Author: Gugu Lourie

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…

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…

JSE-listed Absa Group has announced the appointment of Kenny Fihla as its new CEO, effective 17 June 2025. Fihla, a seasoned banking executive with nearly 20 years of leadership experience, joins Absa from Standard Bank Group, where he held several senior roles. Absa described Fihla as a “recognised leader with substantial Pan-African banking experience and a proven track record.” He joined Standard Bank in 2006 and served in key positions, including Chief Executive Officer of Corporate and Investment Banking (CIB), Deputy Chief Executive Officer of Standard Bank Group, and Chief Executive Officer of Standard Bank South Africa. As Deputy CEO,…

Sunbet, the online betting platform of JSE-listed Sun International, has sustained its remarkable growth trajectory, with income surging by 60.6% to R1.2 billion for the year ending December 2024. This achievement marks another instance of the platform exceeding its ambitious growth targets. Sun International, a leading South African casino and hotel group, attributed this success to the rapid expansion of online gaming, driven by technological advancements, shifting social attitudes, and other industry dynamics. However, the company emphasized the need for enhanced compliance monitoring to address the challenges of operating in an increasingly vulnerable digital landscape. “As responsible corporate citizens, we…

Intel has announced the appointment of Lip-Bu Tan, a highly accomplished technology leader with extensive semiconductor industry experience, as its new chief executive officer, effective March 18. The following note from Lip-Bu Tan was emailed to all Intel Corporation employees on March 12, 2025: Team, I’m humbled and honoured to be your next CEO. Intel is a company I have long admired. Since I was a child, I have been captivated by the power of science, technology and engineering — and Intel’s innovation has been at the heart of so many world-changing breakthroughs along the way. Of course, as we all…

Intel has announced the appointment of Lip-Bu Tan, a highly accomplished technology leader with extensive semiconductor industry experience, as its new chief executive officer, effective March 18. Tan will succeed Interim Co-CEOs David Zinsner and Michelle (MJ) Johnston Holthaus. Additionally, Tan will rejoin the Intel board of directors, having previously stepped down from the board in August 2024. Lip-Bu Tan was appointed chief executive officer of Intel Corporation in March 2025. He also serves on the company’s board of directors. Zinsner will continue in his role as executive vice president and chief financial officer, while Johnston Holthaus will remain CEO…

The Association of Comms and Technology (ACT) – an industry body – has welcomed the National Treasury’s proposal to exempt smartphones priced at R2,500 or less from the 9% ad valorem excise duty, effective 1 April 2025. This move aims to support digital adoption among low-income households. Currently, smartphones in South Africa are subject to a 9% excise duty. However, the Treasury announced on Wednesday that this duty will now apply only to devices priced above R2,500. ACT CEO Nomvuyiso Batyi hailed the decision as a significant step toward digital inclusion. “This tax exemption is a game-changer for millions of…

The Democratic Alliance (DA) has firmly rejected the ANC’s proposed budget, citing concerns over permanent tax increases and a lack of economic reforms. In light of new and persistent spending pressures in health, education, transport and security, government has decided to raise value-added tax (VAT) by 0.5 percentage points in each of the next two years, which will bring VAT to 16% in the 2026/27 financial year. “These have to do with the government properly fulfilling its service delivery mandate. After careful consideration, the government has decided to fund these. Deferring the funding of these sectors further would compromise the…

Consolidated government spending is expected to increase from R2.4 trillion in 2024/25 to R2.83 trillion in 2027/28, at an annual average of 5.6%. Consolidated expenditure will reach R2.59 trillion in 2025/26. This according to National Treasury’s 2025 Budget Review document. The majority of that spend will fund the social wage, which includes spend on health, education, social protection (grants), community development and employment programmes. “Over the medium-term, economic development is the fastest-growing function at an annual average rate of 8.1%, driven by higher allocations to infrastructure projects. “Spending is highly redistributive, with the social wage making up 61% of total…

Cape Town has become the first city in South Africa to deploy advanced pole manipulator trucks, designed to enhance streetlight maintenance and repairs. These state-of-the-art vehicles, equipped with cutting-edge technology, are set to transform the efficiency and safety of streetlight operations across the metro. The City maintains over 245,000 streetlights, with plans to invest over R63 million in its fleet of aerial platform trucks, crane trucks, and light motor vehicles in the new financial year. During a recent demonstration in Epping, Alderman Xanthea Limberg, the City’s Mayoral Committee Member for Energy, highlighted the capabilities of the new 26-tonne pole manipulator…