reliable sources in the telecoms industry, MTN Nigeria, a subsidiary of South Africa’s MTN Group, and Emerging Markets Telecommunications Services Limited (EMTS), the owners of 9mobile (formerly known as Etisalat Nigeria), are in advanced stages of negotiations concerning a frequency trade arrangement. This spectrum-focused strategy is being explored as a means to revitalise struggling 9mobile, which has faced challenges following the departure of…

Santam, South Africa’s short-term insurer, announced today that the momentum in new business generated through the MTN partnership in Santam Partner Solutions remains robust. Seven months ago, Santam forged an alliance with MTN South Africa, acquiring the mobile telecommunication company’s device insurance portfolio. The latest market update from Santam reveals that the partnership has successfully sold nearly 100,000 new policies to date. “The transfer of the in-force book of MTN device insurance is still subject to regulatory approval, which is expected towards the end of the year,” said Santam. MTN South Africa’s device insurance book currently has just over 400…

Pineapple, South Africa’s InsurTech, has revealed the successful completion of a funding round amounting to R400 million. This milestone establishes a new record as the continent’s largest Insurtech fundraising effort, underscoring investor faith in Pineapple’s innovative approach to insurance. New investors, namely Futuregrowth, Talent10, and MIC, spearheaded the investment round, with additional support from existing investors such as Old Mutual ESD, Lireas Holdings, ASISA ESD Fund, and E4E Africa. The successful funding round was driven by Pineapple’s impressive growth and sustainable claims ratios, surpassing industry standards for a relatively new insurance portfolio.  “This funding round stands as a testament to…

CSquared is propelling the growth of its carrier-neutral, open-access broadband infrastructure through a recent infusion of equity investment from both new and existing shareholders. This funding, totaling $25 million or R467 million, includes contributions from Convergence Partners Digital Infrastructure Fund, IFC – International Finance Corporation, and the International Development Association’s (IDA) Private Sector Window Blended Finance Facility. This initial tranche marks the beginning of a comprehensive $65 million or R1.2 billion investment program designed to fuel CSquared’s ambitious expansion and development goals. Concurrently, CPDIF has acquired the stake in CSquared previously held by Google LLC. “The opportunity to increase our…

The Vodacom Super App, VodaPay, continues to attract an increasing number of users, with 7.6 million downloads reported in the quarter ending September 2023, compared to 6.7 million in the previous quarter. During this timeframe, the super app garnered 4.1 million registered users. Serving as a comprehensive digital platform for shopping, lifestyle, and financial services, VodaPay caters to both consumers and businesses. In parallel, Vodacom Financial Services experienced significant growth, with revenue reaching R6.2 billion, marking a 39.9% increase in the quarter ending September 2023. Notably, the normalized M-Pesa revenue exhibited a growth of 13.2% over the period and 12.9%…

In anticipation of World Diabetes Day 2023, P&G Health, the creator of Neurobion, has initiated a groundbreaking #KnowTheSigns campaign. The objective is to enlighten both consumers and healthcare professionals about the correlation between the indicators and manifestations associated with diabetes and pre-diabetes. This innovative campaign vividly illustrates the experience of Vitamin B deficiency. The primary goal of the campaign is to empower healthcare professionals and individuals grappling with Vitamin B deficiency to recognise early symptoms. Early identification aims to facilitate prompt treatment, thereby enhancing overall quality of life. Vitamin B deficiency assumes a crucial role in nerve health, and it…

Mercedes-Benz SA is reinforcing its commitment to transforming the automotive industry and embracing electric mobility with a substantial investment in the local Electric Vehicle (EV) charging network. As the demand for EVs continues to surge, a robust infrastructure is imperative. Mercedes-Benz South Africa proudly offers the country’s most extensive range of electric vehicles, including the EQ and EQ AMG models, with a focus on the SUV category. In a proactive move to meet the growing demand, Mercedes-Benz South Africa is investing in the expansion of the local charging network, aiming to establish over 120 charging stations across South Africa. Collaborating…

In a thrilling initiative to encourage the adoption of MyMTN Prepaid Khava, MTN South Africa, in partnership with aYo Intermediaries and underwritten by Sanlam, is launching the MTN Free4U Funeral Khava during its Summer campaign, providing prepaid customers with complimentary R5000 coverage. Effective from October 27, 2023, to January 31, 2024, this promotion aims to empower customers with financial security. MyMTN Prepaid Funeral Khava stands out as a groundbreaking funeral cover, redefining affordability and convenience since its launch on August 24, 2023. Offering flexible 6 or 12-month terms starting at just R75 for a single premium, it eliminates waiting periods,…